Author: Gugu Lourie
Eskom today announced the successful addition of Kusile Power Station’s final unit, Unit 6, to the national grid at 16:45. This marks a crucial step in completing one of South Africa’s largest infrastructure projects and is a key milestone in Eskom’s plan to add 2,500MW of new capacity to the grid by March 2025. “Eskom is at a critical point returning megawatts to the grid as we are currently in a constrained state. This milestone is a testament to the unwavering dedication and resilience of Eskom’s employees and contractors. Their commitment has driven us forward despite numerous challenges. As we…
The Technology Innovation Agency (TIA), an entity of the Department of Science, Technology and Innovation (DSTI), is driving the growth of clean technology entrepreneurship in South Africa through its support of the Global Cleantech Innovation Programme (GCIP-SA). Embracing new economic opportunities in green technologies can drive industrial development, innovation, and economic diversification, and this would lead to a sustainable and economically resilient future. The programme is implemented in partnership with the United Nations Industrial Development Organisation (UNIDO) and funding from the Global Environment Facility (GEF). Since 2014, more than 200 innovators have been supported in various cleantech innovations aimed at reducing…
Scientists from South Africa and China have successfully established the world’s longest intercontinental ultra-secure quantum satellite link, spanning 12,900 km. Using the Chinese quantum microsatellite Jinan-1, launched into low Earth orbit, this milestone marks the first-ever quantum satellite communication link established in the Southern Hemisphere. In this demonstration, quantum keys were generated in real-time through Quantum Key Distribution (QKD), enabling the secure encryption of images transmitted between ground stations in China and South Africa via one-time pad encryption—considered unbreakable. The results from this pioneering experiment from a collaborative research initiative between scientists from Stellenbosch University (South Africa) and the University of Science…
The Financial Sector Conduct Authority (FSCA), South Africa’s market conduct regulator for financial institutions, recently conducted a desktop review to evaluate whether banks are consistently delivering fair customer outcomes in complaints handling. The review, which took place between July 18, 2022, and November 17, 2022, assessed 23 banks for regulatory compliance and adherence to principles outlined in section 8 of the Conduct Standard for Banks. The findings revealed significant gaps in complaints management processes, raising concerns about customer treatment and regulatory compliance. Key findings of the FSCA Review The review highlighted widespread deficiencies in banks’ complaints handling processes. Key areas…
FNB today announced a major milestone for its flagship nav» platform within the FNB Banking App. With a nine-year track record of delivering smart digital tools, FNB’s nav» Money has reached 5 million users, including 1 million new users in the past 12 months. Since its 2016 launch, nav» has transformed how FNB customers manage finances, assets, wellbeing, and environmental impact. The platform offers tools across Money, Car, Home, Earth, Energy, Marketplace, Care, and the newly launched nav» Graduate, catering to various life stages. “Over the past nine years, we’ve focused on innovating solutions that go beyond traditional banking,” says…
Tyme Global, headquartered in Singapore, is the holding company behind the launch of digital banks across multiple countries. Its first venture, TymeBank in South Africa, set the stage for its expansion into Asia with GOtyme Bank in the Philippines. Launched in November 2022, GOtyme has rapidly gained traction, reaching a significant milestone of 5 million customers by December 2024. In June 2024, GOtyme Bank strengthened its position in the Philippines by acquiring Savii, a payroll lender. This strategic move allows GOtyme to leverage its growing deposit base to enter the lending market through a proven and established model. The acquisition…
Old Mutual launched its Mobile Virtual Network Operator (MVNO), OM Connect, in October last year. In its recent financial results, the company revealed, “We launched our mobile virtual network operator, OM Connect, in the fourth quarter and have since acquired approximately 18,400 customers.” The insurance giant views OM Connect as a critical component of its strategy to expand its integrated financial services offering to existing customers and attract new ones. “We see this offering as a key driver of growing our integrated financial services offering to existing customers and a new customer acquisition enabler,” Old Mutual stated. Leveraging its deep…
TymeBank, a top digital bank, continues to outpace global peers in customer growth, reaching 10.7 million customers by 31 December 2024. The bank has seen steady monthly increases in income-generating transactions, with total deposits climbing to R6.9 billion, up from R6.3 billion in June 2024. Net advances also rose significantly, from R1.9 billion to R2.3 billion. TymeBank boasts one of the industry’s highest net promoter scores, underscoring its strong customer satisfaction. The bank is owned by Patrice Motsepe’s African Rainbow Capital Investments. Driven by technology, TymeBank is advancing toward sustainable monthly profitability while investing in long-term initiatives like AI and…
Old Mutual has made significant strides in the launch of OM Bank, its new digital-first retail banking venture in South Africa. The company anticipates an initial loss run rate of R1.1 billion to R1.3 billion, with losses expected to decrease as revenue grows, ultimately reaching break-even by 2028. Key milestones have been achieved, including meeting the remaining Section 17 conditions and securing regulatory approval for the appointment of Clarence Nethengwe as CEO of OM Bank. The bank’s board of directors has also been established, with Nomkhita Nqweni serving as the inaugural chairperson. These leaders will oversee a gradual, risk-based customer…
Old Mutual’s fintech platform, O’mari, has rapidly gained traction in Zimbabwe, attracting 1.3 million customers since its launch. This success highlights the growing demand for digital financial solutions in underserved markets. O’mari, a fintech-enabled banking and lending platform, is central to Old Mutual’s strategy to expand its reach and offer innovative financial services. The company sees O’mari as more than just a digital wallet; it plans to use the platform to deliver additional services like savings, loans, and insurance, creating a comprehensive financial ecosystem. The platform’s success in Zimbabwe has also opened doors for scaling into other African markets. Old…