Author: Gugu Lourie
In a significant enforcement action, the Financial Sector Conduct Authority (FSCA) has imposed a R12.6 million administrative penalty and a 15-year industry debarment on a company and its director for running an unlicensed insurance operation and obstructing a regulatory investigation. The penalty has been levied jointly and severally against The Relocations Group (Pty) Ltd and its director, Mr Kyle Bary Tiltman. Tiltman has also been debarred for 15 years, effectively banning him from any role in the financial sector. The investigation was triggered by client complaints and uncovered that South African Relocations (Pty) Ltd and its successor, The Relocations Group, “offered marine insurance…
The Financial Sector Conduct Authority (FSCA) has come down hard on Bhaca Green (Pty) Ltd, issuing a massive R9 million fine and a 20-year industry debarment against its director for running an unauthorised forex trading scheme that misused investor money. The case has been escalated to the police for potential criminal prosecution. The regulatory action sees Mr Songeziwe Mbalo debarred for two decades and hit with an administrative penalty of R9 million, imposed jointly and severally on him and Bhaca Green. A further penalty of R50,000 was imposed on Mr Lungile Mgilane for rendering financial services on behalf of the unauthorised…
The Financial Sector Conduct Authority (FSCA) has made a decisive final move against Afrimarkets Capital (Pty) Ltd, permanently withdrawing its financial services provider (FSP) licence. This action concludes a regulatory process initiated in July 2025, stemming from an investigation that uncovered severe misconduct, including the misappropriation of client funds. The FSCA provisionally withdrew the licence on 4 July 2025 based on preliminary findings. After considering representations from Afrimarkets, the regulator has now finalized its decision. “The FSCA is of the view that Afrimarkets materially contravened various financial sector laws and no longer meets the fit and proper requirements to operate…
In a decisive crackdown on a complex financial fraud, the Financial Sector Conduct Authority (FSCA) has slammed the Medbond Group with a massive R197 million administrative penalty and issued a 30-year industry debarment against its key figure. The landmark action, totaling over R212 million in fines, targets a scheme where clients were advised to invest in a completely fictitious financial product. The FSCA imposed the R197 million penalty jointly and severally on Medbond Insurance Brokers (Pty) Ltd and its director, Mr Jacobus Meyer. Three related entities – Medbond Markets, Medbond Fund Managers, and Masjamplan – were fined R5 million each. In…
In a landmark enforcement action that sends a shockwave through South Africa’s financial sector, the Financial Sector Conduct Authority (FSCA) has levied a staggering R2 billion penalty against Banxso (Pty) Ltd and its directors. This unprecedented move, part of a total penalty package exceeding R2.16 billion, comes alongside the multi-decade debarment of key individuals for what the regulator describes as “serious and deliberate” misconduct. The investigation found that Banxso and its key persons, inter alia, misappropriated client funds, provided false and/or misleading information to clients and to the FSCA, promised clients unrealistic returns and failed to act in the best interests of its…
Sanlam’s new prepaid funeral cover works like buying airtime, offering flexible terms to tackle income uncertainty. The product aims to include millions previously locked out of traditional insurance. In a major shift for the industry, Sanlam has launched South Africa’s first prepaid funeral cover, directly confronting the problem of lapsed policies due to irregular incomes. Developed by its digital arm, Digisure Long-Term Insurance (LTI), the product allows clients to purchase cover upfront for 3, 6, or 12 months, mirroring the pay-as-you-go model used for airtime and electricity. “The concept mirrors the way many people already buy airtime, data or electricity…
Ezeebit, the FSCA-regulated stablecoin and cryptocurrency payment infrastructure company, has announced the close of a $2.05 million seed funding round. The capital will be used to accelerate product development and merchant adoption in South Africa, Kenya, and Nigeria and expand strategic partnerships with banks, PSPs, and telcos. Ezeebit enables merchants to accept cryptocurrency payments with instant stablecoin settlement and next-business-day local fiat payouts. Since launching in 2023, the company has already processed more than 30,000 transactions totalling millions of dollars in gross merchandise value. Clients include iStore, Le Creuset, Scoin, Tintswalo Lodges, Amiri and Diesel. The round was led by…
A pioneering investment model that embeds a new CEO directly into a business is making its debut in South Africa’s industrial sector. Secha Capital, alongside 27four and Shade Tree Capital, has announced a strategic investment in Barracuda Holdings Ltd, a leading local electronics manufacturing services (EMS) provider. The deal introduces the Chief Executive Operator Investor (CEOI) model, designed to pair capital with hands-on operational leadership. The transaction sees Aengus Stanley, founder of Shade Tree Capital, originate the deal and become Barracuda’s new Chief Executive Officer and a significant shareholder. Founders Rob Steltman and Ryan Webb will remain actively involved, focusing…
Capitec has entered into a binding agreement to acquire 100% of fintech innovator Walletdoc. The deal, valued at up to R400 million, signals a fierce new chapter in the competition for the country’s online and in-app transaction flows. The bank announced today its agreement to acquire Walletdoc Holdings, subject to regulatory approvals. Walletdoc, established in 2015, is a South African fintech providing scalable, innovative payment gateway solutions for merchants, including online and in-app payments, digital wallets, Instant EFT, payment links, and real-time payouts. The acquisition is a direct challenge to traditional payment processors and a masterstroke in capturing the fast-growing…
In a strategic move reshaping Africa’s digital landscape, Vodacom Group has announced a R36 billion deal to acquire a controlling 55% stake in Kenya’s pioneering telecom and fintech leader, Safaricom. The transaction, pending regulatory approvals, marks a strategic consolidation of Vodacom’s power in East Africa’s high-growth markets. Vodacom will purchase a 15% share from the Government of Kenya and an additional 5% from Vodafone, its parent company, valuing the total acquisition at $2.1 billion or R36 billion. This elevates Vodacom’s ownership from 35% and will see Safaricom’s financials fully consolidated into the group, boosting Vodacom’s revenue toward R220 billion. Safaricom…
HERMANUS, CAPE TOWN – The conversation around Artificial Intelligence (AI) in Africa is rapidly shifting from “if” to “how.” While the potential is universally acknowledged, the path to tangible, scalable, and locally relevant implementation remains the critical challenge. At the SATNAC 2025 conference, the focus was squarely on this practical execution, with industry leaders outlining a future where AI doesn’t just exist in research papers but actively solves everyday problems and drives economic growth. Amit Sharma, Executive: Product Manager Carrier Cloud & IT Southern Africa Region at Huawei, delivered a keynote titled “Accelerate Intelligence, Amplify Success,” weaving a compelling narrative…
HERMANUS, CAPE TOWN – In an address at the SATNAC 2025 conference, Openserve’s Chief Network Officer Robert Jorge laid out a critical imperative for the telecoms industry: the future belongs to networks that are not just bigger, but smarter, greener, and inherently more agile. The core message was clear: to meet explosive connectivity demands and power technologies like AI and 6G, the industry must accelerate its journey from human-managed systems to intelligent, self-governing autonomous networks. Speaking on the topic “Scaling Open-Access Fibre to Build a Connected Future,” Jorge grounded his presentation in the tangible reality of operating South Africa’s largest…
Against the backdrop of a continent at an inflection point, the message from the Southern Africa Telecommunications Networks and Applications Conference (SATNAC) 2025 was unequivocal: Africa’s future will not be imported. It will be built. Hosted by Telkom under the theme “Africa’s Ascent: Towards a Sustainable and Resilient Future,” the conference became a test for a powerful new consensus. The continent’s digital destiny, leaders asserted, will be decisively shaped by three intrinsically African assets: its dynamic people, its sovereign data, and its unparalleled ability to collaborate across sectors and borders. The panel discussion, “Digital Sustainability – the African way,” moderated by Sello Mmakau,…
In an address at SATNAC 2025, Sandile Msimango, CEO of IHS Towers South Africa, issued a meaningfult call to action, defining the conference itself as essential or Africa’s digital future. His final message captured the essential spirit required for Africa’s ascent: “SATNAC is challenging us and continues to challenge us to think boldly, collaborate deeply, and innovate responsibly. And at IHS Towers, we are up for that challenge.” He concluded with a vision of the attainable future: “If we collaborate, if we innovate, and we commit to sustainability, then the digital future of South Africa and the continent will not…
HERMANUS, Western Cape – In a provocative and data-driven keynote that served as a critical reality check for the global tech community, Idit Duvdevany Aronsohn, Head of ESG & People Relations at global software giant Amdocs, delivered a key message at SATNAC 2025: the future of artificial intelligence is being authored today, and Africa must be a primary writer, not a footnote. Aronsohn based her argument around a single, powerful question: “Can AI be inclusive without Africa or without African data?” To a room of continent’s leading technologists, innovators and policymakers, her answer was unequivocal. “Not like my AI friend that…
HERMANUS, Western Cape – In a transformative keynote that challenged the very definition of digital progress, Gugu Mthembu, Chief Marketing Officer of Telkom, presented a compelling vision for a technology ecosystem built not for specs, but for the human spirit of Africa. Delivering a speech titled “Humanising technology beyond connectivity” at SATNAC 2025, Mthembu issued a clarion call to move beyond infrastructure metrics and place human dignity, opportunity, and agency at the core of every innovation. Mthembu began by acknowledging the rapid growth in African connectivity, where the number of connected individuals has more than doubled to over 400 million in…
HERMANUS, Western Cape – In a robust endorsement of its sustained impact, Raymond Crown, ICT Director at the University of the Western Cape (UWC), positioned the Southern Africa Telecommunications Networks and Applications Conference (SATNAC) as the critical engine ensuring the region transitions from a consumer to a contributor of global technological innovation. Speaking at the 2025 conference, Crown emphasised that SATNAC’s 27-year legacy provides the essential “discipline of continuity” needed to build South Africa’s digital future on a foundation of tangible research and proven partnerships, not abstract ideas. “SATNAC remains one of the few forums that consistently brings research, industry, and…
HERMANUS, Western Cape – In a compelling address that balanced ambition with caution, Dr. Mmaki Jantjies, Telkom’s Group Executive for Innovation & Transformation and Chairperson of SATNAC 2025, issued an urgent call for responsible innovation, stressing that Africa’s digital progress must not come at the expense of its people or planet. Speaking at the Southern Africa Telecommunications Networks and Applications Conference (SATNAC), Dr. Jantjies grounded the event’s high-tech theme, “Africa’s Ascent: Towards a Sustainable and Resilient Future,” in the continent’s stark realities of poverty, inequality, and unemployment. She argued that technology’s value is only realised when it directly addresses these foundational challenges. “As…
HERMANUS, Western Cape – In a keynote that reframed Africa’s position in the global tech space, Telkom Group CEO Serame Taukobong declared that the continent holds a crucial ethical compass for the development of artificial intelligence (AI). Speaking at the opening of the Southern Africa Telecommunications Networks and Applications Conference (SATNAC) 2025, which Telkom is hosting, Taukobong argued that Africa’s unique cultural richness and principle of Ubuntu must guide the future of intelligent systems. Taukobong’s address, delivered without the 25-page presentation prepared for him, struck a resonant chord with industry leaders, policymakers, and academics gathered under the theme “Africa’s Ascent: Towards…
In a dramatic reversal of fortune, Eskom has announced the successful conclusion of its 2022-2025 Board’s term, a period marked by a historic financial and operational turnaround. The board, appointed during the utility’s most challenging period, is credited with laying the foundation for a stable, profitable, and investable Eskom. Eskom Chairman of the Board, Mteto Nyati, reflected on a term defined by difficult decisions, steadfast governance and a recovery that has fundamentally reshaped Eskom. “Reviving Eskom was never a simple task, but one of national importance. The obstacles were significant, yet through the Board’s firm planning and governance and Exco’s…
Samsung becomes the official mobile and consumer electronics partner for SA Rugby’s national teams and the Vodacom United Rugby Championship (URC), aiming to fuse cutting-edge Galaxy technology with the passion of the game. In a major move for South African sports and tech, Samsung has officially joined forces with SA Rugby. The new partnership, effective from September for the Vodacom URC and October for the Springboks, designates Samsung as the official mobile and consumer electronics partner across all national teams and the prestigious league. The two-year agreement is positioned as a strategic alliance focused on enhancing performance and revolutionizing the…
In a move set to democratise mobile innovation, Huge TNS, a subsidiary of JSE-listed Huge Group Limited, has launched a new MVNO (mobile virtual network operator) capability designed to break the high-cost, high-complexity model that has long reserved the market for major banks and national retailers. This breakthrough means that, for the first time, South African organisations of any size can embed mobile connectivity directly into their services and customer activities. They can do this without the need for significant capital investment, lengthy implementation timelines, or the technical complexity ordinarily associated with building an MVNO from scratch. The proposition is…
In a bold move to reinvent itself, the South African Post Office (SAPO) is officially opening its doors to strategic partners, with plans to launch a Mobile Virtual Network Operator (MVNO), a network of e-commerce pick-up points, and even lease its building rooftops for telecom towers. This initiative, driven by the Department of Communications and Digital Technologies (DCDT), marks a fundamental shift for the embattled state-owned entity as it attempts to pivot from a traditional mail service to a modern, hybrid logistics and digital platform provider. The DCDT has published a Request for Information (RFI), inviting private and public sector…
Telkom Consumer has reported robust financial performance for the six months to end September 2025, revealing a clear winning formula: its prepaid segment and data-led strategy are the twin engines driving substantial growth. For the 11th consecutive quarter, the mobile business has achieved market-leading service revenue growth, with operating revenue climbing 6.4% to R14.25 billion. The numbers emphasises a successful penetration of the mass market. Total mobile subscribers grew by 7.7% to 24.5 million, fuelled by a 9% jump in prepaid subscribers to 21.6 million. More critically, the mobile data subscriber base exploded by 26.7% to 18.5 million, now representing…
In a clear demonstration of strategic execution, Telkom has published robust financial results for the six months ended 30 September 2025. The figures reveal a company successfully monetizing its extensive network infrastructure, transforming its data-led strategy into sustained profit growth and a remarkable surge in its mobile,. fibre and IT businesses. The Group’s commitment to delivering quality earnings is reflected across key metrics. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased by 7.4%, a key indicator of improved operational performance. The EBITDA margin strengthened by 1.0 percentage point to 27.2%, slightly above the top end of the group’s medium-term…