Author: Gugu Lourie
Absa announced today that it had 3.5 million digitally active customers in the six months to end-June 2023. The company, which is valued at around R155.9 billion on the JSE, said its digital journey continues to create value across all business lines as the number of digital customers grows in both retail and corporate banking. “Our commitment to quality user experience and continuous enhancement of our digital propositions is evidenced by the increase in continuous engagement on our digital platforms,” Absa told investors on Monday. The banking group said this had resulted in the digital channel’s share of revenue in…
Founders Factory Africa has secured an additional $114 million or R2.17 billion in funding to scale its model to better serve founders across the African tech ecosystem. The additional support from the Mastercard Foundation and Johnson & Johnson Impact Ventures, an impact fund within the Johnson & Johnson Foundation, follows on from previous investments into Founders Factory Africa by Standard Bank, Small Foundation and Netcare. The support will enable Founders Factory Africa to scale its model and better serve technology-led start-ups and founders across the African continent. “We are excited to have new and dynamic funding, which follows on from…
MTN’s first half adjusted headline earnings per share (HEPS) increased by 25% to 749 cents and adjusted return on equity (ROE) expanded by one percentage point to 24.4%. The acompany attributed HEPS – South Africa’s main profit gauge – rise to solid revenue growth and improved efficiencies, These were in line with our medium-term guidance, said MTN. MTN Group’s service revenue grew 15% to almost R108 billion in constant-currency terms. “This was driven by increases in revenue from data services of 24% and from fintech services of 22%. Revenue from voice services increased 6% in the period,” said MTN. At the…
Mastercard has acquired a minority stake in MTN’s FinTech business valued at $5.2 billion or R100 billion. Africa’s biggest mobile phone operator informed investors on Monday that Mastercard signed a memorandum of understanding which provides for a minority investment by Mastercard into its FinTech. “Following the bespoke process to identify and potentially introduce strategic minority investors into MTN Group FinTech, we executed commercial agreements with Mastercard to support the acceleration and growth of our FinTech business’s payments and remittance services,” said MTN. Mastercard will pay for the minority stake through cash and debt-free basis. “Signing of the definitive investment agreements…
Microsoft has discontinued Cortana digital assistant for Window 11 and a new update, which is now rolling out simply disables it. Cortana struggled to compete with Alexa and Google Assistand leading to its removal from various app stores three years ago. “We’re making some changes to Windows and Microsoft 365 that will impact Cortana users. Cortana in Windows as a standalone app is deprecated. Support for Cortana in Teams mobile, Microsoft Teams display, and Microsoft Teams Rooms will end in the fall of 2023,” said Microsoft in its blog. The company added that Cortana in Outlook mobile will continue to be…
Google announced today that in June 2022 it began alpha testing the ability to request and capture eSignatures in Google Docs. The search giant said based on the feedback it received it is ready to move this feature to the next level. eSignature is now available as an open beta for Google Workspace Individual subscribers — no additional sign-up is required to use the feature. eSignature will be available in beta for select Google Workspace customers — see the “Additional details” section below for more information. eSignature in Google Drive eSignature in Google Docs Who’s impacted Admins and end users…
Kaldi Company Ltd, a pioneer in combining blockchain, Web3, AI, IOT-enabled traceability, and a novel crypto economy to revolutionize the coffee value chain and alleviate poverty amongst millions of smallholder coffee farmers globally, announced today that it has received regulatory approval from the Financial Services Authority in the Isle of Man for Kaldicoin, its new digital currency. This milestone permits Kaldi Company to engage in a range of activities related to convertible virtual currency, including issuing, transmitting, transferring, providing safe custody, administering, managing, and trading the Kaldicoin digital currency under the supervision of the Isle of Man Financial Services Authority.…
Liquid Dataport, a business of Liquid Intelligent Technologies (Liquid), a pan-African technology group, is seeing a surge of Internet traffic on its new West coast cable Equiano as a result of multiple subsea cables break this weekend. Liquid’s well-timed investment ensured that its Southern Africa customers did not experience a change in their network performance despite breaks in WACS and SAT–3 undersea cable systems off the coast of DRC. “On Sunday, 6 August, we woke up to multiple reports of a natural rock fall in the Congo Canyon, off the coast of West Africa, causing breaks in multiple subsea cables.…
Spotify announced today that it is introducing AI DJ feature to its South African subscribers. “Starting today, we’re excited to begin rolling out DJ, in Beta, to Premium users in South Africa – taking personalization to the next level and connecting artists and fans in a deeper, more meaningful way,” said Spotify. The music streaming platform added that since launching in the US, Canada, UK and Ireland earlier this year, DJ has become the most discussed Spotify feature on social media, and we’re excited to bring it to South Africa today. Check it out HERE. DJ is a personalized AI guide that knows you and…
JSE-listed Reunert today announced that it has been approved for a secondary listing on A2X Markets. The group informed shareholders that its primary listing on the JSE and issued share capital will be unaffected by the secondary listing on A2X. The secondary listing also does not give rise to additional fees or compliance obligations for Reunert. From the A2X Listing Date, Reunert’s ordinary shares will be available for trade on both the JSE and A2X. A2X is a licensed stock exchange authorised to provide a secondary listing venue for companies and is regulated by the Financial Sector Conduct Authority and…
Global streaming giants: Netflix, Prime Video and Showmax remain the powerhouse providers in South Africa with a combined total market share of 83%. Meanwhile, Mubi and Apple TV+ fight for 4th place with only a 2% difference. This is according to the latest figures from JustWatch, an international streaming guide with more than 20 million users. Market share development in 2023 JustWatch added that smaller streaming player in the South African market: Mubi wins over the market with a +1% gain. Meanwhile, Prime Video and Showmax struggle to keep up with a -1% loss each by June.
Prosus today announced PayU has reached an agreement with Rapyd, a Fintech-as-a-Service provider, that Rapyd will acquire PayU’s Global Payments Organisation (GPO) for a total cash consideration of $610 million or R10.9 billion. The transaction will enable PayU to focus on the large payments and fintech opportunity in India, where it is the leading payments provider, serving more than 450,000 merchants and more than 2m credit customers. “As we focus our investment on the Indian market, this is an exciting time for Prosus’s Payments & Fintech segment. PayU’s payments business is one of the largest, fastest growing and most profitable…
Cell C announce today the appointment of Melanie Forbes as Chief Marketing Officer (CMO), effective August 1, 2023. Forbes will be a key addition to the executive team, leveraging her impressive track record and strategic expertise to drive the company’s marketing efforts and brand transformation. She brings over 25 years of invaluable experience in the Telecommunications, IT, and Consumer Electronics industries, having worked with brands such as Philips, NetFlorist (NetActive), Siemens, Nokia (NSN), and most recently Vodacom. Her extensive background spans both B2B and B2C markets across various African markets. During her almost 15-year tenure at Vodacom, Forbes held key…
MTN, in an innovative public-private partnership with the Johannesburg Roads Agency (JRA), is set to tackle the challenges posed by load shedding on South Africa’s roads. A Service Level Agreement between the two parties will see MTN SA providing backup power to all traffic lights in Soweto that are located near MTN base stations. MTN base stations will supply power to the traffic lights during load shedding, from the sites’ backup power systems to significantly alleviate delays and frustrations experienced by Soweto residents and commuters. This will be particularly helpful at key “traffic corridors” that lead towards highways. By providing…
JSE-listed telco Telkom announced on Monday it was currently engaged in discussions with two bifdders for its mast and towers business, Swiftnet. Telkom said in a statement that it is committed to realising the intrinsic value of underlying businesses that make up the group. During the previous calendar year, a multi-party sales process commenced following the Board’s approval to affirm and realise the value of Swiftnet through the disposal of the mast and towers business. “Telkom received offers to acquire Swiftnet in its entirety during the last quarter of FY2023,” said the company. “These offers were further refined from shortlisted…
JSE-listed Telkom has started the 2024 financial year with good momentum, said its CEO Serame Taukobong. Telkom said group revenue increased by 3.8% driven by the continued uptake of its new generation network (NGN) products by customers as well as increased data traffic. “We focused on offering attractive value propositions to customers in our Mobile business which increased subscribers and data usage, while the focused smart deployment of fibre infrastructure saw Openserve sustain growth in all three NGN customer segments ‘ broadband, carrier and enterprise,” said Taukobong. “We are pleased that cost savings from our recent labour restructuring process offset…
JSE-listed technology group Altron said on Wednesday that profit improvement strategies are starting to show meaningful benefits, particularly in Netstar and Altron Systems Integration, the largest businesses in the group. The purpose of the reviews on continuing operations was to ensure each operation is aligned to the group’s new strategy and has performance optimisation plans in place to grow revenue and improve operating leverage. “Pursuant to these business reviews, targeted operating models are being executed in each operation, with early leading indicators highlighting strong year-to-date performance, with all operations on track to achieve their growth objectives,” said Altron. Altron added…
JSE-listed retailer Shoprite, which also owns Checkers and Boxers, is spending a lot of money to survive load shedding. The retailetr said whilst it remained encouraged by continued customer growth and continued market share gains, it was faced with several challenges imnpacting its performamnce. Shoprite said it remained resolute in terms of its commitment to lower-prices and value for customers during the second half period. “As such, the Group’s full year gross margin will be lower than that reported last year (restated 2022: 24.5%), however the decline is expected to be less than the gross margin decline reported in our…
If you’ve ever wondered how to make your money work harder for you, you’re in the right place. Compound interest has the magical ability to turn modest savings into a substantial nest egg over time. This article unveils the best tips to leverage this financial phenomenon effectively. Whether you’re just starting your financial journey or looking to optimize your existing investments, these proven strategies will pave the way for a prosperous future. Plan, save, and invest are the best way to reach your financial goals. Use these tips to get started: Take Advantage of Retirement Accounts If you want to…
Vodacom announced on Friday that its revenue climbed 36.9% to R35.7 billion for the qaurter to end-June 2023, lifted by Vodafone Egypt and financial services. The Vodafone-owned company completed the acqusition of Vodafone Egypt acquisition in December 2022, presents a unique opportunity to advance the company’s multiproduct strategy, called the System of Advantage. This strategy aims to deliver diversified, differentiated offerings to our customers, further strengthening and growing its relationships with them. Group service revenue grew 43.8% in the quarter to almost R29 billion, positively impacted by the acquisition of Vodafone Egypt and rand depreciation of almost 20% against our…
Vodacom today announced that its super-app VodaPay has reached 6.7 million downloads in the quarter ended 30 June 2023. “Our super-app, VodaPay, reached 6.7 million downloads and launched free deposits and added ‘send money’ and cash-out services in the quarter,” Vodacom informed investors on Friday. The super-app VodaPay still has 3.3 million registered users. VodaPay provides a digital shopping, lifestyle and financial platform for consumers and businesses. During the quarter, Vodacom launched free deposits and added ‘send money’ and cash-out services, allowing customers to deposit and withdraw funds from their VodaPay digital wallets. Deposits and withdrawals can be made at…
Eskom today announced the departure of its former chief operating officer Jan Oberholzer from the energy group. Eskom said in a brief statement that it parted ways with Oberholzer by mutual agreement. His last day with Eskom will be 31 July 2023. Oberholzer was on a fixed-term contract to provide support to the Koeberg Nuclear Power Station long-term operation (LTO) and Kusile Power Station projects, said Eskom. “Eskom expresses gratitude to Mr Jan Oberholzer for his dedicated service, expertise and valuable contributions during his tenure. We wish him well in his future endeavours.”
Former Telkom CEO Sipho Maseko is threatening to walk away from buying a controlling stake of the partially state-owned telco. Sunday Times’ Business Times reported today that Maseko is now looking for opportunities elsewhere and will not revised the offer submitted by his consortium to buy Telkom. The consortium comprises Maseko’s Afrifund, Axian Telecom and the Government Employees Pension Fund, managed by the Public Investment Corporation (PIC). “We are definitely walking away. The board has made it clear that they are not willing to engage with us at all,” Maseko told Sunday Times Business Times. He added that the consortium…
“It is our hope that this Huawei Innovation Centre will be a springboard for the launch of new local ICT enterprises that create jobs,” said President Cyril Ramaphosa. Speaking at the opening of the Huawei Innovation Centre at Woodmead in Huawei’s Office Park, Ramaphosa added that government hoped the centre would be a springboard for new business processes that would grow SA ‘s economy and support national development goals. The centre brings together Huawei’s various business units in a hub for collaboration with local partners, app developers and ICT-focused SMEs. He said the opening of the centre is a sign…
William Mzimba, the CEO of Vodacom Business, a subsidiary of JSE-listed Vodacom Group, has resigned. Sources told TechFinancials that Mzimba is leaving Vodacom Business at the end of September 2023. Mzimba joined Vodacom five years ago as chief officer of Vodacom Business to replace Vuyani Jarana. Internally at Vodacom, no one gave him a chance to succeed. They whispered that this man from Accenture couldn’t repeat the great feat achieved by Jarana at Vodacom. In the past five years, Vodacom, Mzimba has delivered enormous value at the Vodafone-owned mobile phone company. He ensured that Vodacom Business continued to fire on…