Author: Gugu Lourie

JSE- and A2X-listed retailer Pepkor anticipates robust revenue growth for its FinTech division in its financial results for the year ending September 2024. Operating through its brands FLASH and Capfin, Pepkor has successfully expanded its presence in the financial services sector. In a recent trading update, Pepkor revealed that revenue in its FinTech segment surged by 26.8% to R12.7 billion for the year to September. The company attributes this strong performance to its ability to rapidly attract new customers through its extensive retail network, enabling growth in both financial services and mobile connectivity. Pepkor also highlighted its FLASH business, which…

Altron, a JSE-listed technology group, has reported a 10% increase in revenue for its Platforms Business, reaching R1.9 billion for the six months ending on 31 August 2024. The Platforms Business’s EBITDA (earnings before interest, tax, depreciation, and amortization) grew by 37% to R776 million, while operating profit rose 47% to R415 million. Altron’s Platforms Business comprises Netstar, Altron FinTech, and Altron HealthTech. Valued at R7.6 billion on the JSE, Altron invested R359 million in capital expenditures during this period, dedicating R330 million to growth-focused initiatives. This investment includes R211 million allocated to Netstar’s capital rental devices and R65 million…

Phuthuma Nathi, MultiChoice’s broad-based black economic empowerment (BBBEE) share scheme, is urging 18,000 shareholders to come forward and claim their uncollected dividends. With over R240 million in unclaimed dividends, Phuthuma Nathi is calling on eligible shareholders to secure their earnings and maximize the benefits of this empowerment initiative. Since 2020, Phuthuma Nathi has been running a nationwide media campaign to locate shareholders who are owed dividends from as far back as 2006. Despite significant progress, a large portion of these funds remains unclaimed. “We are determined to find these shareholders and ensure they receive what is rightfully theirs. We’ve been…

OM Bank will target customers earning between R5,000 and R80,000 per month, says CEO Ian Williamson, who described launching the bank as a “no-brainer” given Old Mutual’s extensive banking activities. “Our unsecured lending book is sitting at R16 billion. We have about 400,000 active transactional account users in our transactional banking solution, which we do under Bidvest,” Old Mutual CEO, Ian Williamson told Business Times. Old Mutual also offers a home loan product with SA Home Loans. “We have a lot of the components of banking… We have not brought those things together in one cohesive entity,” he added. The…

In a bid to grow its presence in South African townships, Takealot is recruiting 1,000 last-mile delivery drivers in Mpumalanga, with plans to expand nationwide, reports the Sunday Times Business Times. The initiative, launched in collaboration with the Mpumalanga provincial government, offers residents new opportunities in the ecommerce sector. “This is the second province where the project has been launched, [but] it will eventually reach the rest of the country,” says Tshepo Maramule, Takealot’s head of external affairs and public policy. “These drivers will not only work for Mr D, they will also deliver parcels to consumers from Takealot,” Maramule…

Payfast, a company owned by fintech operator Network International, is set to transform SA’s digital payment landscape by offering free Point of Sale (POS) devices to local merchants. Traditionally, small businesses owners or merchants had to purchase POS systems upfront or pay monthly rentals, plus transaction fees, to accept card and digital payments. Additionally, the POS device expands merchants’ revenue streams by enabling them to purchase airtime, data, lottery, and betting vouchers directly. Payfast is South Africa’s leading online and ecommerce payment service provider that enables digital payment solution for merchants, individuals, NPOs and businesses of all sizes . Its…

It seems like FNB and Pick n Pay might just be South Africa’s ultimate love story in business! Have these two beloved brands found their “golden hour” together? Judging by their latest partnership, it sure looks that way! FNB and Pick n Pay are teaming up to deliver extra rewards for their loyal customers, making it easier to save on essentials, groceries, and clothing. It’s a match made in retail-rewards heaven. Today, during a  Microsoft Teams call with the media, the companies even set the tone with two powerful tracks: JVKE and Henry’s Golden Hour and the iconic Jerusalema by…

South Africa’s telecommunications landscape was rocked on Tuesday as the Competition Tribunal blocked Vodacom’s proposed acquisition of a co-controlling stake in Maziv, the parent company of Vumatel. This decision delivers a major setback to Maziv and puts the brakes on anticipated industry consolidation. The Tribunal’s move could also derail potential mergers, like the anticipated deal between MTN South Africa and Telkom’s Openserve, signaling a cautious stance on market concentration in the sector. The Competition Tribunal has blocked Vodacom’s planned investment of up to R14 billion into Maziv, the holding company for Vumatel and Dark Fibre Africa. This deal was intended…

Finfra, Indonesia’s lending infrastructure provider, has announced a landmark partnership with Tyme Group, the digital banking group behind TymeBank in South Africa and GoTyme Bank in the Philippines. This partnership, a first in Indonesia, supports Tyme Group’s entry into the Indonesian market as part of its broader Southeast Asia growth plan, following successful expansions into the Philippines and Vietnam. The news comes after Finfra’s recent $2.5 million funding round, led by Cento Ventures, with investments from Accion Venture Lab, Z Venture Capital, Matiss Ansviesulis (founder of Avafin), and existing supporters. Indonesia, Southeast Asia’s largest economy, is experiencing rapid digitalization within…

Balwin Properties, known for its secure, eco-conscious, and strategically located residential estates, has achieved substantial growth in its annuity income, primarily driven by its fibre and renewable energy services. Offering one-, two-, and three-bedroom apartments, Balwin developments cater to a diverse spectrum of home buyers and investors. These apartments feature modern, energy-efficient kitchens, prepaid water and solar-assisted electricity systems, and eco-friendly appliances, with every unit fully fibre-enabled through Balwin’s dedicated subsidiary. In the latest financial year, Balwin Annuities reported a 17% year-on-year revenue growth, reaching R65.8 million as of August 2024, up from R56.3 million in 2023. Fibre installation and…

Pick n Pay’s online retail division has reported an impressive 60.6% year-on-year growth in sales, reflecting the company’s strategic advancements in its on-demand platforms and overall digital transformation. Building on a robust 74.4% increase in full year 2024, Pick n Pay Online’s sustained growth has been driven by notable improvements in customer service, technological upgrades, and operational efficiency. This expansion has been primarily fueled by the popularity of Pick n Pay’s on-demand retail services, including the Pick n Pay asap! app and Pick n Pay Groceries on Mr D, both of which are now accessible through 550 Pick n Pay…

Four years ago, TechFinancials anticipated that EOH, the scandal-tainted IT group, would undergo a major rebrand, emerging as iOCO. EOH believes it has largely restored its reputation after facing allegations of involvement in state capture corruption and is now refocusing on government contracts, with ambitions to double its revenue from these engagements, according to a report in the Sunday Times’ Business Times. The company, identified by the Zondo Commission as a key player in state capture, began its reform journey in 2018 with the appointment of Stephen van Coller as CEO. Chief Justice Raymond Zondo commended EOH in his initial…

It is both disappointing and dishonest that some are trying to pin YeboYethu’s woes on Nkosana Makate, the inventor of Vodacom’s “Please Call Me” (PCM) service. YeboYethu, the Black Economic Empowerment (BEE) vehicle of Vodacom, has been pushing the narrative that compensating Makate fairly for his billion-rand idea will destroy the livelihoods of its black shareholders. This is nothing but a diversionary tactic. Makate has been embroiled in a relentless legal battle with Vodacom for over 16 years, fighting for fair compensation for his revolutionary PCM service, which he developed in while employed at Vodacom. The service, which allows users…

In an interview with TechFinancials, William Dong, President of Huawei Cloud Marketing, shared insights on how Huawei Cloud is positioning itself to drive growth and accelerate digital transformation in South Africa’s private and public sectors. As South Africa’s market moves closer to adopting cloud and AI technologies, Dong emphasised the pivotal role that Huawei Cloud plays in enabling this shift. Dong was speaking ahead of the inaugural Huawei Cloud South Africa Cloud Summit 2024, set to be held tomorrow in Johannesburg. This landmark event will bring together over 600 industry leaders from various sectors at the Gallagher Convention Centre for…

Vodacom is once again seeking to challenge its obligation to fairly compensate Nkosana Makate, the inventor of the lucrative Please Call Me service, which the telco has used for over 23 years to generate billions. Despite the Supreme Court of Appeal (SCA) ruling in February 2024 that Vodacom should pay Makate 5%-7.5% of the revenue generated by Please Call Me over 18 years, Vodacom is heading to the Constitutional Court to appeal the decision. Vodacom – owned by British mobile giant Vodafone –  is challenging SCA ruling, which rejected the R47 million compensation offer made by CEO Shameel Joosub to…

The South African economic landscape has seen more stability in 2024, with inflation slowing to an average of 5.38%¹, compared to 6,0% in 2023 and 6.9% in 2022². This economic relief has translated into slower price hikes for the used car market. The AutoTrader Retail Price Index (RPI), a key measure of price movements in the used car market, shows that the average price increase for used cars dropped to 2.43% this year from 7.35% in 2023. “The easing of inflation in 2024 has brought some much-needed stability to the used car market, which is good news for consumers, who are now seeing slower…

JSE-listed Sasfin announced today that Gloria Serobe will be appointed as chair of the Board of Sasfin Wealth, a wholly owned subsidiary of Sasfin, with immediate effect. Gloria is a founding member and CEO of Women Investment Portfolio Holdings Pty Ltd. She obtained a BCom degree from the former University of Transkei and holds an MBA degree from Rutgers University, New Jersey USA and has been conferred the degree of Doctor of Philosophy (honoris causa) by the Nelson Mandela University. She is one of the co-founders of Women Investment Portfolio Holdings (Wiphold) – the first women’s group established post-1994 to…

What’s it like to stay at the new Embassy Suites By Hilton Dubai Business Bay? Well, imagine checking into a hotel where everyone greets you with a smile so warm you’ll think you just walked into your own family reunion, except with better views. Yes, Hilton has truly outdone itself with this 30-story gem in the heart of Business Bay in Dubai. From the moment I stepped in, I felt like Hilton was channeling its founder, Conrad Hilton’s, dream of running the best hotel on Earth (or at least in Texas, originally). If he were around today, I think he’d…

Prosus and Naspers CEO Fabricio Bloisi has marked his first 100 days at the helm by sharing an update with shareholders. In his letter, Bloisi outlined his ambitious vision for the future, stating that Prosus, currently valued at around $100 billion, is set to drive further growth. He emphasized his commitment to creating another $100 billion in value by focusing on building and investing in fast-growing, profitable businesses. Bloisi also reassured shareholders that these efforts would generate substantial returns, reinforcing his focus on long-term value creation. Read the letter below: First 100 Days @ Prosus Dear Partners, Hello! I hope…

Following a solid performance in August, the South African automotive segment experienced mixed results in September 2024, with minor increases in new car sales and a subtle downturn in the used car market.  According to the latest sales data from AutoTrader, the used car market recorded 28,609 units sold in September 2024, a -9.6% year-on-year drop from the 31,636 units sold in September 2023. When compared to August 2024, which saw 31,877 used car sales, the market experienced a decline of -10.3% month-on-month. According to naamsa | The Automotive Business Council, the new car market posted a +2% year-on-year growth in…

South Africa’s Constitutional Court has delivered a significant setback to YeboYethu, the Black Economic Empowerment (BEE) shareholders of Vodacom. On Thursday, the court dismissed YeboYethu’s attempt to join the high-stakes legal battle between Vodacom and Nkosana Makate, the inventor of the “Please Call Me” service, as a friend of the court (amicus curiae). “The Constitutional Court has considered the application for admission as amicus curiae. It has concluded that the application should be dismissed as no case has been made out for admission as amicus curiae or ‘friend of the court,’” reads the court order. Notably, the court also decided…

Dubai – FOMO South Africa, a  deals platform with over 500,000 users and 200,000 monthly website visits, proudly announces its expansion into the UAE market with the launch of FOMO Dubai. Known for providing unbeatable deals on attractions and experiences, FOMO is set to transform how Dubai’s residents and tourists book their adventures – offering exclusive discounts on activities ranging from desert safaris to visits to world-renowned theme parks. Bringing FOMO’s Winning Formula to Dubai After establishing a solid presence in South Africa, FOMO is ready to make its mark in Dubai. FOMO Dubai will provide users with unmatched access…

Dubai – Li Peng, Corporate Senior Vice President and President of ICT Sales & Service at Huawei, delivered a compelling vision for the future of industrial digital transformation at the 2024 Huawei Industrial Digital and Intelligent Transformation Summit, held during GITEX Global in Dubai. Li’s message was clear: Huawei is leading the way in innovation to help customers succeed, empower local partners, and cultivate homegrown talent. “We’re combining our strengths in networking, storage, computing, cloud, and energy,” Li began, emphasising Huawei’s focus on building new digital and intelligent infrastructure. “We’re working with partners to develop cutting-edge solutions that are adaptable…

Dubai – “The wave of digital and intelligent transformation must ensure that no one is left behind,” said Leo Chen, Corporate Senior Vice President and President of Enterprise Sales at Huawei’s Enterprise Business Group. Speaking at the Industrial Digital and Intelligent Transformation Summit, held alongside GITEX Global 2024 in Dubai, Chen emphasised the need for inclusive growth as industries embrace the future of technology. Amid the wave of digital and intelligent transformation, Huawei urges all parties to collaborate and seize new opportunities. In his keynote address, Chen highlighted AI and 5G-A as key next-generation technologies powering the Fourth Industrial Revolution,…

In a world rapidly transitioning to an intelligent economy, Huawei is at the forefront of the digital transformation revolution. Speaking at the Huawei Industrial Digital and Intelligent Transformation Summit 2024 during GITEX Global in Dubai, Li Peng, Corporate Senior Vice President and President of ICT Sales & Service, outlined the company’s vision for an AI-driven future that empowers enterprises globally. “The digital economy is evolving into an intelligent economy, and it will soon become the main engine of global economic growth,” Li Peng declared as he addressed a diverse audience of global partners and customers at the Conrad Dubai. With…