Author: Gugu Lourie

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…

Tech firm Prosus has entered into a definitive agreement to acquire New York-kisted Despegar, a Latin American Online Travel Agency (OTA), The tech firm will pay $19.50 per share, equating to a 33% premium to the closing share price as of 20 December 2024, and a 34% premium to Despegar’s 90-day VWAP (volume weighted average price). This will equate to $1.7 billion or R31 billion. The proposed transaction was approved by Despegar’s board of directors, who recommended that Despegar shareholders vote in favour of the proposed transaction following the unanimous recommendation by a transaction committee. “This acquisition is a clear…

Allianz Europe BV, a wholly owned subsidiary of Allianz SE, has increased its shareholding in Sanlam Allianz Africa Proprietary Limited (“SanlamAllianz”) to 49%. The transaction, known as the “Allianz Step-up Transaction,” marks a significant milestone in the strategic partnership between Sanlam and Allianz on the African continent. Sanlam Emerging Markets (Pty) Ltd (“SEM”), a wholly owned subsidiary of Sanlam, will sell an additional 8.59% of its stake in SanlamAllianz to Allianz Europe BV. The initial cash consideration for the sale is R4.5 billion, subject to adjustments based on the audited financial statements of SanlamAllianz as of December 31, 2024. Upon…

The Post Office aims to serve as a logistics partner for e-commerce providers, including small enterprises and informal traders, while expanding its services to meet future business needs for users and consumers. On Wednesday, President Cyril Ramaphosa signed the South African Post Office SOC Ltd Amendment Bill into law. The legislation expands the mandate of the Post Office, repurposing its infrastructure to deliver diversified and enhanced services. The new law empowers the Post Office to go beyond basic postal services by offering value-added services that boost its revenue streams and ensure its relevance and sustainability. Under the amended mandate, the…

Tyme, the innovative company behind TymeBank in South Africa and GoTyme in the Philippines, has achieved a groundbreaking milestone by securing a substantial R4.5 billion investment from Nubank, the world’s largest standalone digital bank. This strategic partnership not only emphasises Nubank’s confidence in Tyme’s forward-thinking banking model but also strengthens Tyme’s position as a transformative force in the financial services sector across emerging markets. The infusion of capital is part of a successful Series D funding round, which raised $250 million (R4.5 billion), bringing Tyme’s total valuation to $1.5 billion (R27 billion). Nubank’s decision to invest highlights its recognition of…

Cassava Technologies (Cassava), backed by billionaire Strive Masiyiwa, has achieved three major milestones that position it for robust growth and further solidify its status as a global technology leader of African heritage. These milestones include a substantial equity injection, the successful refinancing of its South African Rand (ZAR) debt, and the completion of a comprehensive legal reorganization. Cassava successfully closed an equity investment round of $90 million, with participation from U.S. International Development Finance Corporation (DFC), Finnish Fund for Industrial Cooperation (Finnfund), and Google. This funding forms a crucial part of Cassava’s strategy to bolster its balance sheet, ensure sustainable…

Tyme, the company behind TymeBank in South Africa and GoTyme in the Philippines, has secured a significant R4.5 billion investment from Nubank, the world’s largest standalone digital bank. This strategic partnership marks a major milestone for Tyme as it continues to expand its footprint in the global digital banking space. The funding emphasises Nubank’s confidence in Tyme’s innovative banking model and its potential to transform financial services in emerging markets. Nubank’s market cap of $68 billion is just shy of South Africa’s total banking sector of $85 billion, including Capitec. Both Nubank and Capitec’s market caps have risen by over…

JSE-listed Bidvest announced on Thursday its plans to sell Bidvest Bank Holdings to Access Bank Plc for approximately R2.8 billion. The proceeds from the sale will be allocated to settling existing debt. Bidvest will continue to support Bidvest Bank to ensure that it remains financially sound an operationally stable throughout the disposal process,” the company informed investors. Access Bank, a full-service commercial bank with over 60 million customers worldwide, has been operating in South Africa since 2021 following its acquisition of Grobank. The bank serves its customers through a network of more than 700 branches across 23 countries on three…