Author: Gugu Lourie
In the bustling landscape of South Africa’s banking sector, one institution stands out for its innovative approach and exponential growth: Capitec. Capitec has embraced the digital age with open arms, revolutionising the way people interact with their finances. With staggering statistics highlighting its success, Capitec’s journey from a newcomer to a dominant force in banking is nothing short of remarkable. A Digital Frontier Capitec’s meteoric rise in the digital banking is evidenced by its impressive user statistics. The Capitec App has become an integral part of daily life for over 500,000 users every hour, boasting a remarkable increase of 180,000…
Capitec’s robust financial performance for the year ending February 2024 was fueled by the expansion of digital transactions and customer numbers, resulting in a profit surge of more than 15%. Headline earnings grew to R10.6 billion from the restated headline earnings of R9.2 billion in 2023. Headline earnings for the 6 months ended February 2024 (H2 2024) grew by 25% to R5.9 billion compared to the headline earnings of R4.7 billion for the 6 months ended August 2023 (H1 2024). “Our long-term strategy to diversify our income streams and grow quality clients produced double-digit growth in a financial year where…
Capitec boss Gerrie Fourie’s total remuneration has been increased by 4 million to R65.7 million in the 2024 financial year. The banking group announced in its 2024 annual report that Fourie’s total remuneration is R65.7 million, up from 62 million in 2023 and down from R92 million in 2022. The total remuneration consists of a guaranteed salary of R16 million and other benefits. The banking group’s top four executives received a total of R78.6 million in salaries. During the period under review, Capitec’s headline earnings increased to R10.6 billion from the restated headline earnings of R9.2 billion for the 2023…
The Financial Sector Conduct Authority (FSCA) has observed several media statements from certain institutions claiming to be the initial or exclusive licensed crypto asset service providers (CASPs) under the Financial Advisory and Intermediary Services (FAIS) Act, No. 37 of 2002. In the interest of clarity, the FSCA aims to confirm that, to date, it has approved a total of 75 institutions for CASP licensing. The full list of currently licensed CASPs may be accessed on the FSCA’s website at this link: Approved list of crypto asset service providers. The licensing process for CASPs commenced on 1 June 2023. Existing institutions…
If only I was a fly on the wall during MTN’s executive meetings, I’d be a witness to the formidable challenges confronting Group CEO Ralph Mupita and his team. The capacity and expertise of MTN’s executives are being tested by forces beyond their control. In Nigeria, the relentless depreciation of the currency is wreaking havoc on MTN’s operations. The Nigerian government’s decision to devalue the naira and allow it to trade freely in the open market has decimated its value against the US dollar, erasing a staggering 97% of its worth. This seismic shift has left MTN Nigeria grappling with…
Old Mutual has been granted permission by the Prudential Authority to inaugurate a bank in South Africa, slated for launch by the end of this year. In an announcement, Old Mutual expressed its satisfaction with the approval received from the Prudential Authority after a thorough regulatory assessment of its application in accordance with Section 16 of the Banks Act 94 of 1990, as amended. The approval allows the group to proceed with the establishment of a bank, albeit subject to specific license conditions. “The approval to establish a Bank is a material catalyst in our strategic delivery journey. It accelerates…
French media conglomerate Canal+ continues to buy more shares in JSE-listed broadcaster MultiChoice. Following a significant increase in its ownership stake, Canal+ has triggered a mandatory offer to minority shareholders of MultiChoice Group. This action was necessitated after surpassing a predefined threshold established by the JSE. In accordance with JSE regulations, when an individual or entity acquires at least 35% of a listed company, a mandatory offer must be extended to other shareholders under terms agreed upon with the main exchange. Canal+ has put forth a mandatory offer to acquire all outstanding shares of MultiChoice Group not already held by…
The Easter bunny normally does its rounds in April, but with Easter falling in March this year, car sales – both new and used – took a back seat. Sales of new cars slipped -15.1% year-on-year, while used car sales almost mirrored this with a -12% drop. “The profusion of public holidays in March translated into weaker car sales in a month not normally impacted by Easter holidays. April is traditionally the slow-selling month. Year-on-year and month-on-month sales figures are thus somewhat skewed; not quite a like-for-like comparison as would historically be the case,” explains CEO of AutoTrader, George Mienie. “Despite the…
TikTok has unveiled its Instagram rival, TikTok Notes, launching initially in specific regions including Canada and Australia, accessible for download on both the Google Play Store and Apple App Store, according to the company’s announcement. The company said on X that it was inn the early stages of experimenting with a dedicated space for photo and text content with TikTok Notes. “Starting today, TikTok Notes is available for download and limited testing in Australia and Canada. “We hope that the TikTok community will use TikTok Notes to continue sharing their moments through photo posts,” said the company. “Whether documenting adventures,…
Maserati unveils the GranCabrio Folgore, a four-seat all-electric convertible, marking a significant shift in their lineup. The Italian carmaker says the GranCabrio is an invitation to live life to the fullest. “An exclusively Italian interpretation of driving through life with the top down.” A Passport to Pure Pleasure “For those who want to savour the best life has to offer. For those who crave grand tours that are all about enjoying every moment to its fullest. The new GranCabrio is an icon evolved,” says Maserati. A modern enigma resolved: a finely tailored balance of tradition and innovation, raw track-bred engineering and Italian…