Author: Gugu Lourie

Jim Volkwyn has announced his retirement from the MultiChoice Board, a move that effectively averts a potential showdown with the Public Investment Corporation (PIC). Volkwyn’s departure comes as a strategic resolution to avoid further conflict. His decision to step down will be effective from the upcoming annual general meeting on 28 August 2024. On Sunday, the PIC announced its intent to block the re-election of a MultiChoice board member due to concerns over questionable consultancy fees, Business Times reported today. The PIC, the largest asset manager in Africa with a 15% stake in MultiChoice, is the company’s second-biggest investor after…

The rapid pace of digital transformation is ushering in an era of highly personalised services and innovative business models that often challenge existing regulatory frameworks. These insights are outlined in a research report conducted by Naspers and the Mapungubwe Institute for Strategic Reflection (MISTRA), which explores the untapped potential of South Africa’s digital platform economy—a sector encompassing online platforms that facilitate economic transactions. The report states that as technology evolves at an unprecedented rate, regulations can lag behind, potentially creating gaps in addressing emerging risks such as cybercrime and fraud. The swift integration of technology into financial services also introduces…

South African fintech startup Omnisient has secured a $7.5 million or R133 million investment from Arise, which focuses on enhancing financial inclusion through African fintechs. “Our mission is to create the world’s largest repository of alternative consumer data to grow financial inclusion,” said Jon Jacobson, co-founder of Omnisient. “The investment from Arise will enable us to expand and partner with larger data providers. This will allow banks and insurers to extend financial services to millions more people globally, driving financial inclusion on an unprecedented scale.” Launched in December 2019, Omnisient offers a privacy-preserving data collaboration platform that enables data owners…

Despite significant progress in various sectors, digital platforms still face substantial untapped opportunities for growth and innovation. As digital transformation accelerates and the market evolves, emerging prospects present considerable potential for new and advanced B2C and B2B platforms. A research report by Naspers and the Mapungubwe Institute for Strategic Reflection (MISTRA) highlights the unexplored potential of South Africa’s digital platform economy, which includes online platforms facilitating economic transactions. The report suggests that South Africa and the broader African continent are poised to unlock considerable value, especially in areas like virtual gaming. According to the report, gaming platforms have already outpaced…

The digital platform economy has the potential to significantly impact the country’s future, with a research report projecting it could inject R91.4 billion into the economy by 2035. This growth would increase the sector’s contribution to GDP from 0.02% in 2022 to a substantial 1.38% by 2035. The research was conducted by Naspers and the Mapungubwe Institute for Strategic Reflection (MISTRA) to explore the untapped potential of South Africa’s digital platform economy – a sector which includes online platforms that facilitate economic transactions. The research found that collective action is essential to accelerate South Africa’s digital transformation journey. It highlighted…

Eskom has released its outlook for the summer period, from 1 September 2024 to 31 March 2025, following a successful winter with 152 consecutive days without loadshedding. The Generation Operational Recovery Plan, initiated in March 2023, continues to enhance efficiencies and deliver significant improvements in Eskom’s fleet performance. Key Highlights: Loadshedding-Free Winter: The 2024 winter period saw no loadshedding, a significant improvement compared to 153 days in winter 2023. Economic and Financial Boost: Eskom’s improved performance could contribute to an estimated 2% growth in the South African economy and better financial results for Eskom in FY 2025. Reduced Unplanned Outages:…

Banking group Absa announced today that Seacom CEO Alpheus Mangale has been appointed as a member of its Remuneration Committee (Remco). “Shareholders are informed that Mangale has been appointed as a member of the Remuneration Committee, and John Cummins as a member and chairman of the Models Committee (MC),” Absa informed investors the appointments will take effect on 1 September 2024. Also read: Alpheus Mangale, A Seasoned Business Leader, Named CEO Of Seacom Seacom, Africa’s telecommunications and managed services provider, today announced that Alpheus Mangale, is joining SEACOM as incoming Group Chief Executive Officer, effective 1 April 2023.  He is…

Aiko Energy and Veers Group have formed a joint venture to accelerate South Africa’s renewable energy transformation. This partnership aims to transform the country’s solar sector by combining Aiko’s cutting-edge N-Type ABC solar modules with Veers Group’s local expertise. The venture, named Aiko Energy SA, is committed to local content, black economic empowerment, and sustainable growth. Under the leadership of Muneeb Gambeno as Managing Director and Majdi Galvaan as CFO, the company will focus on making high-efficiency solar technology accessible across utility-scale, commercial, industrial, and residential sectors, while prioritizing the upliftment of local communities. “Our organisation has always prioritised innovation…

The Public Investment Corporation (PIC) has announced its intent to block the re-election of a MultiChoice board member due to concerns over questionable consultancy fees, Business Times reported today. The PIC, the largest asset manager in Africa with a 15% stake in MultiChoice, is the company’s second-biggest investor after French entertainment giant Canal+. The PIC has criticized the continued payment of millions in advisory fees to Jim Volkwyn, one of MultiChoice’s longest-serving board members. MultiChoice informed TechFinancials this week that the controversial consultancy agreement with Jim Volkwyn, who is up for re-election at the company’s AGM on Wednesday, will expire…

“Modernisation and digitisation are crucial developments that will drive the future growth of Southern Africa’s railway industry.” This is the key message Guoyu Wang, Vice President of Huawei’s Smart Transportation Business, imparted to delegates attending the Southern African Railways Association’s (SARA) 13th annual conference and exhibition at the Sandton Convention Centre in Johannesburg. At the opening of the conference, SARA Executive Director Babe Botana, set the agenda for the day; “Together, we will explore strategies to elevate rail transportation as a driver of sustainable economic growth on the continent.” This event brings together transportation ministers from across the Southern African…