Author: Gugu Lourie

The Financial Sector Conduct Authority (FSCA) has issued a strong warning against dealing with AfriInvest and MutualWealth, two entities illegally soliciting investments with false promises of R10,000 daily returns through AI-driven crypto trading. Key concerns: No FSCA authorisation: Neither company is licensed to provide financial services in South Africa. False celebrity endorsements: They fraudulently used Steve Hofmeyer, Kallie Kriel, and Maroela Media’s names, all have denied any involvement. Unrealistic returns: Claims of R10,000/day profits are highly suspicious and likely fraudulent. No contact possible: The FSCA could not reach AfriInvest or MutualWealth for comment. How to protect yourself: Verify Authorisation – Check if a provider is FSCA-approved via: Toll-Free: 0800 110 443 Online Search: FSCA Regulated Entities FAIS Act Check: Search FSPs Here Beware of…

The Financial Sector Conduct Authority (FSCA) has issued a public warning against J532-NBSG Stock Discussion Group, which falsely claims to be linked to Nedbank or Nedbank Stockbrokers. The FSCA revealed that J532-NBSG administrators are soliciting funds through Facebook and WhatsApp, luring victims with a “beginner’s trading course” under Nedbank’s name. Once signed up, members are added to a WhatsApp group displaying Nedbank’s logo, where they receive trading tips and offers of a “10% discount on block trades.” “Nedbank has confirmed this group is fraudulent and using its branding illegally,” the FSCA stated. The FSCA emphasised that J532-NBSG is NOT authorised to provide financial services in South Africa. “Offering financial products without FSCA approval is illegal,” the regulator warned. Key Red Flags: Fake association with Nedbank Unauthorized trading offers on…

The Financial Sector Conduct Authority (FSCA) has issued a public warning against Alpatoken and Ms. Gugu Sbahle Mdabe, urging caution when dealing with them for financial services. The FSCA revealed that Alpatoken and Mdabe are soliciting investments from the public via WhatsApp groups, promising unrealistic returns of over 35% in just seven days. Minimum deposits range from R220 to R22,000. “Unrealistic returns must be viewed with great suspicion,” the FSCA stated. While the FSCA did not comment on the specifics of their operations, it confirmed that neither Alpatoken nor Mdabe are authorised to provide financial services in South Africa. Mdabe was unavailable for comment. The FSCA strongly advises the public to avoid unregistered entities and verify authorization before investing. “Always check if a provider is FSCA-approved,” the regulator warned. How to Verify…

South African-founded food delivery platform Spaza Eats is coming to your nearest township as it expands nationally. Business Day reported today that Spaza Eats’ vision is to achieve a nationwide rollout by June 2025, followed by expansion into Kenya, Nigeria, Rwanda, and the Democratic Republic of Congo. Spaza Eats currently operates in Gauteng, Cape Town, Limpopo, Durban, Rustenburg, East London, and Mbombela. Rising young entrepreneur Talifhani Banks, founder of Spaza Eats and parent company AnalyticsX, confirmed to TechFinancials that the company is expanding nationally. Why are you expanding nationally? “Our decision to expand nationally stems from our commitment to bridge the gap between…

BYD Energy Storage, a division of BYD Co. Ltd., a global leader in integrated renewable energy solutions, has unveiled its latest innovation -theBYD Battery-Box LV5.0+ – at Solar & Storage Live Africa in Johannesburg. This cutting-edge residential energy storage system expands BYD’s award-winning Battery-Box series, offering enhanced performance, higher power output, and extended warranty coverage while maintaining compatibility with a wide range of inverters, including BYD’s own Power-Box hybrid inverters. Since its introduction in South Africa in 2018, the Battery-Box series has played a pivotal role in the continent’s renewable energy transformation. With over 1.1 million installations worldwide, the system’s safety, reliability, and modular flexibility have made it a…

Underground storage solutions could bolster national energy security while accelerating South Africa’s shift to cleaner energy alternatives. In a landmark collaboration bridging mining, energy, and sustainability, SUISO and the Council for Geoscience (CGS) have joined forces to explore South Africa’s subsurface potential. The initiative will expand the CGS’s ongoing assessment of underground carbon storage capacity, enhance sustainable critical mineral exploration, and support the country’s transition to a greener energy future. SUISO, a sustainable blue-ammonia production facility in Kriel, Mpumalanga, is partnering with CGS to determine whether South Africa’s geological formations can safely store carbon emissions. This could reduce industrial pollution while unlocking new opportunities…

CIVH, the Remgro-controlled parent company of fibre network operator Maziv – which owns Vumatel and Dark Fibre Africa (DFA) – reported a loss in earnings for the six months ending December 2024. JSE-listed Remgro disclosed that CIVH’s contribution to its headline earnings amounted to a R141 million loss, compared to a R6 million profit in the prior year’s period. “The decrease in earnings is mainly due to increased borrowing costs due to higher average debt balances and a negative fair value adjustment on an interest rate hedge, totalling R232 million (Remgro’s portion being R132 million),” said Remgro. Despite the loss, CIVH’s revenue for the…

The Financial Sector Conduct Authority (FSCA) has issued a public warning against xrp2024.live, an unregistered platform soliciting investments in crypto with promises of unrealistic returns. The FSCA confirmed that xrp2024.live is not authorised to provide financial services in South Africa. Reports indicate the platform urges users to deposit funds into crypto wallets, raising concerns of a potential scam. Key warnings from the FSCA: No FSCA authorisation – The entity is not licensed to operate. Unrealistic returns – High-profit promises are a major red flag. No verifiable contact – The FSCA could not reach xrp2024.live for comment. Public advised to: ✔ Verify FSP registration via FSCA’s website or toll-free line (0800 110…

Cassava Technologies has announced plans to establish Africa’s first AI factory, a state-of-the-art data centre facility powered by NVIDIA AI computing technology. This initiative will provide African businesses, governments, and researchers with access to advanced AI computing capacity, enabling them to develop smarter AI-driven solutions, optimize operations, and remain competitive in a rapidly evolving landscape. The AI factory will offer the supercomputers and software necessary for training AI models while ensuring data remains within Africa’s borders. The company intends to deploy NVIDIA accelerated computing and AI software using NVIDIA Cloud Partner (NCP) reference architectures at its South African data centres…

Private higher education provider Stadio Holdings has reported strong financial results for the year ended 31 December 2024, highlighting significant revenue growth and robust cash generation. The group, which owns three private higher education institutions – Stadio Higher Education, Milpark Education, and Afda – has demonstrated impressive performance across key metrics. Revenue and student growth Stadio’s revenue increased by 14%, rising from R1.4 billion in 2023 to R1.6 billion in 2024. This growth was driven by an 8% increase in student numbers, with total student enrollment for Semester 2 reaching 50,039 (up from 46,508 in 2023). Notably, Stadio Higher Education saw a 14% increase in new…