Author: Gugu Lourie

FirstRand, Africa’s largest financial institution by market capitalisation, has announced that it will acquire the clients, banking assets, liabilities, and employees of HSBC Bank plc’s (HSBC) South African branch. The transfer will be made to FirstRand’s wholly owned subsidiary, FirstRand Bank Limited (FRB). HSBC South Africa primarily serves subsidiaries of multinational companies operating in the country, as well as some major domestic corporates. The transition will be led by FirstRand’s corporate and investment banking division, Rand Merchant Bank (RMB), a prominent player in both South Africa and the broader African market. This move will ensure that HSBC’s clients continue to…

Standard Bank branch transactions dropped by 13% in the first half of 2024, reaching around 2.5 million transactions as more clients moved to digital channels. During the same period, online transactions surged by 30% to 1.5 billion, with clients performing an average of 10,400 digital transactions per month, compared to just 0.017 transactions in branches. ATM transactions also saw an 8% increase, reaching 104 million. “Our customers’ preferences are changing rapidly, and we are committed to meeting their needs in the most efficient and effective ways possible,” said Kabelo Makeke, Head of Personal & Private Banking at Standard Bank South…

In April, Old Mutual received approval from the Prudential Authority to launch its OM Bank in South Africa. Initially planned for release by the end of this year, the launch has now been postponed to the first quarter of 2025. “Our South African bank initiative, OM Bank, remains a key priority of our strategy to build an integrated financial services business,” said Iain Williamson, the Group Chief Executive Officer. Williamson noted that the bank’s technical and operational progress is ahead of schedule, with successful industry testing and integration into the National Payments System already completed. “Pending the remaining Section 17…

MultiChoice has announced a significant funding boost for its streaming platform, Showmax, as part of its strategic partnership with Comcast Corporation’s subsidiary NBCUniversal Media, LLC (NBCU), and Sky. This collaboration aims to position Showmax as the leading streaming service in Africa. NBCU, a subsidiary of Comcast, has acquired a 30% equity stake in Showmax Africa Holdings Limited (SMAH), the holding company for Showmax operations. The deal includes ongoing support through the licensing of Comcast’s Peacock platform and content from NBCU, Universal Pictures, Peacock, and Sky. MultiChoice, through its wholly owned subsidiary, MultiChoice Group Holdings B.V. (MGHBV), and NBCU are jointly…

Technology and style now blend effortlessly, becoming key aspects of personal identity. With the launch of HUAWEI’s latest wearables in South Africa, the brand pushes the boundaries of what a smartwatch can offer, combining advanced features with sleek design. The new lineup includes the HUAWEI WATCH GT 5 Series, WATCH D2, and WATCH Ultimate Green Edition. These watches boast customisable faces and premium materials like titanium, sapphire glass, and ceramic, offering durability and fashion-forward appeal. HUAWEI WATCH GT 5 Series The GT 5 Series offers two models: the GT 5 and GT 5 Pro, available in various sizes and finishes.…

The Reserve Bank’s decision to reduce interest rates by a modest quarter of a percentage point last week marks the turning of the interest rate cycle. It will be a positive indicator to businesses and consumers that the tight monetary environment of the last 15 months is starting to ease, hopefully supporting investment. But it is a small step, unlike the leap made by the US Federal Reserve last week in cutting rates there by a full half a percentage point. The risk, of course, is inflation, and the Reserve Bank is again proving its conservative approach. Inflation is bad…

Plentify, an innovative home energy management company, has announced a strategic partnership with Herholdts, one of South Africa’s largest distributors of solar and electrical solutions, to launch SolarBot, an intelligent controller for home solar and battery systems. This collaboration will see Herholdts introduce Plentify’s latest innovation, SolarBot, to homes across the country. “Herholdts is a pioneer in the solar and electrical distribution sector in South Africa, and we are thrilled to partner with an industry icon,” says Kailas Nair, Co-founder and Chief Growth Officer at Plentify. The timing of this launch couldn’t be better. SolarBot is designed to significantly improve…

On Digital Media (ODM), the licensing company behind the pay television platform StarSat, has taken note of the recent statement issued by the Independent Communications Authority of South Africa (ICASA) on 20 September 2024, which expressed surprise and concern regarding StarSat’s potential exit from the South African subscription market.

On Digital Media (ODM), the operator behind StarSat and the South African branch of StarTimes Media, will exit the subscription television market as its broadcasting license has not been renewed. The Independent Communications Authority of South Africa (ICASA) announced that ODM’s 15-year Individual Broadcasting Service Licence, which expired on 8 July 2023, was not renewed after ODM failed to submit a renewal application on time. According to the Electronic Communications Act, applications must be submitted no earlier than 12 months and no later than six months before the license expires. Despite multiple reminders, ODM only submitted its application on 10…

After a strong July, the South African automotive sector experienced a period of consolidation in August 2024, with moderate improvements in both new and used car sales. While new car sales increased by 3.1% compared to August 2023, used cars showed slight month-on-month growth despite a year-on-year decline. According to AutoTrader, 31,877 used cars were sold in August 2024, down from 34,725 in August 2023, marking an -8.2% year-on-year drop. However, sales improved slightly compared to July 2024, when 31,707 used cars were sold, reflecting a 1% month-on-month increase. This highlights the resilience of the used car market, even amid…