Author: Gugu Lourie
As more and more transactions are performed digitally, less paper and coin money is needed – signalling the eventual disappearance of cash. This is a worldwide phenomenon that will only accelerate in the aftermath of the COVID-19 pandemic. “By creating the mechanism for touchless digital payments to be accepted by e-commerce players in the physical world, by merchants and by unmanned terminals we are well-positioned to address the needs of a changing payment landscape,” says Sameer Jooma, a non-executive director on the board of AuthGate. Jooma tells TechFinancials, in an exclusive interview that AuthGate is poised to be the next…
Two insiders on Wednesday told TechFinancials that Chinese investors are calling the shots at embattled mobile phone operator Cell C, which is in the process of retrenching its workforce. Notices of retrenchment show that the troubled telco is facing significant liquidity constraints. For more read: Debt-Ridden Cell C Serves Retrenchment Notices to 2500 Employees The notice seen by TechFinancials details the reasons for the retrenchments. It states that Cell C has consistently under-performed and has losses of about R33 billion over the years. This includes losses of R4.2 billion in 2019 and R7.3 billion in 2018. The company says it is currently facing significant…
TeleMasters is on a buying spree as the company has acquired three companies in about a month. The JSE listed company announced today that it has acquired a 100% shareholding in two local ICT companies. The company has acquired 100% of specialist networking systems integrator PerfectWorx Consulting, and specialist wholesale voice platform provider Contineo Virtual Communications, pending regulatory approval. PerfectWorx Consulting, launched in 2007, is a networking systems integrator specialising in next-generation IP technologies. The company is currently stepping up its partnerships and is expected to deliver growth. Contineo Virtual Communications is a provider of wholesale cloud communications in South…
The South African Social Security Agency (SASSA) announced on Tuesday it has paid 2,5 million people their R350 Social Relief Grant. “More than two and a half million applicants have already been paid so far from over 3.2 million who applied for the COVID-19 grant,” the agency said in a statement. “Updating the UIF database has brought such a relief to us and the affected beneficiaries, the numbers will rise daily until we have paid all deserving individuals who were previously declined”, said Totsie Memela SASSA CEO. She added that SASSA is working with the Department of Social Development to finalise…
The South African Social Security Agency (SASSA) has promised to review the number of declined R350 COVID-19 Grant applications. SASSA said in a statement that it has taken a decision to relook declined COVID-19 grant applications and get to the bottom of the reasons for rejection. The high numbers involved raised questions and SASSA decided that it would be wise to reconsider these before subjecting them to an appeal process, which comes at a cost and resultant delays, given the urgency to pay out the grant during these trying times for poor people impacted negatively by the national shutdown, said…
Naspers, the South African-based tech and media giant – which owns global tech investor Prosus, seems to be better prepared to bear the impact of coronavirus. Late on Monday, Naspers informed investors that it closed its financial year on 31 March 2020 with more than $8.3 billion (R144 billion) of cash and cash equivalents (including short-term cash investments), net of $3.5 billion (R61 billion) of interest-bearing debt (excluding capitalised lease liabilities). The company has an undrawn $2.5 billion (R43 billion) revolving credit facility. Therefore, the company has a solid net cash position of $4.8 billion (R83 billion). The group said…
The consumer of today has been prompted by the COVID-19 pandemic to spend as little time as possible at a grocery shop or to find a way to shop without leaving home. So, having your grocery sent right to your doorstep is a brilliant option for those who are not willing to risk a trip to the shops. Admittedly, the online market is robust and difficult to crack. Fears of coronavirus have resulted in a surge in demand for grocery delivery. As the virus spreads, on-demand grocery delivery services in South Africa are seeing remarkable growth. Existing players are overwhelmed…
Vodacom announced on Friday the appointment of Sitho Mdlalose to the role of interim chief financial officer. His appointment is in effect from 1 July 2020. Mdlalose, 40, has BCompt and over 20 years of finance, management and consulting experience. He was appointed to the role of executive director of finance at Vodacom South Africa in 2017 having been the CFO: Vodacom International Business since 2014. He has held a number of senior executive roles at Vodacom / Vodafone since joining Vodafone Group in 2007 as a senior finance manager. The appointment of a permanent chief financial officer is well…
The Information Communication Technology Union (ICTU) has demanded that Cell C withdraw the retrenchment notice to workers. ICTU is an affiliate of the South African Federation of Trade Unions (SAFTU), which is led by Zwelinzima Vavi. The union is the sole worker representative at Cell C. Earlier today, the ICTU announced that Cell C has served retrenchment notices to all its 2 500 staff members. For more read: Debt-Ridden Cell C Serves Retrenchment Notices to 2500 Employees Today ICTU met with Cell C’s major shareholder, Blue Label Telecoms together with senior management of CellC. “Today’s urgent meeting, which was prioritized over…
The High Court case on the ban on the sale of tobacco products, e-cigarettes and related products is now expected to be heard in August. The North Gauteng High Court dismissed an application brought by the Fair-Trade Independent Tobacco Association (Fita) on Friday 26 June. British American Tobacco (BATSA) said on Friday it had received communication this morning that the application being brought by it and others against the ban had been listed for August 5 and 6. BATSA added that this is despite it agreeing, on the instructions of the Judge President, with the State President and COGTA Minister,…