Author: Gugu Lourie

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.…