Author: Gugu Lourie
The European Commission has unconditionally cleared the acquisition by Farfetch of a 47.5% stake in Yoox Net-A-Porter (YNAP) in exchange for the issuance of Farfetch Class A ordinary shares to Richemont. The European Commission was the last regulatory authority required to provide clearance. The partnership between Farfetch and Richemont also involves: the acquisition by Symphony Global, one of the investment vehicles of Mohamed Alabbar, of a 3.2% stake in YNAP, making YNAP a neutral online platform for the luxury industry; the adoption by YNAP and the Richemont Maisons of FarfetchPlatform Solutions and; the launch of e-concessions on the Farfetch marketplace…
South African insurance giant Hollard Group has invested significantly in insurtech firm Simply Financial Services, aiming to revolutionize the country’s mass-market life insurance sector. Simply Financial, founded by entrepreneurs Anthony Miller and actuary Simon Nicholson, offers innovative life, disability, and funeral cover solutions for individuals and businesses. Starting with direct life, disability and funeral cover for individuals and domestic workers, the Simply team made a significant move into the SME and broker spaces in 2020. Their model redefines the traditional approach to life insurance for lower- and middle-income earners, using proprietary technology and intuitive design to deliver flexible, affordably-priced retail…
Discovery is a global, integrated financial services organisation that uses a pioneering Shared-value model across businesses with operations in 39 markets globally. Discovery has leveraged fintech, actuarial and behavioural science for more than two decades to deliver on its core purpose – To make people healthier and enhance and protect their lives. The JSE-listed company has more than 13 700 people employed across the group. The company has over 40.5 million lives impacted globally. The company founded and led by Adrian Gore is valued at R98 billion on the JSE. Discovery builds market-leading businesses from the ground up through its disruptive Shared-value model.…
inq. Nigeria today announced the appointment of Ifeanyi Akosionu as its Managing Director, effective from October 3rd, 2023. With an extensive background spanning over two decades in transformative leadership within the African technology and telecommunications sectors, Ifeanyi brings a wealth of expertise and experience to his new role. Prior to joining inq. Nigeria, Ifeanyi served as the driving force behind product and commercial development in West Africa at Atlas AI. He also held the esteemed position of Telecommunications and Fintech Commercial Director for Sub-Saharan Africa at Verraki Africa. His impressive career includes leadership roles at prominent companies such as Commscope,…
MTN South Africa has introduced a new fibre service, MTN Fibre, as part of its Ambition 2025 initiative to provide cutting-edge connectivity solutions to customers. This offering combines high-speed internet with unparalleled reliability, starting at just R349 per month, which covers both the router and installation costs. “MTN Fibre is redefining the way our customers connect and communicate in an increasingly digitised world”, says Bertus Van Der Vyver, MTN SA GM: Residential. “Whether for remote work, gaming, entertainment, content creation, or just to simply stay in touch with friends and family, MTN Fibre offers South Africans the best in broadband…
African Bank announced that it has entered into a binding heads of agreement with Sasfin Bank and Sasfin Private Equity Investment Holdings, a subsidiaries of the listed entity Sasfin), to acquire its Capital Equipment Finance (‘CEF’) and its Commercial Property Finance (‘CPF’) businesses, as going concerns in one indivisible transaction. The value of the transaction is approximately R3.2 billion, using the 28 February 2023 net asset values for the CEF and CPF advances books, which will be adjusted at the closing date of the transaction. The CEF business is valued at R2.4 billion, consisting of the advances book and a…
The Empire Partner Foundation (EPF) is excited to announce the final call for nominations for the prestigious EPF Tech Awards. This annual event celebrates exceptional achievements and innovations in the technology industry across various categories. The EPF Tech Awards recognize outstanding individuals, organizations, and companies that have made significant contributions to social development and the technology sector. With a wide range of award categories, the awards aim to acknowledge excellence and innovation in the tech industry. The Award Categories Include: Lifetime Achievement Award Tech Industry Leaders NPO/NGO Impact in Social, Youth & Innovation Global Impact – Foreign Companies Making an…
Xsolla, a global video game commerce company, today announced its strategic acquisition of Lightstream, Rainmaker, and API.stream from Videndum, the parent company. These innovative sets of tools are designed to revolutionise the landscape of content creation and distribution. This acquisition underscores Xsolla’s recognition of the tremendous value creators bring to the gaming ecosystem and is dedicated to building and strengthening relationships with talent agencies, creators, and their audiences. Xsolla Partner Network already serves as a one-stop solution for engaging developers and publishers and exploring new revenue and rewards opportunities. With the acquisition of Lightstream, Rainmaker, and API.stream, Xsolla will allow…
TymeBank, a rapidly expanding digital bank, revealed today that it has reached a milestone of eight million customers as of October 6, 2023. This achievement signifies that one out of every five eligible South Africans now holds an account with TymeBank, solidifying its position as one of the world’s fastest-growing digital banks. “We are immensely proud of the fact that we have acquired eight million customers since launching in February 2019,” says TymeBank CEO Coen Jonker says. “Our performance reinforces our position as one of the world’s fastest growing digital banks and a credible alternative to the legacy banks for…
To combat the energy crisis, MTN South Africa has committed significant funds to enhance its tower infrastructure. This effort includes integrating backup batteries and generators to ensure a continuous power supply. Charles Molapisi, the CEO of MTN South Africa, has announced an additional investment of R1.5 billion for the fiscal year 2023 to bolster these initiatives. Highlighting the severity of the energy crisis in South Africa, Molapisi revealed, “In 2022 alone, we had to deploy over 2,000 backup generators, consuming more than 400,000 liters of fuel monthly.” This new investment aims to address this challenge and strengthen MTN’s infrastructure for…
Discover the latest episode of TFS Bag of Words, where MTN South Africa’s Bertus Van Der Vyver delves into the groundbreaking MTN SuperFlex mobile plan. In a world where the cost of living can cause frustration, the burden of expensive mobile plans should not add to your worries. MTN addresses this concern with its innovative solution, MTN SuperFlex, a month-to-month SIM-only plan that prioritises your convenience. In this engaging podcast, Van Der Vyver, General Manager for MTN Residential, sheds light on how MTN SuperFlex aims to transform the way customers perceive mobile plans. He discusses the challenge of providing both…
Banking group Nedbank announced Friday that Mteto Nyati is stepping down from its board of directors. His resignation is with effect from 9 October 2023 because of increased capacity constraints, said Nedbank. “Mteto accordingly also steps down as a member and chair of the Group IT Committee, and member of the Group Directors’ Affairs Committee and Group Risk and Capital Management Committee,” the banking group informed investors. Nedbank Group Chairperson, Daniel Mminele, thanked Nyati for his contribution to the deliberations of the boards since his appointment. The group wishes him well in his future endeavours. The bank added that all…
Natasha Mazzone – the Democratic Alliance (DA) shadow minister of communications and digital technologies, Natasha Mazzone – somehow finds time to engage in cheap politicking. Soon after Nonkululeko Dlamini was named the new Telkom CFO on Sunday, (1 October 2023), Mazzone was on her laptop. In a rush, Mazzone arrogantly declared the DA believed Dlamini would not add any value to the financial management of Telkom, which she described as a state-owned enterprise (SOE). Dlamini, who recently resigned as Transnet CFO, takes up her new role at Telkom on 1 December 2023. Unimpressed, Mazzone demanded in her statement that: “The…
Frogfoot Networks, a licensed open-access fibre network provider, is launching Frogfoot RISE, a prepaid, uncapped internet service aimed at expanding fibre connectivity across South Africa’s townships. The pilot programme will connect 40,000 to 45,000 homes within the next 3 to 6 months, starting with Vrygrond and Phillipi in the Western Cape. These areas, situated beyond Frogfoot’s existing network, are densely populated and currently underserved. “Frogfoot Networks’ ambition is to bring access to uncapped connectivity to as many South Africans as possible. Of course, this will have to be accomplished through a mix of technologies, but it makes more sense to…
FirstRand has appointed COO Mary Vilakazi as its new CEO, marking a historic milestone as she becomes the first woman to lead the financial services group in its 185-year history. Vilakazi will succeed Alan Pullinger, who is set to step down from the role in April next year. Having joined the JSE-listed financial services group in 2018, Vilakazi brings a wealth of experience, previously serving in various capacities at Momentum Metropolitan Holdings, including CFO and deputy CEO. The appointment signifies a significant step towards gender diversity in the leadership of major financial institutions. As one of three FirstRand executive directors,…
Three Information Communication Technology (ICT) companies pledged a total of R809 million towards the Eastern Cape economy, part of the R127 billion in new investment commitments announced on Friday during the third Eastern Cape Investment Conference held at the East London International Convention Centre. Among these commitments is a significant R500 million investment by Vodacom, South Africa’s largest mobile communications company. This substantial funding is allocated for expanding connectivity in rural areas and townships within the province. Additionally, global technology firm JendaMark Automation is injecting R150 million into digital Fourth Industrial Revolution technologies in Nelson Mandela Bay. Furthermore, the Universal…
Pick n Pay CEO Pieter Boone has resigned from the top role, effective 30 September, the retail giant announced on Monday. Sean Summers, a Pick n Pay veteran who ran the group as MD and CEO for 11 years, will replace Pieter with immediate effect. “I want to thank Pieter for his dedication to Pick n Pay over the past two-and-a-half years. He became our CEO while the Covid pandemic was still raging, and has led the business through some extraordinary challenges, including the transition out of the Covid lockdown, the unprecedented civil unrest in 2021, and the current loadshedding…
Capitec Bank announced today that Capitec its revenue from send cash payments and voucher sales surged 56% to reach R1.1 billion in the six months to end-August 2023. “The leading digital bank’s latest results reveal that the number of clients embracing digital transactions has grown 8% to 11.7 million, while the number of app users climbed to 10.2 million, making Capitec the biggest digital bank in South Africa,” , says Gerrie Fourie, Chief Executive Officer at Capitec. “This surge has propelled digital transaction volumes by 21% to 957 million, with the banking app claiming 83% of these transactions. Income from…
Capitec today announced that its prepaid mobile service Capitec Connect has issued 1.3 million SIM cards to subscribers by the end of August 2023. The banking group launched its mobile virtual network operator (MVNO) in September 2022. Capitec Connect piggybacks on Cell C’s mobile network infrastructure. Capitec GlobalOne transaction accounts can become Capitec Connect subscribers by connecting to the mobile virtual network by purchasing a SIM card from Capitec, which has been provisioned and activated on the mobile network. Meanwhile, Capitec also recorded headline earnings growth of 9% to R4.7 billion in its August 2023 Interim financial results. The bank’s…
Scan to Pay, Powered by Ukheshe, has partnered with Xion Global to offer crypto payments on the Scan to Pay app. Scan to Pay, powered by Ukheshe, is the largest QR ecosystem in South Africa and is used by more than 600,000 vendors, 14 banks and fintech companies and 94 payment service providers. Now, this new partnership will seamlessly introduce more crypto payment options to mainstream South Africa through the Scan to Pay app. Tracy-Lee Schoeman, Vice President of Loyalty and Rewards at Ukheshe, says the rise of cryptocurrencies has created a new wave of opportunities for performing financial transactions.…
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Root Platform (Root), the provider of a low-code, API-first, end-to-end insurance technology platform, has announced a new investment today. Invenfin, the venture and growth capital arm of Remgro Limited based in South Africa, has increased its investment in the company by $1.5 million. “We’ve built a trusted partnership with Invenfin since they invested in our business two years ago, and I’m delighted that they see further potential in our growth strategy and want to continue to invest in our future as we scale up internationally,” Louw Hopley, Co-Founder at Root, said. “We want to continue to expand in the UK…
The Huawei Watch GT 4 is more than just a smartwatch; it’s a compact computer that effortlessly combines style and functionality. Whether you’re dressing up for a formal event or hitting the gym, this innovative timepiece has you covered. At the launch event in Fourways, Johannesburg, Akhram Mohamed, the VP of Operations for Huawei South Africa’s Consumer Business Group, emphasiSed that the Huawei Watch GT 4 isn’t your typical smartwatch. It seamlessly blends classic elegance with modern technology, offering a unique blend of design and health features. The Huawei Watch GT 4 takes a bold step forward in terms of…
OpenAI is reportedly exploring the option of offering shares for sale, a move that could elevate the company’s worth from $29 billion to a range between $80 billion and $90 billion, as per sources cited by The Wall Street Journal. Notably, this initiative would permit employees to sell their existing shares, rather than the company issuing new ones. Potential sale would value startup at roughly triple where it was set earlier this year. OpenAI is an AI research and deployment company. OpenA is the artificial intelligence company that created ChatGPT, a popular AI generative assistant. The 80 billion and $90…
On Sunday, Hong Kong’s cryptocurrency firm Mixin revealed a security breach resulting in the theft of approximately $200 million by hackers. “In the early morning of September 23, 2023 Hong Kong time, the database of Mixin Network’s cloud service provider was attacked by hackers, resulting in the loss of some assets,” the company wrote on X, formerly Twitter. “Deposit and withdrawal services on Mixin Network have been temporarily suspended. After discussion and consensus among all nodes, these services will be reopened once the vulnerabilities are confirmed and fixed.”’ The company said it had have contacted Google and blockchain security company @SlowMist_Team…