Author: Gugu Lourie

South Africa’s AuthGate – an enabler for digital payment – is planning to expand into The Netherlands and Belgium. The FinTech startup founded in January 2018 sees significant opportunities in Europe. Sameer Jooma, who recently joined the board of AuthGate in 2020 as a non-executive director, says the company was registered in the Netherlands in 2019. “We see a significant opportunity in Europe with Open Banking initiatives like PSD2 (European regulation for electronic payment services) and have partnered with several payment processors to offer localised mobile payment acceptance solutions,” says Jooma. “Our products have been well received and we already…

South Africa’s AuthGate – an enabler for digital payment – is seeking to raise capital. The self-funded startup seems to have found a winning formula and is preparing for its first capital raise. “AuthGate has been completely self-funded (undisclosed amount) up until this point and we are preparing for our first capital raise,” says Sameer Jooma, who joined the board of AuthGate this year as a non-executive director. The founders of the Centurion-based startup are Francois Rautenbach, Johan Roux, Nico Taljaard and Stephen Adam. While working together in digital and mobile payments, the founders identified various gaps in the market.…

South Africa has its first online unaccredited and dedicated ‘dagga university’ which has been launched by Cheeba Africa. The Cape Town-based company sells various cannabis products. According to market intelligence and strategic consultancy firm Prohibition Partner, the legal cannabis industry in Africa is predicted to be worth more than $7.1 billion annually by 2023 and South Africa’s domestic market for cannabis and related products to be worth R27 billion ($2 Billion) by 2023. Cannabis has the potential to have a significant positive impact on our economy, facilitating large scale job creation and assisting poor disadvantaged communities with making a living…

The Information Communication Technology Union (ICTU) has secured a temporary reprieve from retrenchment at Cell C. The union is demanding 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. Today, ICTU started retrenchment consultations with CellC with a morale-boosting temporary victory. “The CCMA Commissioner ruled that the proceedings are irregular and would need to make further ruling on whether current Sec 189 process should proceed or not,” ICTU spokesperson, Thabang Mothelo said.…

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…