Author: Gugu Lourie

MTN Group today announced the appointment of four non-executive directors to the Boards of its MTN Group Fintech and Bayobab businesses. Herman Bosman will take on the role of independent Chairman of MTN Group Fintech, with Nicky Newton-King and Nosipho Molope joining the board as new independent non-executive directors. Jens Schulte-Bockum has been appointed non-executive Chairman of Bayobab. “Building leading fintech and digital infrastructure platforms in Africa is a key part of our Ambition 2025 strategy. These appointments are aligned with our goal to accelerate growth, complete structural separations, and bring valuable strategic partners into the shareholder bases of these…

As the end of the year approaches, bringing the festive season and the long-awaited vacation that many South Africans work hard for, it’s crucial to remain cautious. While this period is marked by good cheer and heightened shopping activity, it also attracts scammers eager to exploit the busy season. Recently, many South Africans have reported increased attempts at banking scams to a popular Johannesburg radio station, with scammers becoming increasingly aggressive and convincing. “This is not uncommon,” warns Roy Retief, Head of Operations at the Southern African Fraud Prevention Service (SAFPS). Scammers generally tend to be more active during periods…

Earlier this year, Daimler Truck Southern Africa announced plans to launch a comprehensive range of battery-electric trucks, including models from the eCanter to the eActros. The eCanter, a four-ton vehicle, was trialed by national logistics provider City Logistics to assess its suitability as an intra-city transport option. City Logistics deployed the eCanter from its Gosforth Park depot in Germiston, Johannesburg, testing it on an 80 km round trip to a key customer in Midrand each day. “We wanted to test the claimed range, as well as the speed to recharge,” said Ryan Gaines, CEO of City Logistics. The eCanter, with…

Grindrod, a JSE-listed freight logistics company, has announced the appointment of Raymond Ndlovu and Andile Khumalo as independent non-executive directors. This strategic move brings seasoned expertise to the board, enhancing the company’s leadership as it navigates the complexities of the global logistics sector. Ndlovu and Khumalo’s extensive experience in finance and business will be instrumental in driving Grindrod’s growth and reinforcing its position in the industry. Ndlovu, who previously served on Grindrod’s board as an alternate director, brings a wealth of leadership experience to his new role as an independent non-executive director. Currently the Executive Chair of Serendipity Ventures and…

In its ongoing pursuit of global dominance, X is now challenging video meeting giants like Google Meet, Zoom, and Microsoft Teams with its own video conferencing tool, as reported by TechCrunch. According to a post on X by company employee Chris Park, the company recently conducted its first internal conference using the new tool, receiving mostly positive feedback from participants. Some suggestions for improvement included enhancing notifications when participants leave or join meetings and adding the ability to pin main speakers. First ever 𝕏 Conference meeting with some of my great @X and @XDevelopers teammates. Already a really strong alternative…

South Africa’s Constitutional Court will hear an application from Vodacom Group seeking leave to appeal a ruling that requires the company to pay billions of rands in compensation to a former employee for an idea he proposed over two decades ago. The court issued a directive to hear Vodacom’s application to challenge the ruling in the “Please Call Me” case, where Kenneth Makate is entitled to compensation estimated between R29 billion and R63 billion. Vodacom confirmed in a statement on Tuesday that the Constitutional Court will consider both the application for leave to appeal and the appeal against the Supreme…

Phuthuma Nathi, the broad-based black economic empowerment arm of pay-TV operator MultiChoice, will distribute over R1.4 billion in dividends to its black investors for the 2024 financial year. As a result, over 75,000 black shareholders from various backgrounds—ranging from domestic helpers and gardeners to professionals, stokvels, and small businesses—will receive R20.37 per share (R16.30 after dividend tax) during the first week of September. “This share scheme is a testament to MultiChoice’s dedication to support participation, inclusivity and diversity in South Africa’s economy,” said Phuthuma Nathi chair, Mandla Langa. “Since 2006, Phuthuma Nathi has received R19.1 billion in dividends from MultiChoice,…

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…