Author: Gugu Lourie
South Africa’s Telkom wants the High Court in Pretoria to impose a “structural or supervisory” interdict on the country’s communications watchdog, the Independent Communications Authority of SA (ICASA). “A structural or supervisory interdict is justified in the circumstances of this case,” Telkom regulatory affairs boss Siyabonga Mahlangu said a filing to the High Court lodged on Monday. Telkom is challenging ICASA’s spectrum auction process, which started today. Earlier last month, Telkom asked the High Court to review and set aside ICASA’s plan to issue a new spectrum via an auction that had been slated for March, citing a number of…
South African startup Credit Builder has secured funding for an innovative pilot to develop Africa’s bespoke financial inclusion solutions. The startup, which is a Pentech Africa Group Holdings Company, is headed up by Co-Founder and Group CEO, Thomas Ngubane. Ngubane is an ex-divisional director within the Standard Bank Group of companies and ex-key individual of Liberty Life South Africa. Credit Builder has been awarded Top Insurance Innovation 2022 in South Africa through the Insurance Innovation Challenge, funded through the Insurance Sector Education and Training Authority (INSETA) and The Technology Innovation Agency (TIA), an entity of the Department of Science and…
LinkedIn announced today it had entered into an agreement to acquire Oribi, an Israel-based marketing analytics company. As part of the agreement, LinkedIn will also open a new office in Tel Aviv, Israel expanding its international presence and helping to further scale the value it deliver to members and customers across the globe. “We will not be disclosing the financial terms of the deal,” said LinkedIn. LinkedIn Chief Product Officer, Tomer Cohen, said as the company’s marketing solutions business accelerates to 43% year-over-year in revenue, “we are continuously investing in our technology platform to help our customers achieve maximum value…
Discovery Bank, part of Adrian Gore’s Discovery Group, said on Wednesday that retail deposits grew by 69% to R9.5 billion and advances rose by 10% to R4.1 billion as at 31 December 2021. The bank is powered by the country’s largest medical aid provider, Discovery Health. Described as the world’s first behavioural bank, the fully digital bank promises to help clients bank healthier and leverages Discovery’s shared-value model. The bank, headed by Hylton Kallner as CEO, said customer quality remains excellent with high average levels of non-interest revenue per client and the quality-focused credit strategy was evidenced by the low credit loss…
The Independent Communications Authority of South Africa (ICASA) today announced the names of the bidders that qualify to participate in the auction phase of the ongoing licensing process for International Mobile Telecommunications (IMT) spectrum – also referred to as high-demand spectrum. ICASA SAID This follows the receipt of six (6) applications on 31 January 2022 in response to the Invitation To Apply (ITA) issued on 10 December 2021. In line with the truncated timetable published by the Authority for this licensing process, and after extensive analysis of received applications, the qualifying bidders are: 1. Cell C, 2. Liquid Telecoms, 3.…
MyBucks, a FinTech company owned by JSE-listed Afristrat, has been placed under liquidation by the Luxembourg tax authority or l’Etat du Grand-Duché de Luxembourg. “Whilst MyBucks had previously made representations in court in order to prevent MyBucks from being placed in bankruptcy, the court of Luxembourg has concluded the matter and upheld the bankruptcy application,” Afristrat informed investors on Wednesday. “MyBucks has the right to appeal this matter and are considering their options in this regard.” Afristrat added that the bankruptcy of MyBucks may have an impact on the company’s financials, of which the full extent is currently being determined, and which may have…
African FinTech player Flutterwave announced today that it has raised $250 million or R3.7 billion in Series D funding, valuing the company at over $3 billion or R45 billion as the brand continues to transform the way Africans transact on the continent and worldwide. Flutterwave has become the highest valued African startup with this investment. It is a validation of African talent, innovation and its young inspiring people. It is also a huge endorsement in the growth of the business, innovation and technology landscape in Africa. Flutterwave’s latest backers include some of the world’s most respected investors led by B…
Former president Jacob Zuma’s request to appeal against an earlier ruling that Advocate Billy Downer SC had the title to prosecute him in a decade’s old graft matter flopped on Wednesday morning. Judge Piet Koen dismissed Zuma’s leave to appeal against having Advocate Downer SC prosecute him, saying the reasons put forward were, “were frivolous, irrelevant, superfluous, and that no points of law for appeal were made or properly identified”. Developing story … NPA spokesperson Mthunzi Mhaga says state has been “vindicated” by Judge Koen – and is ready to put former President Zuma on trial. pic.twitter.com/hkRUleZ2Cs — Karyn Maughan (@karynmaughan) February…
Telkom on Monday reported stellar performance from its mobile and fibre business. The company announced that active mobile customers rose 10% year on year to 16.4 million with a blended ARPU of R91.45 for the quarter ended December 2021. This boosted the group’s revenue by 2.3% year on year to R4.4 billion. “The prepaid market remains the driver of new connections, prepaid customers grew by 12.0% to 13.8 million. In the third quarter, we recorded 143 634 prepaid net additions,” the company said. Telkom added that mobile data traffic increased by 7.9% year on year to 246 petabytes, supporting mobile…
The latest data released today shows that the value of Vodacom’s mobile money platform, M-PESA, including Safaricom, continues to scale at an impressive rate with transaction values up 16.1% to exceed R430 billion per month. Vodacom said M-PESA revenue for International business rose 12.9% to R1.3 billion, with normalised revenue growth at 9.3%. “The result was supported by customer growth and new service adoption, such as lending,” said Shameel Joosub, Vodacom’CEO. M-PESA customers increased 4.5% to 16.7 million, promoting financial inclusion. The company added that the lending products continue to scale across the portfolio, supported by M-PESA Africa’s strategic direction.…
Vodacom announced today that its super app VodaPay has attracted more than 1 million registered users in three months. “In South Africa, the launch of our VodaPay super-app in October last year has exceeded our expectations by attracting 1.4 million downloads and 1.0 million registered users in its first three months,” said Shameel Joosub, Vodacom Group CEO. “We see VodaPay as a precursor to M-Pesa’s evolution and further strengthening our FinTech position across our footprint…and assisting us in connecting the next 100 million African customers so that no one is left behind.” The VodaPay super app is available for download from…
Vodacom boss Shameel Joosub announced that the Financial Services Business is integral to its purpose-led business model, the largest component of its new services revenue and a clear strategic priority. Vodacom Financial Services posted a 12.5% growth to R2 billion in the third quarter to 31 December 2021, as it continues to scale user adoption, new products, and services. According to Vodacom, financial services revenue growth is supported by ongoing platform adoption and product expansion. “Our M-Pesa platform, including Safaricom, processed $28.2 billion of transaction value per month in the third quarter, up 16.1%,” said Joosub. In South Africa, financial…
With more than 70 billion real-time payment transactions processed globally in 2020, financial institutions need robust systems to prevent fraud and reduce costs. Artificial intelligence (AI)-enabled applications power banks, insurers, asset managers, and FinTechs to deliver improved services and outperform competitors, increase customer lifetime value, and increase market share. These AI-enabled applications were detailed in NVIDIA’s “State of AI in Financial Services” report, based on responses from over 500 C-suite executives, developers, data scientists, engineers and IT teams working in financial services. The top two of the top three priorities across the industry remain fraud detection and algorithmic trading, while…
MTN Nigeria has seen strong growth in both FinTech subscribers and active data users for the year to end-December 2021. The company reported today that active FinTech subscribers rose by 4.8 million to 9.4 million, while active data users increased by 1.7 million to 34.3 million. FinTech revenue rose by 57.3% due to sustained growth in the use of Xtratime product and broader FinTech services by our customers. “Our FinTech business continued to gain traction with approximately 770k registered mobile money (MoMo) agents and active users more than doubling to 9.4 million,” MTN Nigeria CEO, Karl Toriola, said. “This provides…
THEFinTech business of retailer Pepkor, previously Steinhoff Africa Retail, reported a decline in revenues for the three months ended December 2021. Pepkor informed investors today that its FinTech business saw a 9.9% drop in revenues to R2.1 billion for the quarter. The company attributed the decline to the FLASH business where a deliberate change in product composition resulted in income now being recognised as net commission versus full transaction value as determined by International Financial Reporting Standards. “This change forms an integral part of the FLASH strategy to increase profitability and grow its basket of products and options to improve trader and customer…
Transaction Capital, the owner of SA Taxi, on Tuesday, revealed plans to import some electric taxis to assess their viability as the first step in what will likely be a medium- to long-term project. SA Taxi is vertically integrated minibus taxi platform using specialist capabilities, enriched proprietary data and technology to provide developmental finance, insurance and other services to empower small- and medium-sized minibus taxi operators The JSE-listed group said while its direct impact on the natural environment is low, its indirect impacts in SA Taxi are significant in the sale and refurbishment of minibus taxis to service the minibus…
Global retailer Walmart appears to be getting serious about exploring metaverse with plans to create its own cryptocurrency and collection of NFTs. According to a report in CNBC, Walmart has filed several new trademarks late December 2021 indicating its plans to make and sell virtual goods, including electronics, home decorations, toys, sporting goods and personal care products. In a separate filing, CNBC said the company would offer users virtual currency, as well as NFTs. In a statement to CNBC, Walmart said it is “continuously exploring how emerging technologies may shape future shopping experiences.” It declined to comment on the specific…
BMW says more than one in ten MINI customers opted for the fully-electric MINI: the MINI Cooper SE, which sold 34,851 units in 2021. The MINI brand delivered 302,144 vehicles to customers last year – 3.3% more than in 2020. Around 17% of these vehicles had an electrified drive train. More than one in ten MINI customers opted for the fully-electric MINI: the MINI Cooper SE (34,851 units). The MINI Electric is the MINI family’s highest-volume model and was a driving force for the brand in 2021, delivering growth of 98.2% worldwide. “With a planned realignment of the model range,…
The South African Revenue Service (SARS) is on a major recruitment drive, targeting to hire 250 new call centre service agents. On Monday (27 March), the revenue service announced that it was looking to hire vibrant, energetic and driven individuals to join its call centre team who makes customer happiness their mission in life and create awesome moments of their speciality. SARS is hiring for its offices in Bellville – Cape Town, Durban – KZN, Doringkloof – Centurion or Alberton – Johannesburg. “With your expertise, help ensure that each taxpayer who deals with us has an exceptional experience,” said SARS.…
MTN South Africa says Telecom Italia executive Michele Gamberini will become its new Chief Technology and Information Officer (CTIO). His appointment is effective 1 February 2022. Gamberini joins MTN from Telecom Italia (TIM Group) where he gained 25 years of experience across the business at TIM Italy and most recently in the position of Global Group CTIO. Having worked in Italy, Spain, Greece and supported Brazilian technological choices, Gamberini had the unique experience of preparing the network evolution ahead of the 2004 Olympic Games in Athens. He holds a master’s degree in electronics engineering. MTN SA’s Chief Executive Officer, Charles…
MTN South Africa announced today it has appointed insider Megan Nicholas as MD for Supersonic, the network provider’s fibre and broadband internet service provider. Her appointment is effective 01 January 2022. Currently, General Manager for Residential at MTN South Africa, Nicholas’s internal appointment is a strategic move from MTN to ensure continuous customer growth in the residential market, of which MTN aspires to own 30% market share across all technologies by 2025. “Residential broadband delivery is a critical strategic focus, as we work to bring our superior network and service into more of our customer’s homes. This battle for the…
JSE-listed niche business bank and asset manager Sasfin has announced that Angela Pillay has resigned as the company’s financial director. The financial services group said Pillay had tendered her resignation to pursue other endeavours. Pillay will serve a three-month notice period until 8 April 2022 and the board will commence with a process to find an appropriate successor immediately. Shareholders will be kept informed in this regard, said Sasfin Pillay has been the financial director of Sasfin since 2018. “The Board would like to thank Angela for her dedication, hard work and commitment over the past few years and wish her…
With BMW iX Flow featuring E Ink being presented at CES 2022, BMW is offering the prospect of a future technology that uses digitisation to also adapt the exterior of a vehicle to different situations and individual wishes. The surface of the BMW iX Flow featuring E Ink can vary its shade at the driver’s prompting. The innovative E Ink technology opens completely new ways of changing the vehicle’s appearance in line with the driver’s aesthetic preferences, the environmental conditions or even functional requirements. The technology thus offers unprecedented potential for personalisation in the area of exterior design. The BMW…
Sony Vision-S continues its aim of evolving mobility to be even closer to people while developing technologies centred on safety, security, adaptability, and entertainment. At CES 2022, Sony announced and exhibited an SUV-type prototype vehicle (Vision-S 02) as a new form factor. Sony notes that this vehicle uses the same EV/cloud platform as the prototype (Vision-S 01), which is being tested on public roads. By offering entertainment experiences utilising the large interior space and variations of a 7-seater, this new prototype will, together with Vision-S 01, promote the accommodation of a large variety of lifestyles within a society where values…
This week at the Consumer Electronics Show (CES), BMW Group presents the third, even more, powerful model variant of its new technology flagship: the BMW iX M60. The BMW Group said in a statement the iX M60 combines a vehicle concept consistently geared towards sustainability with the design of a modern Sports Activity Vehicle and thrilling dynamic driving characteristics. With its technological highlights, which also include the areas of automated driving, operation and connectivity, the new BMW iX M60 represents a new understanding of advanced luxury, high performance and premium character,” said the German carmaker. The BMW iX M60 accelerates from…