Author: Gugu Lourie
In a landmark enforcement action that sends a shockwave through South Africa’s financial sector, the Financial Sector Conduct Authority (FSCA) has levied a staggering R2 billion penalty against Banxso (Pty) Ltd and its directors. This unprecedented move, part of a total penalty package exceeding R2.16 billion, comes alongside the multi-decade debarment of key individuals for what the regulator describes as “serious and deliberate” misconduct. The investigation found that Banxso and its key persons, inter alia, misappropriated client funds, provided false and/or misleading information to clients and to the FSCA, promised clients unrealistic returns and failed to act in the best interests of its…
Sanlam’s new prepaid funeral cover works like buying airtime, offering flexible terms to tackle income uncertainty. The product aims to include millions previously locked out of traditional insurance. In a major shift for the industry, Sanlam has launched South Africa’s first prepaid funeral cover, directly confronting the problem of lapsed policies due to irregular incomes. Developed by its digital arm, Digisure Long-Term Insurance (LTI), the product allows clients to purchase cover upfront for 3, 6, or 12 months, mirroring the pay-as-you-go model used for airtime and electricity. “The concept mirrors the way many people already buy airtime, data or electricity…
Ezeebit, the FSCA-regulated stablecoin and cryptocurrency payment infrastructure company, has announced the close of a $2.05 million seed funding round. The capital will be used to accelerate product development and merchant adoption in South Africa, Kenya, and Nigeria and expand strategic partnerships with banks, PSPs, and telcos. Ezeebit enables merchants to accept cryptocurrency payments with instant stablecoin settlement and next-business-day local fiat payouts. Since launching in 2023, the company has already processed more than 30,000 transactions totalling millions of dollars in gross merchandise value. Clients include iStore, Le Creuset, Scoin, Tintswalo Lodges, Amiri and Diesel. The round was led by…
A pioneering investment model that embeds a new CEO directly into a business is making its debut in South Africa’s industrial sector. Secha Capital, alongside 27four and Shade Tree Capital, has announced a strategic investment in Barracuda Holdings Ltd, a leading local electronics manufacturing services (EMS) provider. The deal introduces the Chief Executive Operator Investor (CEOI) model, designed to pair capital with hands-on operational leadership. The transaction sees Aengus Stanley, founder of Shade Tree Capital, originate the deal and become Barracuda’s new Chief Executive Officer and a significant shareholder. Founders Rob Steltman and Ryan Webb will remain actively involved, focusing…
Capitec has entered into a binding agreement to acquire 100% of fintech innovator Walletdoc. The deal, valued at up to R400 million, signals a fierce new chapter in the competition for the country’s online and in-app transaction flows. The bank announced today its agreement to acquire Walletdoc Holdings, subject to regulatory approvals. Walletdoc, established in 2015, is a South African fintech providing scalable, innovative payment gateway solutions for merchants, including online and in-app payments, digital wallets, Instant EFT, payment links, and real-time payouts. The acquisition is a direct challenge to traditional payment processors and a masterstroke in capturing the fast-growing…
In a strategic move reshaping Africa’s digital landscape, Vodacom Group has announced a R36 billion deal to acquire a controlling 55% stake in Kenya’s pioneering telecom and fintech leader, Safaricom. The transaction, pending regulatory approvals, marks a strategic consolidation of Vodacom’s power in East Africa’s high-growth markets. Vodacom will purchase a 15% share from the Government of Kenya and an additional 5% from Vodafone, its parent company, valuing the total acquisition at $2.1 billion or R36 billion. This elevates Vodacom’s ownership from 35% and will see Safaricom’s financials fully consolidated into the group, boosting Vodacom’s revenue toward R220 billion. Safaricom…
HERMANUS, CAPE TOWN – The conversation around Artificial Intelligence (AI) in Africa is rapidly shifting from “if” to “how.” While the potential is universally acknowledged, the path to tangible, scalable, and locally relevant implementation remains the critical challenge. At the SATNAC 2025 conference, the focus was squarely on this practical execution, with industry leaders outlining a future where AI doesn’t just exist in research papers but actively solves everyday problems and drives economic growth. Amit Sharma, Executive: Product Manager Carrier Cloud & IT Southern Africa Region at Huawei, delivered a keynote titled “Accelerate Intelligence, Amplify Success,” weaving a compelling narrative…
HERMANUS, CAPE TOWN – In an address at the SATNAC 2025 conference, Openserve’s Chief Network Officer Robert Jorge laid out a critical imperative for the telecoms industry: the future belongs to networks that are not just bigger, but smarter, greener, and inherently more agile. The core message was clear: to meet explosive connectivity demands and power technologies like AI and 6G, the industry must accelerate its journey from human-managed systems to intelligent, self-governing autonomous networks. Speaking on the topic “Scaling Open-Access Fibre to Build a Connected Future,” Jorge grounded his presentation in the tangible reality of operating South Africa’s largest…
Against the backdrop of a continent at an inflection point, the message from the Southern Africa Telecommunications Networks and Applications Conference (SATNAC) 2025 was unequivocal: Africa’s future will not be imported. It will be built. Hosted by Telkom under the theme “Africa’s Ascent: Towards a Sustainable and Resilient Future,” the conference became a test for a powerful new consensus. The continent’s digital destiny, leaders asserted, will be decisively shaped by three intrinsically African assets: its dynamic people, its sovereign data, and its unparalleled ability to collaborate across sectors and borders. The panel discussion, “Digital Sustainability – the African way,” moderated by Sello Mmakau,…
In an address at SATNAC 2025, Sandile Msimango, CEO of IHS Towers South Africa, issued a meaningfult call to action, defining the conference itself as essential or Africa’s digital future. His final message captured the essential spirit required for Africa’s ascent: “SATNAC is challenging us and continues to challenge us to think boldly, collaborate deeply, and innovate responsibly. And at IHS Towers, we are up for that challenge.” He concluded with a vision of the attainable future: “If we collaborate, if we innovate, and we commit to sustainability, then the digital future of South Africa and the continent will not…