Author: Gugu Lourie

Growthpoint, a JSE-listed real estate investment trust, has announced the commencement of a landmark residential and retail development, Olympus Sandton, in collaboration with luxury residential developer Tricolt. “We believe that commencing the Olympus Sandton development is well-timed for the reawakening of the powerhouse that is Sandton Central and aligned with its accelerated transformation into a vibrant neighbourhood. It evolves with the trend of people wanting to live closer to workplaces and amenities, offering an exceptional mix of residential, office, retail, and other types of properties,” said Neil Schloss, Head of Asset Management South Africa at Growthpoint Properties. Olympus Sandton will…

African Bank has taken a significant step toward expanding its footprint in the secured lending market by entering into a binding offer to acquire Eskom’s staff home loan book. The acquisition involves assets from Eskom Finance Company SOC Limited (EFC) and Nqaba Finance 1 (RF) Limited (Nqaba). Selected as the preferred bidder, African Bank is in the process of finalizing sale and purchase agreements for the acquisition, estimated to be worth R5.7 billion. The deal, aligned with African Bank’s Excelerate25 strategy, is set to diversify the bank’s product portfolio while leveraging Eskom’s established infrastructure and strong market relationships. The acquisition…

Germany-based Pyramid GmbH has taken a bold step towards global expansion by launching Pyramid Africa, a subsidiary aimed at tapping into Africa’s dynamic and growing market. Andre Van Der Merwe, appointed as General Manager, will lead this new venture. This strategic move emphasises Pyramid GmbH’s commitment to diversification and its recognition of Africa’s vast economic potential. With its abundant resources and rapidly developing economies, the continent offers fertile ground for businesses seeking growth and meaningful impact. Van Der Merwe, a seasoned leader with deep expertise in African market dynamics, is tasked with steering Pyramid Africa toward innovation and long-term success.…

JSE-listed retailer Pepkor launched its +more loyalty programme in March 2024, aimed at enhancing customer value by offering instant savings, exclusive discounts, and rewards on everyday purchases. The initiative seeks to cater to millions of value-conscious consumers, covering key categories such as clothing, footwear, homeware, furniture, appliances, electronics, cellular products, and selected FMCG items. Features and Benefits The +more loyalty programme stands out for its simplicity and versatility. Key benefits include: Exclusive members-only deals available at over 5,000 stores across 15 Pepkor retail brands. Personalised airtime and data offers for customers who purchase SIM cards at Pepkor stores. A fully…

Pepkor’s in-house insurance offering, Abacus, has shown impressive growth by extending its products across various group brands, including Capfin, PEP, Ackermans, Dunns, PAXI, and recently, FoneYam. The group announced that over one million new customers were added through policies sold during the financial year ending September 2024. Abacus provides simple and affordable insurance solutions through selected Pepkor group companies such as Incredible Connection and HiFi Corp, offering products like funeral cover, credit insurance, and single-asset insurance. FinTech and insurance growth Pepkor’s FinTech segment, which includes Abacus, reported significant growth: Revenue increased by 26.8% to R12.7 billion. Gross profit margin expanded…

JSE-listed retailer Pepkor’s cellular handset rental option, FoneYam, has achieved remarkable success in the year ending September 2024. Leveraging its extensive customer acquisition capabilities, Pepkor rapidly expanded its footprint in fintech. Strategic initiatives in financial services and cellular connectivity added three million customers to the group’s A+ retail credit base, including FoneYam and Abacus. The group reported the sale of 11.5 million cellular handsets during the year, cementing its leadership in the prepaid smartphone market. According to GfK data, Pepkor now sells 7.5 out of every 10 prepaid smartphones in South Africa, up from seven in the prior year. Smartphones…

MTN South Africa has entered a groundbreaking partnership with China Telecom and Huawei, marking a significant step forward in the evolution of 5G technology, cloud services, IoT, and AI. This strategic alliance is set to drive innovation and unlock new business opportunities, positioning MTN SA at the forefront of the digital transformation sweeping across industries. “This MOU will open opportunities for strategic collaboration that could advance MTN offerings in ICT, 5G Business-to-Business solutions, the Cloud, IoT (the Internet of Things), and AI (Artificial Intelligence) technology solutions amongst other services,” Tumi Sekhukhune-Chamayou, Chief Enterprise Business Officer at MTN South Africa explains. …

The Shoprite Group has successfully completed its largest-ever point-of-sale (POS) system implementation in record time, enhancing transaction efficiency and speed at its 29,191 till points across South Africa. As part of its mission to become Africa’s most profitable omnichannel retailer, the Group introduced a new POS system designed to enable seamless integration between digital and in-store shopping channels. Powered by GK Software, the system allows faster adoption of new technologies, underscoring the retailer’s commitment to a customer-first experience. By unifying store processes into a single, efficient platform, the new system elevates customer service and improves the overall in-store experience. The…

In a significant move to promote financial inclusion and simplify banking for foreign nationals, Nedbank has launched a dedicated web page tailored for VISA holders, work or study permit holders, asylum seekers, and refugees in South Africa. The digital platform offers a one-stop solution, equipping foreign nationals with the information and tools they need to open a bank account and take control of their financial futures. “Foreign nationals in South Africa often face significant barriers when trying to open a bank account, including confusion around required documentation, a lack of clear guidance on which accounts they qualify for, and the…

Symrise South Africa announces 60th anniversary of operations in South Africa, marked by the grand opening of a new emulsions plant. This significant milestone underscores Symrise’s commitment to growth, innovation, and excellence in the region. “Today, we proudly celebrate 60 years of excellence at Symrise South Africa. This remarkable milestone is not just a reflection of our history, but a testament to our unwavering commitment to delivering solid performance and building credibility within our industry. Over the past six decades, we have established ourselves as a trusted leader in our market, and this longevity speaks volumes about the quality of…

The University of Pretoria’s Gordon Institute of Business Science (GIBS), non-profit Empire Partner Foundation (EPF), and Sandton-based radio station 919FM have launched an initiative to encourage innovative, technology-driven solutions to South Africa’s challenges by bringing together industry, academia, and the government. The trio describes the “Unity in Action: Crafting Solutions for a Stronger South Africa” initiative as a collaborative approach to developing a problem-solving process in order to improve and strengthen the country. This comes as South Africa faces major challenges in water, electricity, healthcare, education, agriculture, housing, unemployment, safety and security, transportation, and rural development. This event series, launched…

October marked significant growth in the used car market, with the latest AutoTrader data showing a surge in sales. A total of 34,968 units were sold, reflecting a 22.2% month-on-month increase from September. While the vehicles occupying the top 10 spots remain unchanged, every used car and bakkie on the list enjoyed increased sales in October. The combined value of used cars sold totalled R14.09 billion, 21.59% higher than last month’s figure of R11.59 billion. The established brands remain at the top. Toyota remains the most popular, with 5,847 used cars sold, while Volkswagen and Ford followed at 5,237 and 3,660 units,…

Checkers has launched its revamped Sixty60 app to millions of shoppers nationwide, following months of rigorous testing. The updated app features an improved layout, user interface, and multi-factor authentication for enhanced security. Shoppers in eligible areas can now enjoy precision delivery of over 10,000 general merchandise products from selected Checkers Hyper stores, all within 60-minute time slots. This eliminates the need for lengthy waits typically associated with household item deliveries. “After intensive development, we’re confident that the next iteration of Sixty60 will again disrupt online retail in South Africa. Our precision delivery promise has been designed around our customers, which…

The protracted battle between Nkosana Makate, the inventor of the “Please Call Me” (PCM) service, and Vodacom, South Africa’s largest mobile network operator, has returned to the Constitutional Court. This marks the second time Makate will argue his case before the apex court as he seeks fair compensation for his groundbreaking invention. Makate’s journey for justice spans nearly two decades. The PCM service, which allows users to send a free call-back message, has reportedly generated billions in revenue for Vodacom. Despite the innovation’s success, Makate has yet to secure a payout he deems fair for his intellectual property. A landmark…

McDonald’s SA has enhanced its Mobile Order and Pay (MOP) feature, offering customers greater flexibility and convenience when ordering meals. Available through the McDonald’s app, the upgraded service allows users to place orders in advance and choose from various pickup options, including dine-in, curbside parking (Curbserve), or drive-thru. This upgrade builds on McDonald’s commitment to meeting the growing demand for faster and more personalised service. Whether driving through, grabbing a quick bite while running errands, or dining in, customers can enjoy a smoother, streamlined ordering process and reduced wait times. The MOP feature aligns with McDonald’s broader strategy to add…

Since the launch of South Africa’s two-pot retirement system on 1 September 2024, nearly R50 billion has been withdrawn. The system splits retirement savings into two portions: a savings pot, holding one-third of funds, accessible before retirement, and a preservation pot. To tap into the savings pot, individuals must withdraw at least R2,000 from a retirement, annuity, or preservation fund. As of 18 November 2024, 2,153,942 directive applications were received and a total of 1,914, 306 directives issued with a total gross value of R49 577, 355, 406.14. The difference between directive applications and directive issued is accounted for in the…

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.…