Author: Gugu Lourie

Cassava Technologies (Cassava), backed by billionaire Strive Masiyiwa, has achieved three major milestones that position it for robust growth and further solidify its status as a global technology leader of African heritage. These milestones include a substantial equity injection, the successful refinancing of its South African Rand (ZAR) debt, and the completion of a comprehensive legal reorganization. Cassava successfully closed an equity investment round of $90 million, with participation from U.S. International Development Finance Corporation (DFC), Finnish Fund for Industrial Cooperation (Finnfund), and Google. This funding forms a crucial part of Cassava’s strategy to bolster its balance sheet, ensure sustainable…

Tyme, the company behind TymeBank in South Africa and GoTyme in the Philippines, has secured a significant R4.5 billion investment from Nubank, the world’s largest standalone digital bank. This strategic partnership marks a major milestone for Tyme as it continues to expand its footprint in the global digital banking space. The funding emphasises Nubank’s confidence in Tyme’s innovative banking model and its potential to transform financial services in emerging markets. Nubank’s market cap of $68 billion is just shy of South Africa’s total banking sector of $85 billion, including Capitec. Both Nubank and Capitec’s market caps have risen by over…

JSE-listed Bidvest announced on Thursday its plans to sell Bidvest Bank Holdings to Access Bank Plc for approximately R2.8 billion. The proceeds from the sale will be allocated to settling existing debt. Bidvest will continue to support Bidvest Bank to ensure that it remains financially sound an operationally stable throughout the disposal process,” the company informed investors. Access Bank, a full-service commercial bank with over 60 million customers worldwide, has been operating in South Africa since 2021 following its acquisition of Grobank. The bank serves its customers through a network of more than 700 branches across 23 countries on three…

Growthpoint, a JSE-listed real estate investment trust, has announced the commencement of a landmark residential and retail development, Olympus Sandton, in collaboration with luxury residential developer Tricolt. “We believe that commencing the Olympus Sandton development is well-timed for the reawakening of the powerhouse that is Sandton Central and aligned with its accelerated transformation into a vibrant neighbourhood. It evolves with the trend of people wanting to live closer to workplaces and amenities, offering an exceptional mix of residential, office, retail, and other types of properties,” said Neil Schloss, Head of Asset Management South Africa at Growthpoint Properties. Olympus Sandton will…

African Bank has taken a significant step toward expanding its footprint in the secured lending market by entering into a binding offer to acquire Eskom’s staff home loan book. The acquisition involves assets from Eskom Finance Company SOC Limited (EFC) and Nqaba Finance 1 (RF) Limited (Nqaba). Selected as the preferred bidder, African Bank is in the process of finalizing sale and purchase agreements for the acquisition, estimated to be worth R5.7 billion. The deal, aligned with African Bank’s Excelerate25 strategy, is set to diversify the bank’s product portfolio while leveraging Eskom’s established infrastructure and strong market relationships. The acquisition…

Germany-based Pyramid GmbH has taken a bold step towards global expansion by launching Pyramid Africa, a subsidiary aimed at tapping into Africa’s dynamic and growing market. Andre Van Der Merwe, appointed as General Manager, will lead this new venture. This strategic move emphasises Pyramid GmbH’s commitment to diversification and its recognition of Africa’s vast economic potential. With its abundant resources and rapidly developing economies, the continent offers fertile ground for businesses seeking growth and meaningful impact. Van Der Merwe, a seasoned leader with deep expertise in African market dynamics, is tasked with steering Pyramid Africa toward innovation and long-term success.…

JSE-listed retailer Pepkor launched its +more loyalty programme in March 2024, aimed at enhancing customer value by offering instant savings, exclusive discounts, and rewards on everyday purchases. The initiative seeks to cater to millions of value-conscious consumers, covering key categories such as clothing, footwear, homeware, furniture, appliances, electronics, cellular products, and selected FMCG items. Features and Benefits The +more loyalty programme stands out for its simplicity and versatility. Key benefits include: Exclusive members-only deals available at over 5,000 stores across 15 Pepkor retail brands. Personalised airtime and data offers for customers who purchase SIM cards at Pepkor stores. A fully…

Pepkor’s in-house insurance offering, Abacus, has shown impressive growth by extending its products across various group brands, including Capfin, PEP, Ackermans, Dunns, PAXI, and recently, FoneYam. The group announced that over one million new customers were added through policies sold during the financial year ending September 2024. Abacus provides simple and affordable insurance solutions through selected Pepkor group companies such as Incredible Connection and HiFi Corp, offering products like funeral cover, credit insurance, and single-asset insurance. FinTech and insurance growth Pepkor’s FinTech segment, which includes Abacus, reported significant growth: Revenue increased by 26.8% to R12.7 billion. Gross profit margin expanded…

JSE-listed retailer Pepkor’s cellular handset rental option, FoneYam, has achieved remarkable success in the year ending September 2024. Leveraging its extensive customer acquisition capabilities, Pepkor rapidly expanded its footprint in fintech. Strategic initiatives in financial services and cellular connectivity added three million customers to the group’s A+ retail credit base, including FoneYam and Abacus. The group reported the sale of 11.5 million cellular handsets during the year, cementing its leadership in the prepaid smartphone market. According to GfK data, Pepkor now sells 7.5 out of every 10 prepaid smartphones in South Africa, up from seven in the prior year. Smartphones…

MTN South Africa has entered a groundbreaking partnership with China Telecom and Huawei, marking a significant step forward in the evolution of 5G technology, cloud services, IoT, and AI. This strategic alliance is set to drive innovation and unlock new business opportunities, positioning MTN SA at the forefront of the digital transformation sweeping across industries. “This MOU will open opportunities for strategic collaboration that could advance MTN offerings in ICT, 5G Business-to-Business solutions, the Cloud, IoT (the Internet of Things), and AI (Artificial Intelligence) technology solutions amongst other services,” Tumi Sekhukhune-Chamayou, Chief Enterprise Business Officer at MTN South Africa explains. …