Author: Gugu Lourie
Panyaza Lesufi, Premier of Gauteng Province, announced that the seventh administration has no plans to alter any of the policies set by its predecessor led by the African National Congress. Speaking at the Huawei Africa Connect conference in Sandton, Lesufi emphasised that the new government of national unity will not consider any policy changes or shifts. “We will accelerate policy transformation,” Lesufi stated. “We will work with businesses to bring about change and improve service delivery. The new administration, once sworn in, understands its mandate to collaborate effectively.” Lesufi highlighted digital transformation as crucial for enhancing service delivery. “The world…
Standard Bank has significantly enhanced banking convenience and cost savings for its customers through strategic partnerships and customer-focused policies. Over the past three years, ending on June 30, 2024, the bank’s initiatives have led to savings exceeding R670 million for clients using the Saswitch ATM network. In a groundbreaking decision in 2021, Standard Bank eliminated the Saswitch network fee, allowing customers to use ATMs from other banks without incurring penalty fees. This move alone saved customers R245 million in 2023, solidifying Standard Bank’s reputation as one of the leading banks in South Africa to offer such a benefit. With over…
MWC Shanghai 2024 saw Huawei take centre stage with a powerful showcase of its latest technological advancements, setting the tone for the mobile AI era. Huawei’s presence at the event underscored its commitment to pushing the boundaries of 5G-A and AI integration, promising a transformative impact on the global mobile industry. What is 5G-A or 5.5G? 5.5G technology, still evolving, builds on 5G’s foundation to improve network performance. It aims to provide download speeds up to 10 Gbps and upload speeds up to 1 Gbps. It is said that in a 5.5G network and at Gigabit download speeds, the maximum…
Huawei’s commitment to fostering digital talent in Sub-Saharan Africa continues to soar as the company plans to train an additional 150,000 young people through its LEAP digital skills development programme over the next three years, according to Gao Xiang, President of Huawei’s Sub-Saharan Africa division. LEAP, which stands for leadership, employability, advancement, and possibility, was launched in April 2022 to equip students from across the region with essential digital skills aimed at fostering innovation and technological solutions within their communities. “The LEAP Framework targets pivotal areas including digital leadership, employability enhancement, skill advancement, and future opportunities across Sub-Saharan Africa,” noted…
After five years of investing in Metrofibre, the South African Housing and Infrastructure Fund (SAHIF), led by its founder and CEO Rali Mampeule, has announced its decision to exit the business. SAHIF aims to diversify into the emerging market independently, with the expectation of high returns. SAHIF had a busy year in 2024, raising R700 million for expansion in the first half of the year alone. As part of its expansion plans, the fund is acquiring a majority stake in one of South Africa’s emerging fibre network operators specialising in prepaid fibre services. The Fibre to the Home (FTTH) market…
Global technology brand HONOR today revealed two industry-leading on-device AI innovations created to empower individuals and introduce a new level of user safety. During its keynote at MWC Shanghai 2024, titled “The Human-AI Synergy: Intelligent Devices Will Empower People Better,” HONOR showcased its latest advancements in human-centric AI, AI Defocus Eye Protection[1] and AI Deepfake Detection. The brand also reiterated its focus on human-centric on-device AI and its belief in the potential for AI-enabled hardware to empower users by delivering tailored services while protecting user privacy. “AI is revolutionizing our lives and driving the smartphone industry forward, but much of the industry…
Stellenbosch-based Biotech startup Immobazyme has secured R24.5 million for global expansion of its innovative enzyme immobilization and precision fermentation platform. This funding, led by the University Technology Fund (UTF) and University of Stellenbosch Enterprises (USE), will enable Immobazyme to double its facility size and dramatically scale its high-value proteins and enzyme production capabilities. The company plans to double the size of its facility and dramatically scale its production capabilities, positioning itself at the forefront of South Africa’s biotech industry. Dominic Nicholas, CEO of Immobazyme, expressed his gratitude in achieving this milestone. “We’re incredibly grateful to all our investors and partners…
Speaking at a keynote of the MWC Shanghai 2024 for the 5G-A & AI Roundtable, the Vice President and Chief Marketing Officer of Huawei Wireless Solution Eric Zhao unveiled a plan to bring AI to networks. The plan focuses on building an ecosystem of RAN Intelligent Agent in collaboration with operators to increase network productivity. Its first phase looks to cover 1,000 site engineers and 10,000 sites across Hangzhou, Guangzhou, Bangkok, Jinan, and Shenzhen within a half year. After three years of arduous efforts, the telecom sector has seen 5G-A progress from vision to reality, and 2024 has been hailed…
At MWC Shanghai 2024, Huawei hosted the Global Launch of 5G-A Pioneers Programme. The event, themed “driving shared success with 5G-A”, brought together pioneering 5G operators from around the world, including China’s “big three”, as well as HKT, du, and Oman Telecommunications. At the event, they discussed how to drive the high-quality development of 5G-A networks and how to seize opportunities from the upcoming intelligent world to create new market space for growth. 5G has become the fastest developing generation of mobile communications technology that we have ever seen. The pioneering operators who first adopted 5G have all achieved phased…
BMW has unveiled the fourth generation of its popular X3 midsize Sports Activity Vehicle (SAV), boasting a comprehensive update that includes a sleek new exterior design, a modernised interior with the latest technology, and upgraded powertrain options. These enhancements reinforce its position in the premium SAV market. The BMW X3 is set to launch in South Africa in the fourth quarter of 2024. The new BMW X3 will be built at BMW Group Plant Spartanburg (USA) and Plant Rosslyn (South Africa) using a production process focussed on conserving resources and circularity. The new BMW X3 introduces significant advancements in efficiency…
Sanlam Life, a wholly-owned subsidiary of Sanlam, will acquire a 60% shareholding in MultiChoice’s insurance business, NMS Insurance Services (SA) from MultiChoice. Sanlam Life is buying NMSIS for an upfront cash consideration of R1.2 billion and a potential performance based cash earn-out, measured at 31 December 2026, of up to a maximum consideration of R1.5 billion. MultiChoice to retain a substantial 40% interest in NMSIS and 40% in the broader commercial venture with Sanlam, allowing MultiChoice to continue benefiting from the high-growth potential of this segment while maximising value for its shareholders. A pre-acquisition dividend of R59.0 million will be…
It’s easy to take things for granted, like strolling into the market and grabbing a basket of fresh, ripe strawberries. But getting fresh produce into the hands of consumers has become increasingly challenging due to climate change, intricate supply chains, and rising costs, among other factors. Over $1 trillion worth of perishable food goes directly from farms to landfills every year – equal to 130 billion meals. And that number is only going up. From seedling to store display, a lot needs to go right to get delicious berries to you – the ultimate consumer. One company considering every step…
Africa Data Centres, part of the Cassava Technologies group, has secured funding to expand its data centre capacity in response to the growing demand for cloud computing services in South Africa. This funding was arranged by RMB, highlighting Africa Data Centres’ strong financial standing and dedication to South Africa’s digital transformation. “This funding is a significant milestone in the growth of Africa Data Centres,” said Hardy Pemhiwa, President & Group CEO of Cassava Technologies. “It underscores our commitment to growth and our confidence in the future of the South African data centre market. The additional funding will allow us to…
In 2024, Vodacom CEO Shameel Joosub’s salary skyrocketed to an astonishing R73.5 million, a jaw-dropping increase of R10 million from his previous earnings. Joosub’s total package included a guaranteed salary of R16 million, R1.2 million in retirement contributions, R20.6 million in short-term incentives, and a remarkable R35 million in long-term incentives, according to the operator’s integrated annual report. “I am filled with gratitude to have been part of Vodacom’s growth journey over the past 30 years. While I reflect proudly on our milestones, it is our ongoing purpose to connect for a better future and drive inclusion that fuels my…
Entersekt, the financial authentication company, has announced that PAPE Fund 3 has expanded its investment in the company. Initially investing in July 2022, PAPE Fund 3 recently acquired Nedbank Private Equity’s stake in Entersekt, thereby increasing its total investment and ownership. Nedbank Private Equity operates under Nedbank Corporate and Investment Banking. PAPE Fund 3, a R1.06 billion private equity fund fully dedicated to South African mid-cap unlisted businesses with international growth, originally invested in Entersekt International in July 2022. Managed by PAPE Fund Managers, a Level-1 rated Black Empowered fund manager, PAPE Fund 3’s investment has bolstered Entersekt’s BEE credentials.…
JSE-listed retailer Mr Price has reported remarkable performance for its cellular standalone stores, contributing to the group’s impressive R37.9 billion in revenues for the 52 weeks ending March 30, 2024, an increase of 15.5%. Today, Mr Price said the Telecoms segment saw a 10.2% increase in retail sales, reaching R1.2 billion, with comparable sales growing by 1.5%. The Telecoms segment sells cellular products and services. Mr Price Cellular standalone stores continued to perform strongly, leading to the opening of 30 new standalone stores during the period. The expansion brought the total footprint, including combo stores, to 804 locations. According to…
JSE-listed retailer Mr Price is on the brink of a significant financial milestone as its Financial Services Division approaches R1 billion in revenue. The achievement emphasises the division’s rapid growth and key role within the company, highlighting Mr Price’s expanding footprint in the financial sector. Mr Price announced today that its Financial Services segment revenue had risen by 4.8%, reaching R869 million. This growth is driven by a 12.1% increase in debtors’ interest and fees, attributed to a higher average debtors’ book and a 50 basis point increase in the repo rate over the period. Despite challenging economic conditions, the…
A year after Pick n Pay pioneered Bitcoin payments at tills across South Africa, the retail giant is now generating R1 million in monthly sales from shoppers using cryptocurrency. Customers are purchasing groceries, data, airtime, and even paying their municipal bills using Bitcoin. This marks a significant milestone in the integration of cryptocurrency into mainstream retail in South Africa. The adoption of cryptocurrency payments has seen substantial growth, with four times more customers utilising Crypto QR codes each month at nearly 700 Pick n Pay stores. This adoption is particularly notable in the Western Cape, followed by Gauteng and KwaZulu-Natal.…
South Africa’s banking giant, Standard Bank, has announced a significant move in its mobile network operations. The bank is transitioning its Mobile Virtual Network Operator (MVNO) services to MTN, one of the leading telecommunications providers in the country. In conjunction with this shift, Standard Bank is rebranding its MVNO to “Standard Bank Connect,” aiming to enhance its mobile service offerings and provide customers with improved connectivity and benefits. Previously, Standard Bank had partnered with Cell C for its MVNO services. “We are excited to collaborate with MTN and the opportunity to provide our customers with a range of newly differentiated…
Investment manager Alexforbes is set to leverage OUTvest’s technology to position itself as a digital disruptor in the market. On February 1, 2024, the group acquired 100% of the issued share capital in OUTvest, a private South African company, for R38 million. This acquisition was financed through a term loan facility. Outsurance, one of the JSE’s standout success stories over the past decade, launched OUTvest six years ago with the promise of replicating its insurance business success. OUTvest provides goal-based advice and passive investment solutions through a website and an app, integrating technology with financial advisers based in a call…
Gumtree’s recent independence and increased agility have enabled the company to introduce exciting innovations and new features. One upcoming development is the launch of “Pay & Ship” on Gumtree SA, which will enhance the platform with an e-commerce experience, ensuring secure purchasing and reliable delivery. “We are constantly looking at how we can make the website and app better, with major updates and changes planned for 2024,” says Marcus Badach, Chief of Staff at Gumtree South Africa. “Gumtree’s User Verification, powered by mobile payments app Spot, is able to verify the identity of buyers and sellers and their contact information,…
The Paardevlei Centre, brought to life by the Shoprite Group, represents more than just a commercial hub. It tells a compelling story of transformation, honouring its storied past while embracing a vibrant future. This centre stands as a testament to how an industrial landscape can evolve into a bustling community space, where history and modernity coexist, creating a place where the echoes of history blend with the everyday rhythms of life. A Historical Legacy Located in Somerset West, the Paardevlei Centre is nestled within the Paardevlei Lifestyle Estate, an area with a rich historical legacy. Once the site of crucial…
South African retail giant TFG is making waves with its e-commerce platform, Bash, which is currently firing on all cylinders. As the digital marketplace continues to evolve, TFG’s robust online presence through Bash is setting new standards in the retail industry for the the retailer. With seamless user experience, a wide range of products, and innovative features, Bash is driving significant growth and customer satisfaction for TFG, positioning the company at the forefront of the e-commerce sector in South Africa. Bash was launched in February 2023 by TFG. For more read: TFG’s New Bash App Tops Download Charts After Official…
The Tyme Group boasts a combined customer base of 12.4 million in South Africa and the Philippines, comprising 9.2 million TymeBank customers and 3.2 million GoTymeBank customers. The group consistently onboards around 450,000 new customers monthly, with 250,000 joining GoTymeBank in the Philippines,and 200,000 opting for TymeBank in South Africa. Tyme’s annualised gross revenue run rate stands at $175 million, with an annualised net operating income tracking at $110 million. The combined deposit base amounts to $600 million, complemented by a $165 million lending portfolio. TymeBank anticipates achieving sustained profitability by June 2024, having broken even in December 2023, which…
MultiChoice Group on Thursday issued a warning about escalating full-year losses, citing an increasingly challenging trading environment. The company in a trading statement highlighted the intensifying difficulties it faces as it navigates these tough economic conditions. Although the group’s full year 2024 financial performance has been negatively impacted by an adverse and volatile economic environment, management has responded with tactical interventions by focusing on cost optimisation and cash management, including reduced decoder subsidies, which continued to yield positive economic outcomes, the company said. MultiChoice announced that trading profit is expected to decline by 19% to 23% compared to the 2023…