Author: Gugu Lourie
TymeBank, one of the fastest-growing digital banks globally, has reported an 11.8% increase in customers, bringing its total to 9.5 million as of 30 June. The bank, owned by African Rainbow Capital Investments, boasts the largest cash-in and cash-out network in South Africa, thanks to partnerships with major retailers like Pick n Pay, Boxer, and The Foschini Group (TFG). Additionally, TymeBank revealed a 59% surge in deposits, reaching R6.5 billion, while merchant credit advances climbed to R1.8 billion. The bank’s diverse range of banking products offers customers excellent value, creating multiple avenues for growth. With technology driving operational efficiency, TymeBank’s…
Microsoft has announced another wave of retrenchments, with 650 positions being cut from its gaming division, according to an internal memo from Xbox head Phil Spencer, obtained by IGN. The retrenchments primarily impact corporate and support roles within the division, with Spencer emphasizing that the decision was made to position the company for “long-term success.” In the memo, Spencer reassured staff that no games, devices, or experiences are being scrapped, and no studios are slated for closure as a result of these retrenchments. This latest round of cuts brings the total number of job losses in Microsoft’s gaming sector to…
Talk360, the international calling app, has raised $1.4 million or R25 million in a Pre-Series A funding round, led by long-term investor Havaic. The funds will support the company’s goal of connecting seven million people by 2025 and advancing toward profitability. “We’re incredibly proud of Talk360’s growth. Over the past two years, we’ve gone from connecting 2.3 million users to 4 million in 2023. This funding will help us continue our mission of connecting African migrant communities with their families back home,” says Hans Osnabrugge, co-founder and CEO of Talk360. Talk360, a South African and Dutch calling app, allows affordable…
FNB’s virtual cards are gaining popularity among customers. Virtual debit cards work like regular debit cards but are entirely digital and offer greater security and privacy. They allow for convenient payments anytime, anywhere, without the need for a physical card. FirstRand, which owns FNB, released its financial results for the year ending 30 June 2024. FNB continues to invest in its integrated financial services platform, enabling customers to handle most of their banking needs digitally. The platform offers both assisted (e.g. call centres and branches) and unassisted (mobile and online banking, FNB app, ATMs) interfaces. Key highlights for the year…
On Thursday, 19 September 2024, ICASA will host public hearings to review Cell C’s request to transfer control of its licences to The Prepaid Company (TPC). ICASA published this on a notice in the Government Gazette. In December 2023, Icasa announced Cell C’s request to transfer its I-ECS, I-ECNS, and spectrum licences to The Prepaid Company (TPC), a Blue Label Telecoms subsidiary and Cell C’s largest shareholder. On 6 December 2023, Icasa published a notice in Government Gazette No. 49831 regarding Cell C’s applications to transfer its licences. The notice invited written responses from interested parties within 14 working days.…
Omnisient, a leader in privacy-preserving data collaboration, has been awarded the globally recognised Finovate 2024 Excellence in Financial Inclusion Award. Omnisient was the only African fintech to be recognised as a leader in its category. The US-based award honours both established institutions and rising stars that have made significant strides in delivering innovative and impactful products and services to the financial services sector. Each winner was selected from a group of finalists that have each demonstrated exceptional contributions to society and developed groundbreaking solutions that have reshaped the fintech landscape. The Excellence in Financial Inclusion award specifically honours institutions that are…
JSE-listed South African casino and hotel group Sun International announced today that its online betting platform, Sunbet, continues its exceptional growth trajectory and is exceeding its targets. Sun International informed investors that Sunbet’s overall income was up 71.8% for the six months to 30 June 2024, reaching R512 million and delivering a record adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization), pre-management fees, of R170 million, an increase of 88.9% compared to the prior period. Sunbet’s active players continued to grow, with additional games being offered and the overall player experience being enhanced. “While customer acquisition is key, retention…
The ICT SMME Chamber and Seacom have partnered to advance small, medium, and micro enterprises (SMMEs) growth as a key driver of economic transformation and job creation. This Memorandum of Understanding (MOU)marks a pivotal step in unlocking the full potential of SMMEs within South Africa’s ICT sector. The partnership is grounded in the Triple Helix Model of Engagement, fostering collaboration between government, the private sector, and civil society, serving as a key driver for inclusive growth and sustainable job creation. Loyiso Tyira, Managing Director of the ICT SMME Chamber, emphasised that the true measure of success for this model will…
In a dramatic twist to the long-running “Please Call Me” service compensation dispute, South Africa’s Constitutional Court has dealt a major blow to Vodafone – the parent company of Vodacom. On Friday, the court rejected Vodafone’s bid to be a friend of the court (amicus curiae) in the high-profile legal brawl between Vodacom and Nkosana Makate, the creator of the “Please Call Me” service. Vodafone has maintained a close relationship with its subsidiary throughout this drawn-out legal battle. However, Vodafone’s attempt to position itself as a neutral party – ready to assist if required – was shot down by the…
Telkom has announced a promising decline in criminal activities targeting its operations, signaling that its preventive measures are proving effective. From April to June, the company reported losses of R3.8 million due to criminal activities such as copper cable theft and infrastructure vandalism, a significant decrease from the R10.1 million lost during the same period last year. Simile Ndlovu, Telkom’s Executive for Forensic, Security, and Insurance, shared with Business Times that the company is addressing various crimes, including copper theft, fiber damage, damage to exchanges, battery theft, and robberies involving technicians working on infrastructure. “We are happy with one fact:…