Author: Gugu Lourie

As Black Friday weekend approaches, Float, Africa’s first card-linked instalment platform, is poised for a record-breaking year. With over 1,000 new stores added to its platform in 2023, the company anticipates a 100% increase in the number of transactions processed compared to last year. In 2022, Black Friday weekend accounted for 21% of Float’s November transaction values, with a remarkable 140% increase compared to the preceding month. “We’re expecting similar performance this year in terms of the transaction uplift over Black Friday,” said Float CEO Alex Forsyth-Thompson. “However, the difference is that our platform now has a broader network of…

Mama Money Financial Services, a fintech specialising in affordable money transfers, has introduced the Mama Money Card, allowing users to manage their accounts and finances via WhatsApp. This offering, in collaboration with Access Bank and Pick n Pay, aims to address barriers to traditional banking services faced by millions in South Africa. With the Mama Money Card, customers can easily perform key banking tasks such as buying airtime or electricity, depositing cash, checking balances, and freezing the card if lost or stolen: all through WhatsApp. The card also enables online shopping, in-store swiping, ATM withdrawals, and international money transfers to…

Telkom, a JSE-listed South African digital infrastructure company, has reported robust financial results for the six months ended September 30, 2024, emphasisisng its position as the backbone of the country’s digital future. The group achieved a 1.9% revenue increase to R21.4 billion, driven by exceptional performance in data services. Mobile data revenue surged by 12.7%, and fibre data services rose by 15.5%, reflecting the success of Telkom’s data-led strategy. Adjusted EBITDA (excluding restructuring costs and a Telkom Retirement Fund derecognition loss) jumped by 18.3% to R5.6 billion, with the EBITDA margin improving to 26.2%, a 3.6 percentage-point increase. Telkom’s financial…

Telkom is setting its sights on significant growth in both private and public sectors, with a particular focus on becoming a digital transformation leader for large enterprises and government initiatives, according to Simo Mkhize, Chief Commercial Officer at Telkom Consumer. Speaking on the sidelines of Africa Tech Festival 2024 in Cape Town, Mkhize shared Telkom’s strategic outlook, emphasising their ambitions to grow into new markets and play a pivotal role in South Africa’s digital transformation. “We see ourselves as having a massive opportunity to grow in the large enterprise space, both in the private and public sectors,” Mkhize told TechFinancials.…

At the Africa Tech Festival 2024 in Cape Town, Simo Mkhize, Telkom’s Chief Commercial Officer, shared his insights on how the telecom group has transformed into a broadband player by capitalising on its data-focused infrastructure, affordable devices, and innovative AI-driven strategies. Reflecting on Telkom’s pivotal shift in the past decade, Mkhize explained how the company’s network was built for the data-driven era, setting it apart from its competitors. “At the turn of the decade, when 8ta became Telkom Mobile, it marked the beginning of data taking over as the dominant mode of communication and consumption,” said Mkhize. “We positioned ourselves…

Cape Town has long been a poster child for South African tourism. By any measure, the metropolis is a beautiful city with impressive mountains, pristine beaches, and the charm of its vibrant neighbourhoods.  But that’s only one side of the picture.  Away from the famed tourist attractions, the city holds a different story for some.  While on a recent visit to the “Mother City”, my colleagues and I had a memorable encounter at the Taj Cape Town Whiskey Lounge that gave the narrative sharp relief. We met an advertising executive from Germany with a rather grim perspective on Cape Town.…

Swiggy, India’s pioneering on-demand convenience platform backed by Prosus, has today listed on the National and Bombay Stock Exchanges of India (NSE and BSE), valuing the company at $11.3 billion. Prosus sold shares worth more than US$500 million as part of the IPO. Prosus has been a cornerstone investor in Swiggy since 2017. Following the IPO, Prosus holds a c25%1 stake and maintains its two seats on the Board. “Everyone at Prosus extends huge congratulations to the Swiggy team on today’s IPO. We have supported the management team since our first investment in 2017 and have seen the company flourish…

At the Africa Tech Festival 2024, Mohamed Madkour, Huawei’s vice-president of ICT strategy and marketing, highlighted key priorities for Africa’s continued digital advancement. Since his first visit to the event in 2016, Madkour noted Africa’s impressive progress in broadband and digital services, which he described as the “two wings for Africa to kick off and fly.” However, he urged Africa to expand its focus beyond these foundational elements, identifying “intelligent connectivity” and “transformation” as critical to the continent’s future. “Today, everything around us is centred on transformation and inspired by intelligence, built on a solid layer of connectivity,” Madkour explained,…

Digital wallets are emerging as a transformative force, poised to reshape the way businesses interact with their customers. These digital payment platforms are not only streamlining transactions but also unlocking a wealth of opportunities for organisations looking to out-innovate the competition. But banks and businesses must be wary of interoperability challenges and the risk of vendor lock-in if they hope to benefit from the inevitable market consolidation that is coming. Digital wallets are enjoying robust growth. Worldpay, Global Payments Report 2024, estimates that digital wallets will account for 61% of ecommerce payments and 46% of point of sale payments worldwide by 2027.…

Cape Town, AfricaTech Festival — Eswatini Posts and Telecoms Corporation (EPTC), led by Group Managing Director Themba Khumalo, has issued a call for international fibre and technology partners to help drive the nation’s ambitious connectivity agenda. As the Kingdom of Eswatini advances its digital capabilities, EPTC is focused on expanding its broadband infrastructure and enhancing service quality for both urban and rural communities. EPTC, originally a copper-based carrier, has leveraged national broadband goals, optimised resources, adopted cutting-edge technologies, and embraced generational advancements to transform their network. “We are open for business,” Khumalo stated, emphasising EPTC’s readiness to collaborate with global technology partners.…

Volvo Car South Africa has solidified its position as the top choice in the local electric vehicle market, recording 467 sales from January to September 2024. With its streamlined lineup of three battery-electric models, Volvo outpaces competitors in the luxury segment, maintaining month-over-month sales leadership despite offering fewer models. The flagship EX30 has seen remarkable demand, moving 348 units, while the XC40 Recharge and C40 Recharge followed with 96 and 23 units, respectively. “We have reached new sales heights in the first nine months of the year, driven by strong demand for the EX30,” said Markus Cromwell, Commercial Director at…

Cape Town, AfricaTech Festival — South Africa’s Minister of Communication and Digital, Solly Malatsi, delivered an impactful message on Africa’s digital future, emphasising South Africa’s central role as a regional hub for investment and innovation. In his speech titled “Advancing Africa’s Digital Future: South Africa’s Commitment to Connectivity, Innovation, and Inclusive Growth,” Malatsi laid out the country’s vision to harness digital transformation not only to strengthen South Africa but to benefit the entire continent. Malatsi highlighted South Africa’s unique position to attract digital investment, stating, “To advance this vision, we are positioning South Africa as a prime destination for digital…

A significant portion of African smartphone users still rely heavily on 3G networks, limiting their access to the fast, reliable connectivity essential for modern, data-rich applications. In an analysis by Opensignal, it was found that in 11 of the 27 African markets studied, users spend more than 20% of their time on 3G, an aging technology that struggles to support seamless experiences for streaming, social media, and digital services. In some countries, such as Mali and Zimbabwe, users are even connected to 2G for more than 6% of their time, further restricting their ability to use data-intensive services effectively. According…

South Africa is setting the benchmark for mobile network quality across Africa, delivering a level of consistency that keeps applications running smoothly and without interruption. With robust infrastructure and reliable connectivity, South African mobile networks are enabling users to enjoy seamless performance, solidifying the country’s reputation as a leader in digital connectivity on the continent. A new analysis by Opensignal, assessing mobile network experiences across 27 African markets, highlights South Africa as a leader in Consistent Quality, achieving a score of 58.6%, just slightly ahead of Tunisia. By contrast, more than half of the African countries analyzed scored below 30%…

Digital transformation could significantly shape South Africa’s future, with estimates suggesting it may add nearly 20% to national GDP by 2028, create 300,000 jobs, and improve access to vital services for millions. The latest GSMA South Africa Digital Economy report shows how mobile and digital services are driving economic growth and social progress, creating opportunities and promoting inclusivity nationwide. In addition, the GSMA’s new Rural Renewal: Telcos and Sustainable Energy in Africa report advocates renewable energy for boosting connectivity in rural areas. Together, these reports provide a strategic plan for inclusive digital progress, emphasising the critical role of mobile technology…

The Aston Martin Aramco F1 Team is bringing fans closer than ever to the thrill of F1 racing with the launch of cutting-edge motion simulators, created in collaboration with Memento Exclusives, a leading memorabilia specialist in Motorsport Valley. These high-tech simulators replicate the feeling of racing Aston Martin’s iconic cars around legendary circuits, utilizing advanced motion technology for an ultra-immersive experience. Designed with input from the race team at Silverstone, each simulator features haptic actuators, front pivot configuration, and haptic rumble feedback, allowing gamers and racing enthusiasts to feel every twist, turn, and rumble just like a real F1 car.…

Today, Minister of Communications and Digital Technologies, Solly Malatsi, addressed the critical need for a dual approach that intertwines renewable energy with digital infrastructure to secure a prosperous digital future for South Africa and the African continent. Speaking at  One & Only Resort in Cape Town, the Ministerial Forum 2024, themed “Building a Prosperous, Inclusive, and Sustainable Digital & Intelligent Africa,” Malatsi emphasised that Africa’s digital progress hinges on sustainability, inclusivity, and the accessibility of resources. “We stand at a crossroads where the choices we make will either narrow or deepen divides,” Malatsi remarked. “Digital transformation must serve as a…

Vodacom Group announced on Monday that on 7 October 2024, Egypt’s Ministry of Communications and Information Technology (MCIT), represented by the National Telecommunications Regulatory Authority (NTRA), awarded Vodafone Egypt a 5G licence at a cost of $150 million, or approximately R2.6 billion. Additionally, Vodafone Egypt extended its existing licences for five more years, now valid until 2039, for an additional $17 million or R264 million. The total amount of $167 million, or about R2.9 billion, is due for payment by 31 January 2025. This development follows Egypt’s recent economic challenges; as of May 2024, the country has been placed on…

JSE-listed retailer Woolworths announced on Monday that online sales rose 36.9%, contributing 6.2% of Food sales, driven largely by its on-demand service, Woolies Dash. For the 18 weeks ending 3 November 2024, Woolies Dash reported an impressive 54.4% sales growth. Woolworths highlighted that its Food segment continues to deliver market-leading turnover and concession sales growth, with a 12.1% increase and a comparable-store growth of 7.3%, reinforcing customer trust in the Woolies brand. “This was driven by positive underlying volume growth on improved availability, ongoing innovation, and our enhanced overall value proposition,” said Woolworths. “Excluding Absolute Pets, which was acquired in…

Vodacom Group reported on Monday that its headline earnings per share (HEPS) dropped by 19.4%, reaching 353 cents for the six months ending September 2024. HEPS is a key measure of profitability in South Africa. The decline in HEPS was largely attributed to the depreciation of the Ethiopian currency, which impacted earnings by 53 cents per share, as well as one-off costs in the company’s international operations. Despite the drop in profits, Vodacom maintained its strong dividend policy, declaring an interim dividend of 285 cents per share, which represents an 86% payout ratio. “The group’s dividend policy remains unchanged and…

On International Day of Radiology, Life Healthcare is spotlighting the critical role of PET-CT scans in cancer diagnosis and treatment, urging for their wider adoption across South Africa. PET-CT technology, which combines Positron Emission Tomography (PET) and Computed Tomography (CT), provides a powerful tool in the fight against cancer, offering precise imaging that can enhance treatment outcomes. Life Healthcare is advocating for the integration of PET-CT scans into standard clinical practice across South Africa, highlighting that broader access to this technology could greatly enhance patient outcomes. “This cutting-edge technology is revolutionising the way we detect and manage cancer, offering significant…

During Breast Cancer and Prostate Cancer Awareness Months, we’re reminded how important early detection and regular screenings are. But for healthcare providers, keeping patients on track with these critical check-ups can be challenging. EngageMX, powered by Altron HealthTech, is helping to solve this problem by connecting doctors and patients more effectively. EngageMX is a digital health tool developed in South Africa by Dr. Benji Ozynski, with input from cancer experts Professor Carol-Anne Benn and Professor Jeffrey Wing. Since launching, the platform has made a real difference, helping doctors increase screenings. Since its launch two years ago, it has proven a…

Bulelani Balabala is a name synonymous with empowerment and transformation within South Africa’s township economy. As CEO of the Township Entrepreneurs Agency and founder of the Township Entrepreneurs Alliance (TEA), he has dedicated his career to promoting growth in underserved communities, impacting over 80,000 small businesses across townships and rural areas. In conversation with TechFinancials, Balabala shares his vision for the township economy, focusing on innovation, mentorship, and community-driven change. The role of community-based mentorship Balabala champions the idea that effective mentorship must begin at the grassroots level. For him, mentorship extends beyond high-profile figures and includes tapping into local…

In South Africa’s township economy, few individuals have driven as much change and empowerment as Bulelani Balabala. As the Group CEO of IAF Brands and the visionary founder of the Township Entrepreneurs Alliance (TEA), Bulelani has devoted his career to reshaping perceptions, creating opportunities, and promoting resilience among township entrepreneurs. From his early struggles in Thembisa to becoming a prominent leader advocating for township businesses, Bulelani’s journey is a testament to the transformative power of community-centred entrepreneurship. The making of a visionary: lessons from family and community Bulelani’s entrepreneurial story is deeply rooted in the values he absorbed from his…

As the festive season approaches, many South Africans are short on cash, and some may not be aware that they are owed millions in unpaid dividends from broad-based black economic empowerment (BBBEE) schemes like Phuthuma Nathi and YeboYethu. For those who believe they are entitled to these dividends, here’s a guide on how to make a claim. Phuthuma Nathi Phuthuma Nathi, MultiChoice’s BBBEE share scheme, is actively seeking around 18,000 shareholders who have not claimed their dividends, amounting to over R240 million. Since 2020, Phuthuma Nathi has run a nationwide media campaign to locate shareholders who are owed dividends from…