Author: Gugu Lourie

Black investors in Phuthuma Nathi, the broad-based black economic empowerment arm of pay-TV operator MultiChoice, will share more than R1.3 billion in dividends. An ordinary dividend of R20.37 per share before dividend tax (R16.30 after tax) will be paid to Phuthuma Nathi shareholders in the first week of September 2023.  “Despite the challenging macro-economic environment, which is also having a severe impact on our Phthuma Nathi shareholders, the board declared a dividend again this year,” Imtiaz Patel, MultiChoice SA chair, said. “We want to lend a helping hand during these trying times to our 77 000 shareholders who come from all…

Empire Partner Foundation, a distinguished philanthropic entity committed to the advancement of education and technological progress, today announce its collaborative endeavor with Midesk Global in delivering 50 Smart Desks to Mayibuye Primary School in Soweto. This charitable contribution, undertaken to enrich educational prospects and broaden student access, stands as a momentous achievement in the Foundation’s ongoing commitment to empowering marginalized communities through innovative solutions. The Smart Desks, thoughtfully equipped with a comprehensive ensemble including a school bag, desk, solar-powered light with charging port, and chair, are poised to redefine the learning experience for Mayibuye Primary School students. The seamless integration…

South Africa’s premier fintech focused on SMEs, Lulalend, has transformed into Lula, an encompassing cash-flow management and business banking solution. This rebranding signifies a pivotal shift from being solely a funding provider to an integrated cash flow management platform designed to streamline financial operations for SMEs. “Guided by our core belief that SMEs are the lifeblood of the South African economy, Lula aims to broaden our service offering to solve even more of the most common financial challenges small businesses face. To this end, we’re launching a business banking account tailor made for SMEs, complete with advanced financial management capabilities…

The Road Traffic Management Corporation, in collaboration with WeBuyCars, has unveiled a groundbreaking solution that enables the hassle-free online registration of motor vehicles and seamless transfer of ownership. This innovative initiative has been meticulously crafted to offer a streamlined and user-friendly approach for motor vehicle dealers and financial institutions. By facilitating direct online interactions with Natis, the system eliminates the need for cumbersome paperwork and visits to registration authorities. Months of meticulous development and rigorous testing alongside WeBuyCars have paved the way for this smooth and efficient introduction. This marks the latest stride in a series of technological enhancements within…

Solvyng is a Johannesburg based provider of information technology (IT) cloud services founded by Thulasizwe Mavuso. the company predominantly services the banking and asset management sectors and has recently focused its efforts and diversified to other sectors such as mining, retail, manufacturing and insurance. Solvyng is an amazon web service (AWS) advanced tier partner. its goal is to ensure that cloud services align with organisational objectives and business strategy, for seamless migration from legacy-to-cloud based systems. “We enable businesses to be more agile and resilient, reaching their bottom line quicker while saving cost and delivering more value to their customers.…

Bayobab, a subsidiary of the JSE-listed MTN Group, says it well on track to spend over $500 million or R10 billion investment in the expansion of its fibre business into an open-access network. CEO Frederic Schepens of Bayobab revealed to TechFinancials the company is in transition to separate MTN Group’s fibre business from the GSM network to unlock value within the business, attract strategic partners and comply with local regulation across our key markets. Schepens highlighted that the company is currently making significant strides in Zambia, where it has rolled out an impressive 4,000 kilometres of fibre. He added that…

BMW Group South Africa today unveil the newest addition to its leadership team. Effective from July 1, 2023, Thorsten Achenbach assumes the role of Director Digital and Global Solutions at the esteemed BMW IT Hub, situated in Menlyn Maine, Pretoria. This strategic appointment follows in the footsteps of Mr. Klaus von der Osten-Sacken. “I am pleased to welcome Mr Achenbach in his new role at the BMW IT Hub. Mr Achenbach brings a vast portfolio and proven track record of excellence, particularly in the IT field, and we look forward to the continued success of the BMW IT Hub,” said…

Cell C has officially announced the resignation of its Chief Financial Officer, Lerato Pule, who has decided to pursue a new opportunity. In the coming months, Pule will continue to fulfill her responsibilities, ensuring the seamless handling of crucial financial matters during the transition period. Pule has demonstrated exemplary leadership throughout her tenure, notably guiding the successful conclusion of the recapitalization process. Additionally, she has overseen the completion of historical audits spanning three years (2018-2020), with the finalization and sign-off of financial statements. The remaining stages of the 2021 and 2022 historic audits are underway, underscoring her commitment to delivering…

Entersekt, a global frontrunner in cutting-edge transaction authentication solutions for combating financial fraud, proudly announces a robust surge in both revenue and clientele. This remarkable achievement is propelled by its unwavering expansion in the United States and strategic collaborations. Following a strategic investment by Accel-KKR in the fiscal year 2022, Entersekt has witnessed rapid global growth, with a staggering 191% increase in contracted annual recurring revenue, and an impressive surge of nearly 220% in US-based clientele solely within the fiscal year 2023. Schalk Nolte, Entersekt CEO, commends the noteworthy growth amid a challenging global business landscape, attributing it to Entersekt’s…

SA’s medtech startup, VitruvianMD, has secured $1.25 million or R23 million through their Seed Extension II funding round led by 27four’s social impact venture capital (VC) fund, The Nebula Fund. The medtech company has gained significant traction and will use the funding to further accelerate growth by upscaling their team, gaining international regulatory approvals and driving growth into new applications of their technology. VitruvianMD combines biomedical engineering with advanced artificial intelligence (AI) to revolutionise diagnostics accessibility in the medical laboratory sphere. Addressing the acute global challenge of diagnostician shortages, such as in Sub-Saharan Africa where the pathologist-to-population ratio stands at…

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…