Author: Gugu Lourie

Momint, the Cape Town-headquartered blockchain firm specialising in real assets and legal contracts, achieved the prestigious title of Entrepreneur of the Year at the inaugural EPF Tech Awards. The awards ceremony, often likened to the Oscars for innovators, unfolded at the glamorous The Ballroom, Monte Casino in Johannesburg. Distinguished for its groundbreaking contributions, Momint showcased its innovative solutions at the EPF Tech Awards, where exceptional minds were recognized across diverse categories. The Momint platform stands out for streamlining transactions through its integrated digital wallet and leveraging decentralized finance to transform the landscape of solar investments. After hosting Africa’s largest Digital…

While October was the third consecutive month of decline in new vehicle sales in South Africa, used car sales remain resistant to economic pressures. According to the used car sales data supplied by AutoTrader, a total of 32,839 used cars moved through AutoTrader’s platform in October 2023, 14% more than the 28,902 cars for October 2022¹. In a stark contrast, according to naamsa | The Automotive Business Council, 29,912 new passenger cars were sold in South Africa during October 2023 – a decline of 1,068 cars, or a reduction of 3.5% versus the 30,980 new cars sold in October 2022. A…

Mineworkers Investment Company (MIC) pours R68.5 Million into Pineapple, South Africa’s prominent Insurtech firm. The infusion of funds reflects MIC’s dedication to fortifying its primary portfolio with cutting-edge direct investments, focusing on enterprises exhibiting robust growth potential, scalability, and effective management, affirms Nchaupe Khaole, MIC’s Chief Investment Officer. This strategic move aligns with Pineapple’s larger R400 million series B funding round. “We have had a long-standing interest in the insurance industry, driven by the global trend integrating technology into financial services. Pineapple’s unique value proposition lies in its robust technology infrastructure, enabling seamless and rapid onboarding of new policyholders. MIC…

Today, rumours emerged that MTN Nigeria is in discussions with the owners of 9Mobile, signaling the potential acquisition of a significant stake in the country’s fourth-largest mobile operator, according to a report in Technology Times. The newspaper said according to reliable sources in the telecoms industry, MTN Nigeria, a subsidiary of South Africa’s MTN Group, and Emerging Markets Telecommunications Services Limited (EMTS), the owners of 9mobile (formerly known as Etisalat Nigeria), are in advanced stages of negotiations concerning a frequency trade arrangement. This spectrum-focused strategy is being explored as a means to revitalise struggling 9mobile, which has faced challenges following…

MTN Nigeria is reportedly in discussions with the owners of 9mobile, signaling the potential acquisition of a significant stake in the country’s fourth-largest mobile operator, according to a report in Technology Times. The newspaper said according to reliable sources in the telecoms industry, MTN Nigeria, a subsidiary of South Africa’s MTN Group, and Emerging Markets Telecommunications Services Limited (EMTS), the owners of 9mobile (formerly known as Etisalat Nigeria), are in advanced stages of negotiations concerning a frequency trade arrangement. This spectrum-focused strategy is being explored as a means to revitalise struggling 9mobile, which has faced challenges following the departure of…

Santam, South Africa’s short-term insurer, announced today that the momentum in new business generated through the MTN partnership in Santam Partner Solutions remains robust. Seven months ago, Santam forged an alliance with MTN South Africa, acquiring the mobile telecommunication company’s device insurance portfolio. The latest market update from Santam reveals that the partnership has successfully sold nearly 100,000 new policies to date. “The transfer of the in-force book of MTN device insurance is still subject to regulatory approval, which is expected towards the end of the year,” said Santam. MTN South Africa’s device insurance book currently has just over 400…

Pineapple, South Africa’s InsurTech, has revealed the successful completion of a funding round amounting to R400 million. This milestone establishes a new record as the continent’s largest Insurtech fundraising effort, underscoring investor faith in Pineapple’s innovative approach to insurance. New investors, namely Futuregrowth, Talent10, and MIC, spearheaded the investment round, with additional support from existing investors such as Old Mutual ESD, Lireas Holdings, ASISA ESD Fund, and E4E Africa. The successful funding round was driven by Pineapple’s impressive growth and sustainable claims ratios, surpassing industry standards for a relatively new insurance portfolio.  “This funding round stands as a testament to…

CSquared is propelling the growth of its carrier-neutral, open-access broadband infrastructure through a recent infusion of equity investment from both new and existing shareholders. This funding, totaling $25 million or R467 million, includes contributions from Convergence Partners Digital Infrastructure Fund, IFC – International Finance Corporation, and the International Development Association’s (IDA) Private Sector Window Blended Finance Facility. This initial tranche marks the beginning of a comprehensive $65 million or R1.2 billion investment program designed to fuel CSquared’s ambitious expansion and development goals. Concurrently, CPDIF has acquired the stake in CSquared previously held by Google LLC. “The opportunity to increase our…

The Vodacom Super App, VodaPay, continues to attract an increasing number of users, with 7.6 million downloads reported in the quarter ending September 2023, compared to 6.7 million in the previous quarter. During this timeframe, the super app garnered 4.1 million registered users. Serving as a comprehensive digital platform for shopping, lifestyle, and financial services, VodaPay caters to both consumers and businesses. In parallel, Vodacom Financial Services experienced significant growth, with revenue reaching R6.2 billion, marking a 39.9% increase in the quarter ending September 2023. Notably, the normalized M-Pesa revenue exhibited a growth of 13.2% over the period and 12.9%…

In anticipation of World Diabetes Day 2023, P&G Health, the creator of Neurobion, has initiated a groundbreaking #KnowTheSigns campaign. The objective is to enlighten both consumers and healthcare professionals about the correlation between the indicators and manifestations associated with diabetes and pre-diabetes. This innovative campaign vividly illustrates the experience of Vitamin B deficiency. The primary goal of the campaign is to empower healthcare professionals and individuals grappling with Vitamin B deficiency to recognise early symptoms. Early identification aims to facilitate prompt treatment, thereby enhancing overall quality of life. Vitamin B deficiency assumes a crucial role in nerve health, and it…

Mercedes-Benz SA is reinforcing its commitment to transforming the automotive industry and embracing electric mobility with a substantial investment in the local Electric Vehicle (EV) charging network. As the demand for EVs continues to surge, a robust infrastructure is imperative. Mercedes-Benz South Africa proudly offers the country’s most extensive range of electric vehicles, including the EQ and EQ AMG models, with a focus on the SUV category. In a proactive move to meet the growing demand, Mercedes-Benz South Africa is investing in the expansion of the local charging network, aiming to establish over 120 charging stations across South Africa. Collaborating…

In a thrilling initiative to encourage the adoption of MyMTN Prepaid Khava, MTN South Africa, in partnership with aYo Intermediaries and underwritten by Sanlam, is launching the MTN Free4U Funeral Khava during its Summer campaign, providing prepaid customers with complimentary R5000 coverage. Effective from October 27, 2023, to January 31, 2024, this promotion aims to empower customers with financial security. MyMTN Prepaid Funeral Khava stands out as a groundbreaking funeral cover, redefining affordability and convenience since its launch on August 24, 2023. Offering flexible 6 or 12-month terms starting at just R75 for a single premium, it eliminates waiting periods,…

Vodacom South Africa has reported commendable half-year results, revealing a 4% increase in service revenue to R30.7 billion for the six months ending on September 30. Despite persistent macroeconomic challenges, the company, a subsidiary of Vodafone, considers this growth a credible achievement. This positive outcome is attributed to the introduction of new services and the surge in mobile data usage. Financial and digital services, fixed solutions, and IoT experienced an impressive 18.1% rise, contributing R5.1 billion, equivalent to 16.6% of South Africa’s service revenue. Within its core connectivity business, Vodacom emphasized that the expansion of mobile data was supported by…

Vodacom, South Africa’s largest telecommunications operator, faced a 4.2% decline in half-year earnings for the period ending on September 30. This downturn was attributed to start-up losses in Ethiopia, increased interest rates, and the recognition of a deferred tax asset in Tanzania from the previous year. The company disclosed that headline earnings per share (HEPS), considered South Africa’s true profit indicator, fell to 438 cents during the six months compared to 457 cents in the same quarter a year earlier. Vodafone Egypt contributed 16 cents to HEPS. Despite the challenges, Vodacom reported a substantial increase in revenue for the quarter,…

Clickatell, a trailblazer in “chat commerce” based in South Africa, has introduced artificial intelligence tools designed for crafting tailored conversations. Leveraging natural-language processing, Clickatell AI adeptly understands the intent behind customer inquiries. The incorporation of generative AI enables the provision of substantial and valuable interactions. By employing artificial intelligence and messaging, this conversational AI solution enhances customer engagement and fosters robust relationships through the facilitation of personalized conversations. Clickatell AI employs natural language processing (NLP) to comprehend the intent behind customer inquiries, coupled with generative AI to offer meaningful and valuable conversational interactions that evolve over time. Seamlessly integrated into…

Eskom has revealed a groundbreaking achievement with the inauguration of the largest Battery Energy Storage System (BESS) project in South Africa, marking a milestone not only for the country but for the entire African continent. The official unveiling took place at the Hex BESS site in Worcester, located in the Western Cape, yesterday. The completion of the Hex BESS marks a significant milestone as the inaugural project within Eskom’s flagship BESS initiative, announced in July 2022 to address the strain on the national electricity grid. This strategic response aims to tackle South Africa’s persistent electricity challenges by augmenting storage capacity,…

Humane, a clandestine startup formed by a formidable collective of former Apple personnel, led by co-founders Imran Chaudhri and Bethany Bongiorno, has unveiled its inaugural consumer product after a prolonged period of selectively releasing hints and articulating its mission. The much-anticipated debut is the “AI Pin,” officially launched today. Ai Pin marks a new beginning for personal consumer technology, offering users the ability to take AI with them everywhere in an entirely new, conversational and screenless form factor. Ai Pin will be available to order in the US from November 16th, starting at $699 for the complete system. “Ai Pin…

Root Platform (Root), a provider of an end-to-end insurance technology platform that emphasises low-code and an API-first approach, today announced its inaugural strategic partnership in the UK with Connect by Admiral (Connect), a subsidiary of the leading insurer Admiral Group. Connect operates as an API-first embedded insurance platform, designed to streamline the integration of insurance solutions into businesses. “We’re delighted to partner with Admiral Pioneer to provide the API connectivity architecture behind their innovative Connect platform,” Louw Hopley, Co-Founder at Root, said. “The early signs are very positive and we’ve received good feedback so far. “Connect really shows the power…

NEXT176, supported by Old Mutual, invests R27 million in JOBJACK, a South African tech startup reshaping entry-level recruitment. JOBJACK’s innovative approach tackles accessibility and affordability challenges in the job market by enabling candidates to apply directly from their mobile phones. JOBJACK empowers candidates by eliminating costs associated with traditional job-hunting methods like CV printing and transport, allowing applicants to apply directly from their mobile phones.  The platform is now data-free for MTN and Vodacom network users, making job hunting more accessible and cost-effective for job seekers. In a significant development for the tech startup, the pre-Series A funding round led…

Amidst the widespread demand for affordable and dependable solar power solutions in South Africa, Nedbank has unveiled a series of cutting-edge solar financing options through its Avo Solar platform. These innovative packages are designed to provide households and businesses with accessible and eco-friendly energy solutions, featuring competitive prices for solar panels and backup batteries. Each package guarantees professional installation by certified solar suppliers approved by Nedbank, ensuring the highest standards of service. Furthermore, all solutions are backed by a 10-year warranty and a certificate of compliance, underscoring the superior quality of the featured solar brands. ‘South Africans have learned that…

Emerging Africa Infrastructure Fund (EAIF), a Private Infrastructure Development Group (PIDG) company, and its fund manager, Ninety One, have committed a $31 million or R571 million debt facility to Paratus Group Holdings Limited (Paratus) to finance the expansion of its fibre and data centre business over the next three years.  Ninety One acted as the mandated lead arranger of the transaction, mobilising capital from two of its funds, EAIF and Ninety One Africa Credit Opportunities, to enhance last mile connectivity and introduce more reliable internet services across three sub-regions and including seven countries: Angola, Botswana, the Democratic Republic of Congo,…

Dr. Anna Mokgokong, a trailblazer in the business world, was honoured with the Lifetime Achiever Award at the 20th anniversary of the Standard Bank Top Women Awards, held on Tuesday, 7 November 2023, at the prestigious Sandton Convention Centre. The awards theme was ‘My Africa’ – a tribute to the strength, diversity, and achievements of women across the continent. Dr Mokgokong was celebrated for her outstanding contributions to society. Her inspiring journey from overcoming overwhelming odds to establishing her presence in a male-dominated industry serves as a beacon of hope and resilience. In her acceptance speech, Dr. Mokgokong emphasised the…

Balwin Properties introduces groundbreaking trade-in programmme for homeowners in Gauteng and KwaZulu-Natal, setting a new standard in sectional title homes. The trade-in programme is known as Balwin Approved. “We’re very excited about this concept, which enables homeowners to trade in their current Balwin apartment for a new Balwin apartment,” Balwin Chief Executive, Steve Brookes explained. “Premium motor vehicle brands have been doing this for years, where you can trade in your good quality car for a later model or buy a vehicle with peace of mind because of the manufacturer’s multipoint inspection and backing. “Balwin Approved works on a similar…

Following WeWork’s announcement to commence a strategic reorganisation process in the U.S. and Canada, WeWork South Africa confirms that it is not part of the North American process. “WeWork South Africa is 100% independently owned by SiSebenza, and operates independently from WeWork in the US and Canada,” say Andrew Robinson and Stefano Migliore, the owners of WeWork South Africa. “Importantly, as an independent entity, we are not part of this strategic reorganisation process and there will be no impact on our members, vendors, employees, and real estate partners.”  The WeWork South Africa business is strong and committed to investing in its…

Flexible office space company WeWork, once valued at $47 billion, has filed for Chapter 11 bankruptcy protection in the United States. WeWork, humorously dubbed WeDidn’tWork by some, assured that its franchisees worldwide remain unaffected by these proceedings. The bankruptcy filing specifically pertains to WeWork’s locations in the U.S. and Canada. In an official statement, the New York-based company outlined its strategic plan, emphasizing a deliberate approach aimed at maximizing value. WeWork intends to reject leases for specific non-operational locations, with advanced notice provided to all affected members. This move is part of their effort to position the company for operational…