Author: Gugu Lourie

The traditional lay-by system has long represented an enormous headache for merchants and retailers, marked by high administrative costs and high non-completion rates. But through utilising new technologies, South African digital disruptor LayUp seeks to improve finalisation rates up to 60% for businesses, while opening access to South Africa’s untapped low-income market. Latest Experian statistics indicate that there are currently 20.3 million credit-active consumers in South Africa with a staggering R1.4 trillion in outstanding local consumer debt, while 17.9% of loans are four months or more in arrears. Pointing to these figures, LayUp founder and CEO Andrew Katzwinkel notes that…

Wireless communications and signal processing expert Dr Doron Ezri, the Wi-Fi CTO of Data Communications Product Line at Huawei, told an audience of industry professionals at the Huawei IP Club that Wi-Fi 6 – the latest W-Fi specification standard – promises to enhance connectivity in the business environment, thanks to its upgraded MU-MIMO (multi-user, multiple-input, multiple-output) technology. The technology allows a router to communicate with multiple devices at the same time. This will mean offices, shopping malls, airports and public Wi-Fi spaces, where dozens and even hundreds of devices are connected, will enjoy a more reliable Wi-Fi service. To provide even…

PayU, the payments and FinTech business of Prosus, has invested a staggering $1 billion (R15.8 billion) on FinTech and mergers & acquisitions (M&A) globally over the past few years. The payments and FinTech business has received funds from its parent company Prosus, which last year listed on Euronext Amsterdam. Prosus is 73.8% owned by Naspers,and the rest is free float. The past year may have introduced more economic complexity and mercurial market shift than could have been realistically expected when 2020 first kicked off in January, but it has not sat still or rested on its laurels The payments industry…

There is no doubt that Bob van Dijk, the CEO of Prosus, wants to make a big acquisition. The Dutch arm of South African internet titan Naspers has nearly R70 billion in cash that can be used to snap a big ecommerce player or a FinTech player. Last year Prosus, which is 73% owned by Naspers, failed to buy Just Eat for R98 billion. Just Eat was acquired by rival Takeaway.com. The company also was unable to purchase eBay’s classified lucrative asset that was snapped up by Norwegian firm Adevinta paying R140 billion or $9.2 billion at the time. Prosus…

South Africa’s largest online retailer, Takealot.com, reported on Monday a 41% jump in revenue to $238 million (R3.7 billion) in the six-months to end 30 September 2020. The Naspers-owned group was permitted to sell only essential goods, while Superbalist and Mr D Food could not operate at all. “The business rebounded in late May when trading restrictions were lifted and all three businesses exceeded their pre-Covid-19 growth rates in the second quarter,” Naspers informed investors on Monday. The Takealot group generated $407m GMV, growing 85% in local currency. “Given this strong topline performance, Takealot delivered a trading loss improvement of 36%,…

Retailer Pepkor, previously Steinhoff Africa Retail, said on Monday operating profit in its financial technology (FinTech) services business dropped by 5.8% to R455 million in the year to end-September 2020. Pepkor on Monday attributed the drop in operating profit to higher provision levels in the Capfin unsecured lending business. Capfin was founded in 2010 with a vision to provide customers with affordable loan products and services. It has partnered with PEP and Ackermans to provide convenient and reliable services to customers. Pekkor informed investors on Monday that Capfin reduced the number of active accounts from 333 000 at 31 March 2020 to 219…

South Africa’s financial regulators have published a draft declaration of crypto assets as a financial product under the Financial Advisory and Intermediary Services Act (FAIS). This means any person furnishing advice or rendering intermediary services about crypto assets must be authorised as a financial services provider and must comply with the requirements of the FAIS Act. The South African Financial Sector Conduct Authority (FSCA) said this would pave the way for cryptocurrency exchanges, advisors, and brokers to be registered as financial services providers (FSPs). The FSCA and FAIS require that every FSP be registered with the FSCA before they may legally…

Ukheshe, South Africa’s digital banking platform provider, announced on Friday it has agreed to buy 100% of Oltio from Mastercard for an undisclosed amount. Oltio developed the digital payments platform that supports Masterpass, Mastercard’s QR payment service in South Africa and enables people to safely pay for a wide variety of purchases with their bank card by scanning a QR code with their mobile phone. In March 2018, Mastercard acquired mobile payments technology company Oltio from Standard Bank Group for an undisclosed amount. At the time, Mastercard Said the deal builds on a longstanding relationship with Oltio, a startup that pioneered…

Telkom today announces the launch of a cancellation and retention call centre to streamline customer service process. The inbound Interactive Voice Response (IVR) call centre will allow customers to speak to an agent. Telkom customers can simply dial 081180 (mobile) or 10210 (fixed line) to cancel or make changes to their services. With this new IVR option, you can now cancel your arrangement with Telkom by speaking to an agent directly, no form or call back. This service compliments the use of our portal or website. Simplifying the process for customers. It’s a real time service where customers are assisted…

Vodacom’s partnership with Alipay, the world’s leading digital lifestyle services platform, will bring inclusive mobile solutions to consumers and merchants in South Africa through innovative digital technologies.   Alipay, part of China’s Alibaba, and Vodacom Financial Services are developing a single lifestyle app to enable consumers to shop online, pay bills, and send money.   The partnership was made public in July, but at the time the announcement drew little attention in South Africa because the COVID-19 pandemic was dominating the news.   However, Vodacom subscribers should now pay attention to the development – not just because of the partnership.…

In 2021, the new 223-series Mercedes-Maybach S-Class will be delivered to the first customers – exactly 100 years after the first Maybach automobile presented in 1921. This Model W 3 was already dedicated to maximum comfort and luxury. On the basis of a historically evolved understanding of luxury and superlative quality, Mercedes-Maybach has always redefined the luxury of the future. The focus on the rear area The Mercedes-Maybach S-Class is particularly suitable for chauffeured driving. The 18 cm longer wheelbase compared to the long variant of the Mercedes-Benz S-Class entirely benefits the rear. The focus on the rear area. This…

Leep Africa, a Johannesburg-based South African company, has developed the world’s first Internet of Things (IoT) mobile hotspot network. Its product, Leep Connect, will be piloted in select Bolt vehicles and in independent minibus taxis to provide free internet to passengers and drivers alike. The company said commuters are provided with free internet access on their daily travels which they can use at their discretion. It added that users are not offered with cached content but rather pure internet access. This provides commuters across socioeconomic lines in South Africa reliable access to the internet. George Georgiades, Industrial Engineer, co-founder of…

Checkers Sixty60 picked up a gold award in the Service Design category at the 2020 Loerie Awards. Sixty60, the first one hour grocery delivery service from a South African supermarket chain, also recently won at the 2020 MTN Business App of the Year Awards and the 2020 BCX Digital Innovation Awards. “We are thrilled to have won a gold Loerie in our first year of operation,” commented Neil Schreuder, Chief of Strategy and Innovation for the Shoprite Group. “It’s an amazing achievement and illustrates our team’s unwavering commitment to ensure a truly customer-centric, seamless online shopping experience.” The Loeries, now…

Xago announced on Wednesday that it had received a substantial investment from Imvelo Ventures.  Xago is an innovative South African FinTech that focuses on an all-inclusive approach to moving money rapidly across Africa. Imvelo Ventures is a venture capital investment company founded by Capitec Bank and Empowerment Capital Investment Partners. The company said it would use the funds to continue to expand its cryptocurrency services and products into African markets. Xago was co-founded in 2016 by Jurgen Kuhnel, Sonya Kuhnel and Mark Chirnside. “Xago changes the way money flows, what it costs and how long it takes to reach a destination…

Buy Now Pay Later (BNPL) sounds too good to be true, especially as Black Friday and the festive season approaches. There are a number of innovative retail models that have emerged to assist conscientious shoppers that are looking for more flexible and responsible ways to pay. BNPL financial service providers like PayJustNow.com are disrupting the retail payment space as they offer shoppers an interest free alternative to costly credit card purchases. This powerful facility, empowers the consumer to conveniently pay for their online and in-store splurges without the burden of Interest. PayJustNow.com CEO Craig Newborn says consumers are getting excited…

Naspers announced today that it has invested R45 million in The Student Hub, a local online learning platform. The Student Hub increases access to vocational education to students whilst reducing the costs of delivery of education and training. The Student Hub Delivers Courses Online The company helps overcome the constraints of limited physical infrastructure and related resources. It partners with government accredited Technical and Vocational Education and Training (TVET) colleges to help them deliver their courses online.  “We are delighted to be partnering with Naspers given their deep international experience in the EdTech sector,” Hertzy Kabeya, Founder and CEO, The Student…

The new CloudGate X mini PC may be tiny, but it is packed with features that can more than match any conventional desktop. Weighing only 240 grams, this portable mini PC with built-in high-speed wireless and Bluetooth 4.2 is a powerful replacement solution for most tower computers. Developed in South Africa, the mini PC was designed to meet user needs in any environment. Measuring 120x120mm the CloudGate X mini PC is suitable for home use, call centres, and many other enterprises. The mini PC can also be used as an education tool. CloudGate was founded in 2010 by Brian Timperley.…

Vodacom reported on Monday that its financial services customers, including Safaricom, rose 12.6% or 6.1 million to 54.8 million in the six months to end-September. The Vodafone-owned group also reported that Financial Services business revenue rose 3.1% to R9.2 billion. The company’s key market of South Africa contributed R1.1 billion in revenues after experiencing a 15% increase on the back of its popular Airtime Advance, insurance and VodaPay services (direct airtime, prepaid electricity, bills). The company advanced R5.7 billion in airtime (38% of total recharges) via Airtime Advance platform to 10.1 million customers in South Africa. Insurance policies increased 23.4%…

Vodacom, South Africa’s mobile phone operator that is transforming itself into a technology company, is well-positioned to weather the coronavirus storm as it got into this crisis with a strong balance sheet. Vodacom reported on Monday that it was sitting on R13.9 billion in cash and cash equivalents as at 30 September 2020. Since March 2020, the World Health Organisation, officially declared the novel coronavirus, COVID-19, a pandemic, triggering various government interventions to stem the spread The Vodafone-owned company, which is led by Shameel Joosub, believes the strength of its financial position will continue to allow it to conduct its…

Health and social care in the UK can benefit from the roll-out of 5G and Internet of Things (IoT) technologies, according to new research from Vodafone, a parent company of South Africa’s Vodacom. The report stated that the UK government has committed to building 40 new National Health Service (NHS) hospitals by 2030, with six NHS Trusts already earmarked to receive funding to completely rebuild existing acute hospitals by 2025. “This is an unmissable opportunity to remodel the whole NHS estate, designing in new 5G and IoT technology from the ground up to optimise everything from patient experience, to clinical collaboration,…

Showmax, the internet TV service owned by MultiChoice, is gaining traction in South Africa. Internet TV is taking off across South Africa with several local and international services now available in the country. This week Mondia, a Dubai-based tech firm, announced the launch of its time-based entertainment platform Monsooq in South Africa. Monsooq is a first-of-its kind model where time is the currency and users pay only for the time they spend consuming content. The benefit of internet TV versus traditional services is that subscribers are able to choose from a catalogue of TV shows and movies and then start, pause…

Huawei today walked away with the COVID-19 Response Award at AfricaCom. The COVID-19 Response Award recognises organisations and initiatives that have successfully deployed technology solutions in the battle against the COVID-19 pandemic. Huawei developed the AUTIN solution for network O&M, using new technologies such as blockchain, grid-based transformation and intelligentization of operations to enable the decentralization of Network Management (Portable NOC) in times of COVID-19 pandemic. About 100 million mobile subscribers in Nigeria – the most populous country in Africa – are served by 4 main operators that together combine around 30,000 sites nationwide. Maintaining these large infrastructures requires hundreds…

Africa’s pay-tv giant MultiChoice is planning to utilise its R11.8 billion cash pile to fund growth and the weather the COVID-19 pandemic storm. MultiChoice, which added 1.2 million 90-day active subscribers in the six months to end-September to close the period on 20.1 million households believes the strength of the balance sheet is critically important given the uncertain longer-term economic impact of COVID-19. The company added that a strong balance sheet is also critical due to potential challenges for specific markets in the Rest of Africa (RoA) because of a lower oil price. Some R7.3 billion in cash and cash…

MultiChoice, Africa’s biggest pay-TV operator, has acquired a 20% stake in BetKing, a pan-African sports betting group. As part of the deal, MultiChoice has made an made an upfront investment of $81 million (R1.3 billion), with the potential for a further payment of $31 million (R500 million) should certain earn-out targets be met between December 2021 and December 2023. As the group exercises significant influence over BetKing, the business will be equity accounted as an associate from 1 October 2020 by MultiChoice. The company said the deal is part of its plans to expand the its entertainment ecosystem. BetKing is…

Unemployment in South Africa has soared to 30.8% in the last three months, the Quarterly Labour Force Survey (QLFS) for the third quarter of 2020 revealed. The rise was a 7.5% increase from the second quarter. This comes after Stats SA in September reported that despite the South African economy shedding 2.2 million jobs due to the COVID-19 lockdown, unemployment in the country dropped to 23.3% in the second quarter of 2020. According to the report, released by Statistics South Africa (Stats SA) on Thursday, “The number of employed persons increased by 543 000 (3.8%) to 14.7 million compared to…