Author: Gugu Lourie

OM Bank will target customers earning between R5,000 and R80,000 per month, says CEO Ian Williamson, who described launching the bank as a “no-brainer” given Old Mutual’s extensive banking activities. “Our unsecured lending book is sitting at R16 billion. We have about 400,000 active transactional account users in our transactional banking solution, which we do under Bidvest,” Old Mutual CEO, Ian Williamson told Business Times. Old Mutual also offers a home loan product with SA Home Loans. “We have a lot of the components of banking… We have not brought those things together in one cohesive entity,” he added. The…

In a bid to grow its presence in South African townships, Takealot is recruiting 1,000 last-mile delivery drivers in Mpumalanga, with plans to expand nationwide, reports the Sunday Times Business Times. The initiative, launched in collaboration with the Mpumalanga provincial government, offers residents new opportunities in the ecommerce sector. “This is the second province where the project has been launched, [but] it will eventually reach the rest of the country,” says Tshepo Maramule, Takealot’s head of external affairs and public policy. “These drivers will not only work for Mr D, they will also deliver parcels to consumers from Takealot,” Maramule…

Payfast, a company owned by fintech operator Network International, is set to transform SA’s digital payment landscape by offering free Point of Sale (POS) devices to local merchants. Traditionally, small businesses owners or merchants had to purchase POS systems upfront or pay monthly rentals, plus transaction fees, to accept card and digital payments. Additionally, the POS device expands merchants’ revenue streams by enabling them to purchase airtime, data, lottery, and betting vouchers directly. Payfast is South Africa’s leading online and ecommerce payment service provider that enables digital payment solution for merchants, individuals, NPOs and businesses of all sizes . Its…

It seems like FNB and Pick n Pay might just be South Africa’s ultimate love story in business! Have these two beloved brands found their “golden hour” together? Judging by their latest partnership, it sure looks that way! FNB and Pick n Pay are teaming up to deliver extra rewards for their loyal customers, making it easier to save on essentials, groceries, and clothing. It’s a match made in retail-rewards heaven. Today, during a  Microsoft Teams call with the media, the companies even set the tone with two powerful tracks: JVKE and Henry’s Golden Hour and the iconic Jerusalema by…

South Africa’s telecommunications landscape was rocked on Tuesday as the Competition Tribunal blocked Vodacom’s proposed acquisition of a co-controlling stake in Maziv, the parent company of Vumatel. This decision delivers a major setback to Maziv and puts the brakes on anticipated industry consolidation. The Tribunal’s move could also derail potential mergers, like the anticipated deal between MTN South Africa and Telkom’s Openserve, signaling a cautious stance on market concentration in the sector. The Competition Tribunal has blocked Vodacom’s planned investment of up to R14 billion into Maziv, the holding company for Vumatel and Dark Fibre Africa. This deal was intended…

Finfra, Indonesia’s lending infrastructure provider, has announced a landmark partnership with Tyme Group, the digital banking group behind TymeBank in South Africa and GoTyme Bank in the Philippines. This partnership, a first in Indonesia, supports Tyme Group’s entry into the Indonesian market as part of its broader Southeast Asia growth plan, following successful expansions into the Philippines and Vietnam. The news comes after Finfra’s recent $2.5 million funding round, led by Cento Ventures, with investments from Accion Venture Lab, Z Venture Capital, Matiss Ansviesulis (founder of Avafin), and existing supporters. Indonesia, Southeast Asia’s largest economy, is experiencing rapid digitalization within…

Balwin Properties, known for its secure, eco-conscious, and strategically located residential estates, has achieved substantial growth in its annuity income, primarily driven by its fibre and renewable energy services. Offering one-, two-, and three-bedroom apartments, Balwin developments cater to a diverse spectrum of home buyers and investors. These apartments feature modern, energy-efficient kitchens, prepaid water and solar-assisted electricity systems, and eco-friendly appliances, with every unit fully fibre-enabled through Balwin’s dedicated subsidiary. In the latest financial year, Balwin Annuities reported a 17% year-on-year revenue growth, reaching R65.8 million as of August 2024, up from R56.3 million in 2023. Fibre installation and…

Pick n Pay’s online retail division has reported an impressive 60.6% year-on-year growth in sales, reflecting the company’s strategic advancements in its on-demand platforms and overall digital transformation. Building on a robust 74.4% increase in full year 2024, Pick n Pay Online’s sustained growth has been driven by notable improvements in customer service, technological upgrades, and operational efficiency. This expansion has been primarily fueled by the popularity of Pick n Pay’s on-demand retail services, including the Pick n Pay asap! app and Pick n Pay Groceries on Mr D, both of which are now accessible through 550 Pick n Pay…

Four years ago, TechFinancials anticipated that EOH, the scandal-tainted IT group, would undergo a major rebrand, emerging as iOCO. EOH believes it has largely restored its reputation after facing allegations of involvement in state capture corruption and is now refocusing on government contracts, with ambitions to double its revenue from these engagements, according to a report in the Sunday Times’ Business Times. The company, identified by the Zondo Commission as a key player in state capture, began its reform journey in 2018 with the appointment of Stephen van Coller as CEO. Chief Justice Raymond Zondo commended EOH in his initial…

It is both disappointing and dishonest that some are trying to pin YeboYethu’s woes on Nkosana Makate, the inventor of Vodacom’s “Please Call Me” (PCM) service. YeboYethu, the Black Economic Empowerment (BEE) vehicle of Vodacom, has been pushing the narrative that compensating Makate fairly for his billion-rand idea will destroy the livelihoods of its black shareholders. This is nothing but a diversionary tactic. Makate has been embroiled in a relentless legal battle with Vodacom for over 16 years, fighting for fair compensation for his revolutionary PCM service, which he developed in while employed at Vodacom. The service, which allows users…