Author: Gugu Lourie
Eskom and PricewaterhouseCoopers (PwC) have reached a settlement in a High Court case initiated by Eskom in 2021. The case sought to nullify a cost reduction contract known as the “Capital Scrubbing engagement” and recover payments made to PwC and Nkonki. This engagement was examined by the Judicial Commission of Inquiry into Allegations of State Capture, commonly referred to as the Zondo Commission. As part of the settlement, the disputed contract has been set aside, and PwC will pay Eskom R43 million in a full and final settlement of Eskom’s claim. This resolution marks a crucial step in Eskom’s ongoing…
Suiso, a South African company specialising in blue ammonia production, is set to invest $1.7 billion (R31.5 billion) in a state-of-the-art coal-to-fertiliser facility in Kriel, Mpumalanga. Founded in 2019 by four local entrepreneurs, Suiso is driving sustainable energy solutions, food security, and responsible resource management. The project, backed by businesswoman and former Miss South Africa Basetsana Kumalo as a black economic empowerment partner, promises to create 4,000 jobs during construction (slated for 2026) and 981 permanent positions upon operational launch in 2029. The facility will produce 1.5 million tons of nitrogen-based fertilisers annually, replacing South Africa’s import of 1.2 million…
South Africa’s innovative food delivery platform, Spaza Eats, is gearing up to launch a wallet-as-a-service feature, potentially transforming the app into a mobile money powerhouse. Founder Talifhani Banks revealed on LinkedIn that merchants, customers, and drivers will soon be able to use the Spaza Eats app to send, receive, fund, trade, and manage payments, payouts, and remittances. Banks, who also founded AnalyticsX, the parent company of Spaza Eats, sees this move as a gateway to the untapped $900 billion mobile money market. He recently shared on LinkedIn that Spaza Eats’ vision extends beyond being a logistics company. “We want to…
The Gauteng Department of Community Safety’s ambitious drone programme, aimed at bolstering crime prevention and enhancing police visibility, has hit a major snag. Despite spending a staggering R10.8 million on procuring 33 drones and receiving an additional five from the Department of e-Government, only one drone has been registered for operational use over the past year. This shocking revelation has raised serious questions about the effectiveness of the programme and the safety of Gauteng residents. According to the department’s 2023/24 Annual Report, the province now has a total of 38 drones intended for crime prevention operations. However, Crezane Bosch, DA Gauteng Shadow…
Attacq, the property group behind iconic retail hubs such as Mall of Africa and Mooirivier Mall, has announced impressive turnover growth across its retail portfolio in the final months of 2024. The company’s retail-experience hubs achieved an 8.8% year-on-year turnover growth in November 2024 and a 3.2% increase in December 2024, building on the successful growth recorded in October 2024. Attacq owns Mall of Africa, Mooirivier Mall, Eikestad Mall, Glenfair Boulevard, Lynwood Bridge and Waterfall Corner. Strong retail performance driven by Black Friday and local brands Retailers within Attacq’s portfolio experienced a robust November 2024, with extended specials leading…
DFA has invested more than R800 million to upgrade and future-proof its national fibre network. This investment strengthens DFA’s position as a leading wholesale open-access connectivity provider in South Africa and helps meet the growing demand for fast, reliable internet. DFA is part of the MAZIV group. Its national network provides connectivity and backhaul services for mobile operators, data centres, internet service providers, and public sector institutions. This latest investment follows DFA’s R400 million Dry Underground Distribution Cabinet (DUDC) project launched in August 2023, which aimed to stabilise and future-proof its network. The upgrades have already shown positive results, including…
Gauteng unveiled last november a cutting-edge number plate system designed to bolster security and create exciting business opportunities for young entrepreneurs. The new prototype, introduced by the Gauteng Provincial Government (GPG), features advanced security measures aimed at curbing crime and ensuring traceability. According to the GPG’s 2023/24 Annual Report, the system will enable law enforcement officers to track and trace number plates issued by authorized embossers. By scanning the plates, officials can verify details such as the embosser, vehicle information, and owner data, making it easier to combat illegal activities. As part of its empowerment strategy, the Gauteng Department of…
JSE-listed retail giant Woolworths revealed a stellar performance for the 26 weeks ending 29 December 2024, with online sales skyrocketing by 37.2%, driven largely by its on-demand service, Woolies Dash, which saw a 49.2% surge. Online sales now make up 6.4% of total Food sales. The retailer’s South African operations reported a 9.1% growth in turnover and concession sales, with its Food business leading the charge at 11.4% growth. Excluding Absolute Pets, acquired last year, Food sales still rose by 9.0%. Price increases averaged 6%, while trading space grew by 1.3%. Despite a 3.7% dip in its Financial Services book,…
In the latest episode of TFS Bag of Words, the TechFinancials podcast, Verina Mohanlal, Head of Financial Services Industry: Applications & Cloud at NTT DATA for the Middle East and Africa (MEA) division, takes centre stage to explore the rapidly evolving landscape of financial services. As the sector undergoes a sweeping digital transformation, Mohanlal unpacks how NTT DATA’s newly established Financial Services Industry practice is addressing industry-specific challenges and unlocking opportunities for innovation. She delves into critical topics, from the shift toward upgrading legacy systems and embracing agility, to the pivotal role of AI, machine learning, and cybersecurity in shaping…
Mpilo Technologies has announced the appointment of Motsholane Sebola as Deputy Chief Executive Officer (Deputy CEO) and Sizwe Mabanga as Chief Technology Officer (CTO). These appointments come as the company enters its next phase of growth, focusing on driving digital transformation and delivering scalable, impactful solutions for businesses across Africa. Motsholane Sebola, who has held key leadership roles at Mpilo Technologies, brings extensive experience in technology, digital transformation, and strategic partnerships. His deep understanding of the African market will be crucial as the company strengthens its position as a leader in digital innovation. “We are excited to announce Motsholane’s new…
JSE-listed retail group TFG has reported significant growth in its online sales, driven by the success of its e-commerce platform, Bash. For the first nine months of the 2025 financial year, TFG’s online sales surged by 41.4%, now accounting for 5.6% of the company’s total sales. Launched in February 2023, Bash has also achieved notable market share gains, particularly in December 2024, outperforming several pure-play retailers that experienced declines during the same period. TFG, which owns popular clothing brands such as Foschini and Markham, revealed that group online sales grew by 47.2% in the third quarter of FY2025. In TFG…
The recent seizure of R52 million in illegal coal mining proceeds by the NPA’s Asset Forfeiture Unit, in cooperation with Namibia, is a positive step in tackling illicit cross-border transactions. However, this isolated success is not enough to address the systemic failures that have landed South Africa on the Financial Action Task Force (FATF) grey list. Adv. Glynnis Breytenbach MP, DA Spokesperson on Justice and Constitutional Development, warns that while such victories are commendable, they do not signify a turning point. “One swallow does not equate to a summer,” she said. “The reality is that South Africa remains grey-listed because…
South African insurtech pioneer Naked has raised $38 million or R700 million in its latest funding round, marking the largest insurtech investment in Africa to date. The Series B2 round, joined by global impact investment firm BlueOrchard, alongside continued support from existing investors Hollard,, Yellowwoods, International Finance Corporation (IFC), and Germany’s DEG, will accelerate Naked’s mission to transform insurance through technology-driven convenience, transparency, and cost-effectiveness. Founded in 2018 by actuaries Alex Thomson, Sumarié Greybe, and Ernest North, Naked has redefined insurance with its fully digital platform powered by artificial intelligence (AI) and automation. The app allows customers to obtain final…
President Donald Trump signed an executive order on Monday, granting TikTok an additional 75 days before a law banning the popular video-sharing platform takes effect. The move comes as the administration seeks to carefully evaluate the next steps in addressing national security concerns while avoiding a sudden disruption for millions of American users. In the order, President Trump instructed the Attorney General to refrain from enforcing the ban, allowing his administration time to “determine the appropriate course forward in an orderly way that protects national security while avoiding an abrupt shutdown of a communications platform used by millions of Americans.”…
Hudaco has entered into an agreement with Insulation Advanced Technologies, Isotec Balancing, Isomec, and Moholi Supplies, collectively referred to as Isotec, to acquire its trading assets and liabilities. The acquisition price will be based on a multiple of Isotec’s average annual profit after tax over the three years following the effective date, with a maximum consideration of R709 million. Hudaco will fund the acquisition using internally generated cash, existing financial facilities, and, if necessary, new financing. An initial amount between R250 million and R287 million will be payable in cash on the effective date, while three additional tranches will be…
Airtel Africa, a telecommunications and mobile money provider across 14 African countries, has teamed up with three internationally acclaimed African artistes – Fally Ipupa (Democratic Republic of Congo), Diamond Platnumz (Tanzania), and Simi (Nigeria). This partnership aims to help customers maximise their digital experience by making smarter use of their data bundles. As part of this collaboration, the artistes have worked with Airtel Africa to create a special song that provides practical tips and tools for optimizing data usage. Whether for browsing, streaming, or accessing essential apps, the initiative is designed to help customers make informed decisions about their data…
Used car sales dipped in December, but new car sales showed promising year-on-year growth. Here’s how South Africa’s automotive market performed last month. Following a strong performance in November 2024, new and used car sales experienced a seasonal slowdown in December. While December is typically one of the weakest months for car sales, used car sales remained steady year-on-year. Notably, new vehicle sales increased, reflecting sustained positive sentiment among buyers. The latest industry data from AutoTrader reveals a decline in used car sales compared to the strong performance recorded in November. In December, 26,424 used vehicles were sold, marking a -17.8% month-on-month…
A recent working paper by the South African Reserve Bank (SARB) sheds light on how agency banking could be a game-changer in the quest to enhance financial inclusion. Authored by Lwanga Elizabeth Nanziri and Paul Terna Gbahabo, the study emphasises the critical role of agency banking in overcoming barriers to financial services, particularly for underserved populations. Agency banking leverages partnerships between traditional financial institutions and non-financial outlets such as retail stores, supermarkets, and post offices to deliver banking services to the underserved. In South Africa, this model is a preferred distribution channel after ATMs, with key players like Absa partnering…
Intel Corporation announced plans to separate Intel Capital, its global venture capital arm, into an independent fund. This move aims to align Intel Capital’s structure with other leading venture firms, granting it greater autonomy and the flexibility to attract external investors. Intel will remain a key investor in the new entity. Intel Capital will operate under a new name following the separation. Standalone operations are expected to begin in the second half of 2025, and we are committed to keeping you informed of our progress along the way. “The separation of Intel Capital is a win-win scenario as it provides…
The Financial Sector Conduct Authority (FSCA) has cautioned the public against conducting financial services business with Gold Earnings Hub and Africa Gold Capital. The FSCA suspects these entities of operating without proper authorization, offering investments with implausible returns of 46% on amounts ranging from R2,000 to R100,000. Fraudulent activity and impersonation Gold Earnings and Africa Gold have been linked to fraudulent activities, including using deep fake videos featuring Dr. Patrice Motsepe, Executive Chairman of African Rainbow Minerals Ltd (ARM). These videos falsely portray Dr. Motsepe endorsing their investment schemes. ARM has confirmed that neither the company nor Dr. Motsepe has…
The Awareness Company (TACo), a South African SaaS startup that transforms business data into actionable insights for operations and sustainability, has secured $1.6 million in seed funding. The round included participation from NEXT176, Holocene, Catalyst Fund, E Squared, Aions, and Jozi Angels. “This funding marks a significant milestone for us as we continue to innovate in the operational sustainability space. With our new investors, our support has grown and there is belief in our vision by people who want to push boundaries. This is just the start,” said Priaash Ramadeen, Co-founder and CEO of The Awareness Company. The investment will…
South Africa’s digital platform economy holds immense potential for economic transformation, with projections estimating it could contribute R91.4 billion to the country’s GDP by 2035. According to a joint study by Naspers and the Mapungubwe Institute for Strategic Reflection (MISTRA), the sector’s GDP share could expand from 0.02% in 2022 to 1.38% by 2035, underlining its transformative capacity. This untapped potential, particularly in underserved areas like townships and villages, presents a unique opportunity for innovation. Below are five remarkable entrepreneurs harnessing digital platforms to empower communities, transform lives, and drive inclusive growth in South Africa. 1. Talifhani Banks – CEO…
Microsoft is set to make a monumental investment of $80 billion (R1.5 trillion) in its 2025 financial year, focusing on building advanced data centres to support artificial intelligence (AI) development and the deployment of AI-powered and cloud-based applications. This announcement was made in a blog post by Brad Smith, Microsoft’s Vice Chair and President, on Friday. “In FY 2025, Microsoft is on track to invest approximately $80 billion to build out AI-enabled data centers to train AI models and deploy AI and cloud-based applications around the world,” said Smith. He emphasised that over half of this investment will be directed…
The Department of Mineral and Petroleum Resources has announced that fuel prices in South Africa will increase effective Wednesday, 01 January 2025. This adjustment, attributed to fluctuations in international oil prices and the depreciation of the Rand, will affect both petrol and diesel prices, while illuminating paraffin prices will see a slight decrease. Fuel price adjustments (Gauteng) The following changes will apply: Product Change New Price (cents per litre) Petrol 93 (ULP & LRP) +19.00 cents/litre 2,159.00 Petrol 95 (ULP & LRP) +12.00 cents/litre 2,134.00 Diesel 0.05% Sulphur +7.50 cents/litre 1,928.55 Diesel 0.005% Sulphur +10.50 cents/litre 1,942.95 Illuminating Paraffin (Wholesale)…
Oslo-based Scatec ASA, a renewable energy company, has been awarded preferred bidder status for a 288 MW solar project in the seventh round of the Department of Mineral Resources and Energy Renewable Energy Independent Power Producer Procurement Programme (REIPPPP). The projects will deliver much needed energy under a 20-year PPA once fully operational. According to the Department of Mineral Resources and Energy, commercial close for the REIPPPP Bid Window 7 is expected in the second half of 2025. “This marks another significant achievement for Scatec in South Africa and for the renewable energy transition in the country. Today’s award reaffirms…