Author: Gugu Lourie

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. …

The Shoprite Group has successfully completed its largest-ever point-of-sale (POS) system implementation in record time, enhancing transaction efficiency and speed at its 29,191 till points across South Africa. As part of its mission to become Africa’s most profitable omnichannel retailer, the Group introduced a new POS system designed to enable seamless integration between digital and in-store shopping channels. Powered by GK Software, the system allows faster adoption of new technologies, underscoring the retailer’s commitment to a customer-first experience. By unifying store processes into a single, efficient platform, the new system elevates customer service and improves the overall in-store experience. The…

In a significant move to promote financial inclusion and simplify banking for foreign nationals, Nedbank has launched a dedicated web page tailored for VISA holders, work or study permit holders, asylum seekers, and refugees in South Africa. The digital platform offers a one-stop solution, equipping foreign nationals with the information and tools they need to open a bank account and take control of their financial futures. “Foreign nationals in South Africa often face significant barriers when trying to open a bank account, including confusion around required documentation, a lack of clear guidance on which accounts they qualify for, and the…

Symrise South Africa announces 60th anniversary of operations in South Africa, marked by the grand opening of a new emulsions plant. This significant milestone underscores Symrise’s commitment to growth, innovation, and excellence in the region. “Today, we proudly celebrate 60 years of excellence at Symrise South Africa. This remarkable milestone is not just a reflection of our history, but a testament to our unwavering commitment to delivering solid performance and building credibility within our industry. Over the past six decades, we have established ourselves as a trusted leader in our market, and this longevity speaks volumes about the quality of…

The University of Pretoria’s Gordon Institute of Business Science (GIBS), non-profit Empire Partner Foundation (EPF), and Sandton-based radio station 919FM have launched an initiative to encourage innovative, technology-driven solutions to South Africa’s challenges by bringing together industry, academia, and the government. The trio describes the “Unity in Action: Crafting Solutions for a Stronger South Africa” initiative as a collaborative approach to developing a problem-solving process in order to improve and strengthen the country. This comes as South Africa faces major challenges in water, electricity, healthcare, education, agriculture, housing, unemployment, safety and security, transportation, and rural development. This event series, launched…