Author: Gugu Lourie
The digital platform economy has the potential to significantly impact the country’s future, with a research report projecting it could inject R91.4 billion into the economy by 2035. This growth would increase the sector’s contribution to GDP from 0.02% in 2022 to a substantial 1.38% by 2035. The research was conducted by Naspers and the Mapungubwe Institute for Strategic Reflection (MISTRA) to explore the untapped potential of South Africa’s digital platform economy – a sector which includes online platforms that facilitate economic transactions. The research found that collective action is essential to accelerate South Africa’s digital transformation journey. It highlighted…
Eskom has released its outlook for the summer period, from 1 September 2024 to 31 March 2025, following a successful winter with 152 consecutive days without loadshedding. The Generation Operational Recovery Plan, initiated in March 2023, continues to enhance efficiencies and deliver significant improvements in Eskom’s fleet performance. Key Highlights: Loadshedding-Free Winter: The 2024 winter period saw no loadshedding, a significant improvement compared to 153 days in winter 2023. Economic and Financial Boost: Eskom’s improved performance could contribute to an estimated 2% growth in the South African economy and better financial results for Eskom in FY 2025. Reduced Unplanned Outages:…
Banking group Absa announced today that Seacom CEO Alpheus Mangale has been appointed as a member of its Remuneration Committee (Remco). “Shareholders are informed that Mangale has been appointed as a member of the Remuneration Committee, and John Cummins as a member and chairman of the Models Committee (MC),” Absa informed investors the appointments will take effect on 1 September 2024. Also read: Alpheus Mangale, A Seasoned Business Leader, Named CEO Of Seacom Seacom, Africa’s telecommunications and managed services provider, today announced that Alpheus Mangale, is joining SEACOM as incoming Group Chief Executive Officer, effective 1 April 2023. He is…
Aiko Energy and Veers Group have formed a joint venture to accelerate South Africa’s renewable energy transformation. This partnership aims to transform the country’s solar sector by combining Aiko’s cutting-edge N-Type ABC solar modules with Veers Group’s local expertise. The venture, named Aiko Energy SA, is committed to local content, black economic empowerment, and sustainable growth. Under the leadership of Muneeb Gambeno as Managing Director and Majdi Galvaan as CFO, the company will focus on making high-efficiency solar technology accessible across utility-scale, commercial, industrial, and residential sectors, while prioritizing the upliftment of local communities. “Our organisation has always prioritised innovation…
The Public Investment Corporation (PIC) has announced its intent to block the re-election of a MultiChoice board member due to concerns over questionable consultancy fees, Business Times reported today. The PIC, the largest asset manager in Africa with a 15% stake in MultiChoice, is the company’s second-biggest investor after French entertainment giant Canal+. The PIC has criticized the continued payment of millions in advisory fees to Jim Volkwyn, one of MultiChoice’s longest-serving board members. MultiChoice informed TechFinancials this week that the controversial consultancy agreement with Jim Volkwyn, who is up for re-election at the company’s AGM on Wednesday, will expire…
“Modernisation and digitisation are crucial developments that will drive the future growth of Southern Africa’s railway industry.” This is the key message Guoyu Wang, Vice President of Huawei’s Smart Transportation Business, imparted to delegates attending the Southern African Railways Association’s (SARA) 13th annual conference and exhibition at the Sandton Convention Centre in Johannesburg. At the opening of the conference, SARA Executive Director Babe Botana, set the agenda for the day; “Together, we will explore strategies to elevate rail transportation as a driver of sustainable economic growth on the continent.” This event brings together transportation ministers from across the Southern African…
Angry FNB customers took to the social media platform X on Friday to express their frustration over the banking mobile app being down and inaccessible. “We are aware that there are issues being experienced across our channels. Our IT teams are working on restoring full functionality to the affected services,” FNB posted on X. “We apologise to our valued customers for the inconvenience caused.” Some customers even argued that FNB is slowly becoming Capitec Bank, very unreliable! FNB is slowly becoming Capitec Bank, very unreliable! pic.twitter.com/xZz2NiutqM — Harry Mabusela 🇿🇦 (@Harry_shuf) August 23, 2024 . @FNBSA , Why can’t I access…
MultiChoice announced today that it will not discontinue the controversial consultancy fees paid to certain board members. Earlier this year, Business Times reported that newly appointed board chair Elias Masilela had indicated that these special consultancy fees would be reviewed and likely scrapped. These arrangements involved three board members, including former chair Imtiaz Patel, receiving consultancy fees for professional advisory services. The board justified these payments by arguing that the cost was lower than hiring external consultants. However, the consultancy agreement with board member Kgomotso Moroka, which earned her R1.5 million, was terminated last year following shareholder concerns. Another board…
Eskom Distribution has officially launched its Electric Vehicle (EV) charging infrastructure, marking a significant step toward a sustainable and innovative future. The power utility made the announcement on its X page on Wednesday. “By setting our standard for eMobility in South Africa, we are not just reducing our carbon footprint but paving the way forward,” remarked Gabriel Kgabo, the General Manager in the Office of the Group Executive, who led the launch. Eskom is positioning itself as a key player in supporting the development of the electric mobility (eMobility) sector in South Africa. This launch will integrate Eskom into the…
The DA today opened a criminal case with the Hawks to investigate alleged tender fraud of R831 100 in the Mamusa Local Municipality. “Documents in our possession indicate that the Chief Financial Officer (CFO), Mr Vincent Masilo, who also serves as the Acting Municipal Manager, allegedly facilitated the purchase of 16 Mecer Xpress Executive MW10Q17+ tablets for R590 000. A single tablet retails between R3 000 and R4 000, but CFO Masilo allegedly paid R36 875 per device, inflated by 920%,” said CJ Steyl, DA North West Provincial Spokesperson: Cooperative Governance, Human Settlements and Traditional Affairs. See documents here. In…
Empire Partner Foundation (EPF) firmly believes in the power of homegrown innovation. The foundation is deeply committed to nurturing local talent and has collaborated with visionary technology partners and startups across South Africa. EPF’s mission has always been to elevate the local tech community by providing the resources and platforms necessary for their success. “We’re excited to unveil a new initiative that reflects this commitment—a carefully curated Directory of South African Innovation,” EPF said in its Linkedln page. “This isn’t just a list; it’s a showcase of trusted local tech companies that have been rigorously vetted for their quality and…
Eskom has confirmed the arrest of four employees and a contractor security guard in connection with the theft of R500,000 worth of heavy fuel oil from Camden Power Station. The accused, detained at Ermelo Police Station, were charged following their initial arrests on 10 August 2024. Two Eskom Weighbridge Operators were apprehended at midnight for colluding to steal and defraud the company. On 16 August 2024, two additional Eskom employees – a Weighbridge Operator and a Control Room Operator -and a contractor security guard were also arrested. All suspects remain in custody, with the case postponed to 27 August 2024…
On August 20, 2024, Eskom, in partnership with law enforcement agencies, successfully removed over 35 illegally connected transformers in Diepsloot Extension 6, Gauteng. This operation is part of Eskom’s ongoing efforts to reclaim its network and reduce the strain from unauthorized electricity connections. During the 2022/23 financial year, Eskom faced non-technical losses amounting to approximately R5 billion due to illegal connections, meter bypasses, and other electricity-related crimes. These activities not only harm Eskom’s financial stability but also hinder its ability to provide reliable electricity to legitimate customers. Illegally connected transformers destabilize the network, leading to frequent supply interruptions, extended outages,…
Kaspersky has uncovered an online fraud campaign targeting Windows and macOS users worldwide, aiming to steal cryptocurrency and sensitive information. Orchestrated by Russian-speaking cybercriminals, the attackers exploit popular topics like web3, crypto, AI, and online gaming to lure victims with fake websites. These sites, which closely mimic legitimate services such as crypto platforms, online role-playing games, and AI translators, are polished and sophisticated. Despite minor differences in elements like names and URLs, the convincing design of these malicious sites increases the likelihood of successful attacks. The campaign spreads info-stealing and clipper malware, posing a significant threat to individuals globally. Victims…
In a troubling development, cybersecurity experts have identified a sharp increase in malware infections, traced back to deceptive online ads that are spreading a malicious software loader known as FakeBat. These covert campaigns are catching users off guard, leading to widespread security breaches. Since mid-2023, Mandiant Managed Defense has responded to a surge in malware infections originating from malvertising campaigns. “These attacks are opportunistic in nature, targeting users seeking popular business software. The infection utilizes a trojanized MSIX installer, which executes a PowerShell script to download a secondary payload,” the Mandiant Managed Defense team said in a technical report. “Our research into…
The question of whether Wits’ Flower Hall Exam Building is the most innovative in the world will soon be answered. The Wits Flower Hall Examination and Test Centre, located on Wits University’s Campus West, has gained international recognition for its transformative and sustainable design. It has been shortlisted in the Creative Reuse category at the prestigious World Architecture Festival (WAF), scheduled to take place in Singapore from 6 to 8 November 2024. Originally part of the Rand Easter Show showgrounds, the Flower Hall has undergone a remarkable redevelopment led by Savage + Dodd Architects. The project transformed the aging, uncomfortable…
MTN’s super app platform, ayoba, has seen remarkable growth, expanding its user base by 28.6% year-on-year to reach 36 million monthly active users (MAUs) by the end of June 2024. This surge in users is largely attributed to the platform’s enhanced communication features, which have driven higher adoption and retention rates. Digital revenue for MTN increased by 19.3% year-on-year to R1.6 billion, bolstered by the company’s expansion into new business segments and the rising adoption of digital products, especially in key markets like Nigeria and Ghana. The company’s focus on scaling the Gaming and Video verticals also contributed to this…
Despite facing significant challenges in the first half of the year, MTN’s Bayobab delivered strong financial results. The company navigated a complex landscape that included the ongoing conflict in Sudan, local currency volatility, and disruptions caused by multiple subsea cable cuts. These cable cuts led to downtime for eight major subsea cables connecting the African continent, with four of these cables on the west coast of Africa experiencing simultaneous outages. Remarkably, Bayobab managed to restore service within a few days, leveraging existing redundant capacity links and the newly installed Equiano cable. In this challenging environment, Bayobab achieved a resilient financial…
MTN’s strategic push to diversify its business is paying off, with significant growth in fintech services and data traffic driving a notable increase in sales. By expanding beyond its traditional telecom offerings, the company is not only strengthening its market position but also tapping into new revenue streams that are proving to be highly lucrative. In constant currency, data service revenue increased by 21% in the six months to 30 June 2024 and fintech service revenue climbed by 27%. By the end of June 2024, MTN reported a modest 0.8% increase in its subscriber base, reaching 288 million across 18…
RansomHub ransomware operators have introduced a new malware, dubbed EDRKillShifter, to cripple security defenses in Bring Your Own Vulnerable Driver (BYOVD) attacks. Discovered by Sophos in May 2024, the malware exploits a legitimate but vulnerable driver to escalate privileges, disable Endpoint Detection and Response (EDR) tools, and seize control of targeted systems. During the incident in May, the threat actors – we estimate with moderate confidence that this tool is being used by multiple attackers — attempted to use EDRKillShifter to terminate Sophos protection on the targeted computer, but the tool failed,” Andreas Klopsch, a threat researcher at Sophos, wrote…
Hyperscalers AWS, Microsoft, and Google are intensifying their efforts to expand market share by leveraging artificial intelligence (AI), according to a recent report by Canalys. As the competition in the cloud industry heats up, these tech giants are increasingly turning to AI-driven solutions to differentiate their offerings and capture a larger slice of the rapidly growing cloud services market. Enterprise software sales through hyperscaler cloud marketplaces—led by AWS, Microsoft, and Google Cloud—are projected to reach $85 billion by 2028, up from $16 billion in 2023. The availability of cloud credits for third-party purchases and the emergence of new digital-first buyers…
C-CONNECT, South Africa’s newest virtual mobile network operator (MVNO), has launched nationwide, offering mobile subscribers more choice and competition. With a focus on providing affordable mobile services without compromising quality, C-CONNECT is set to become the top choice for savvy prepaid users. This innovative SIM-only prepaid brand operates on C-Cell’s robust network infrastructure, rewarding users for their everyday mobile activities. When subscribers top up their prepaid Airtime or Data, they earn 10% back in the form of Cha-Chings, an in-app currency that can be used to purchase items that enhance their lives. Cha-Chings can be redeemed for a variety of…
The Telkom FutureMakers enterprise and supplier development (ESD) programme has reported impressive successes – creating procurement and innovation impact worth R339 million, far exceeding its goals and impacting thousands of lives. These millions of rands worth of impacts in the 2024 financial year come in the form of procurement opportunities and innovation programmes to support developing enterprises and represent enormous growth from the 2023 level of R191 million. During the 2024 financial year, SMMEs in the Telkom FutureMakers programme increased to 428 from 320. Telkom’s investments in SMMEs and development programmes resulted in positive social and commercial outcomes in the…
Pick n Pay, a retailer with over 1,650 stores across seven African countries, has partnered with OpenText to supercharge its software testing processes. By leveraging generative-AI and private large language models (LLM), Pick n Pay has automated 95% of its software testing, cutting testing times by up to three days and significantly improving its digital services for ecommerce customers. Pick n Pay integrated OpenText’s cloud-based value stream management (VSM) and DevOps platform, OpenText ValueEdge, with the pioneering AI capabilities of OpenText DevOps Aviator, to meet the escalating customer demand for innovative digital shopping tools. By activating OpenText DevOps Aviator within…
Attacq and Hyprop Investments, two major South African shopping mall owners, are divesting their interests in Sub-Saharan mall assets worth R1 billion. The assets in question, located in Ghana and Nigeria, are being sold to Lango Real Estate Limited. The transaction involves a complex ownership structure: Attacq, via AIH International, and Hyprop, through Hyprop Mauritius, hold stakes in Nigeria’s Gruppo Investments and Ghana’s AttAfrica. Specifically, AIH International owns 25% and Hyprop Mauritius 75% of Gruppo’s shares, while both firms have a 50% stake in AttAfrica, with their economic interests being 27% and 73%, respectively. The sale will see these stakes…