Author: Gugu Lourie

A year after Pick n Pay pioneered Bitcoin payments at tills across South Africa, the retail giant is now generating R1 million in monthly sales from shoppers using cryptocurrency. Customers are purchasing groceries, data, airtime, and even paying their municipal bills using Bitcoin. This marks a significant milestone in the integration of cryptocurrency into mainstream retail in South Africa. The adoption of cryptocurrency payments has seen substantial growth, with four times more customers utilising Crypto QR codes each month at nearly 700 Pick n Pay stores. This adoption is particularly notable in the Western Cape, followed by Gauteng and KwaZulu-Natal.…

South Africa’s banking giant, Standard Bank, has announced a significant move in its mobile network operations. The bank is transitioning its Mobile Virtual Network Operator (MVNO) services to MTN, one of the leading telecommunications providers in the country. In conjunction with this shift, Standard Bank is rebranding its MVNO to “Standard Bank Connect,” aiming to enhance its mobile service offerings and provide customers with improved connectivity and benefits. Previously, Standard Bank had partnered with Cell C for its MVNO services. “We are excited to collaborate with MTN and the opportunity to provide our customers with a range of newly differentiated…

Investment manager Alexforbes is set to leverage OUTvest’s technology to position itself as a digital disruptor in the market. On February 1, 2024, the group acquired 100% of the issued share capital in OUTvest, a private South African company, for R38 million. This acquisition was financed through a term loan facility. Outsurance, one of the JSE’s standout success stories over the past decade, launched OUTvest six years ago with the promise of replicating its insurance business success. OUTvest provides goal-based advice and passive investment solutions through a website and an app, integrating technology with financial advisers based in a call…

Gumtree’s recent independence and increased agility have enabled the company to introduce exciting innovations and new features. One upcoming development is the launch of “Pay & Ship” on Gumtree SA, which will enhance the platform with an e-commerce experience, ensuring secure purchasing and reliable delivery. “We are constantly looking at how we can make the website and app better, with major updates and changes planned for 2024,” says Marcus Badach, Chief of Staff at Gumtree South Africa. “Gumtree’s User Verification, powered by mobile payments app Spot, is able to verify the identity of buyers and sellers and their contact information,…

The Paardevlei Centre, brought to life by the Shoprite Group, represents more than just a commercial hub. It tells a compelling story of transformation, honouring its storied past while embracing a vibrant future. This centre stands as a testament to how an industrial landscape can evolve into a bustling community space, where history and modernity coexist, creating a place where the echoes of history blend with the everyday rhythms of life. A Historical Legacy Located in Somerset West, the Paardevlei Centre is nestled within the Paardevlei Lifestyle Estate, an area with a rich historical legacy. Once the site of crucial…

South African retail giant TFG is making waves with its e-commerce platform, Bash, which is currently firing on all cylinders. As the digital marketplace continues to evolve, TFG’s robust online presence through Bash is setting new standards in the retail industry for the the retailer. With seamless user experience, a wide range of products, and innovative features, Bash is driving significant growth and customer satisfaction for TFG, positioning the company at the forefront of the e-commerce sector in South Africa. Bash was launched in February 2023 by TFG. For more read: TFG’s New Bash App Tops Download Charts After Official…

The Tyme Group boasts a combined customer base of 12.4 million in South Africa and the Philippines, comprising 9.2 million TymeBank customers and 3.2 million GoTymeBank customers. The group consistently onboards around 450,000 new customers monthly, with 250,000 joining GoTymeBank  in the  Philippines,and 200,000 opting for TymeBank in South Africa. Tyme’s annualised gross revenue run rate stands at $175 million, with an annualised net operating income tracking at $110 million. The combined deposit base amounts to $600 million, complemented by a $165 million lending portfolio. TymeBank anticipates achieving sustained profitability by June 2024, having broken even in December 2023, which…

MultiChoice Group on Thursday issued a warning about escalating full-year losses, citing an increasingly challenging trading environment. The company in a trading statement highlighted the intensifying difficulties it faces as it navigates these tough economic conditions. Although the group’s full year 2024 financial performance has been negatively impacted by an adverse and volatile economic environment, management has responded with tactical interventions by focusing on cost optimisation and cash management, including reduced decoder subsidies, which continued to yield positive economic outcomes, the company said. MultiChoice announced that trading profit is expected to decline by 19% to 23% compared to the 2023…

MultiChoice Chief Executive Officer Calvo Mawela and Chief Financial Officer Tim Jacobs will be entitled to receive a cash retention bonus upon the successful implementation of the Canal+ mandatory offer to buy Africa’s largest pay-TV operator. In the Combined Circular published by Canal+ and MultiChoice, it was disclosed that there are no material provisions of an abnormal nature in respect of directors’ service contracts which require disclosure. Furthermore, there are no service contracts in respect of MultiChoice directors that have been concluded or amended during the six-month period prior to the date of the Joint Announcement. “In order to support…

Today, FinTech group Capital Appreciation announced strong business performance despite weak business confidence, continuing to attract new customers and grow market share in a lacklustre economy by evolving its revenue mix with new products and services across more sectors and regions, thereby creating significant future growth opportunities. The group grew gross revenues by 19% to R1.2 billion and EBITDA by 53% to R252.8 million. The financial results benefited from improved operational performance, higher finance income, a significantly reduced expected credit loss raised for GovChat and the first-time contribution of the Dariel Group (acquired July 2023). EPS and HEPS increased by…