Author: Gugu Lourie

South Africa’s gig economy, which is made up of freelance, short-term, and on-demand work, is growing. Since the lockdown was imposed at the end of March to combat the coronavirus, it has become apparent that the digital economy has enormous challenges and opportunities. Trade and Industry Minister Ebrahim Patel recently said South Africa’s digital economy has the potential to create 4.5 million positions. But he said for this to materialise there had to be the “right policy mix”. Precautions to tackle COVID-19 under the lockdown have seen thousands of workers work remotely. This type of flexibility has also seen the gig…

Investec has told the Information Communication Technology Union (ICTU) to direct its questions about the Believe Phantom Option Share Scheme for Cell C workers to the mobile phone company’s management. Three years ago, on 1 September 2017, Cell C management awarded shares in the Believe Phantom Option Share Scheme to workers. The shares were based on the company’s audited financial results for 2016. At the time, the share price was R31.06. Investec, the banking and wealth management group, is the administrator of Cell C’s Believe Phantom Option Share Scheme, also known as the Believe Share Scheme. The first vesting date for the Believe Share…

The Information Communication Technology Union (ICTU) wants Blue Label Telecoms to explain how the JSE-listed company can zero rate its stake in Cell C but remain the mobile phone operator’s main revenue generator. ICTU, which is an affiliate of the South African Federation of Trade Unions led by Zwelinzima Vavi, is the sole worker representative at Cell C. The union wants to know if Blue Label Telecoms is using Cell C as a “piggy bank.” Blue Label Telecoms, Nasdaq, and JSE-listed Net 1 have all written down to zero the value of their stakes in Cell C. Last month, Blue…

The Information Communication Technology Union (ICTU) has asked Investec to explain the ‘devaluing’ of the “Believe Phantom Option Shares Scheme (Believe Share Scheme)” awarded to Cell C workers a few years ago. In a memorandum seeking clarity on the matter, the ICTU says: “We require Investec to make available the audited financial reports received by Investec from Cell C, which informed Investec as the fund administrators to render the share scheme to be deemed to have lost monetary value.” The union added: “We question and require a detailed explanation of the non-communication on the share scheme to the registered individual shareholders from…

Telkom has announced the appointment of new board members after the retirement of independent non-executive directors Santie Botha and Khanyisile Kweyama. Botha and Kweyama will retire from the board with effect from 25 September and 31 December 2020, respectively. South Africa’s biggest fixed-line telephone operator informed investors on Wednesday that they will be replaced by Alphonzo Samuels and Hemmanth Singh. “Telkom welcomes Messrs Samuels and Singh to the Board of Directors, and looks forward to their contributions to the company,” Telkom said in a statement. “The company also extends its gratitude to Botha and Kweyama for their contributions over the…

Luno, one of the largest crypto exchanges in Africa, has been bought by New York-based Digital Currency Group (DCG). Luno is backed by Naspers and Rand Merchant Investments (RMI), through its fintech investment arm, AlphaCode. Both have sold their stakes to BCG. It is a global cryptocurrency company that makes it safe, easy to buy, sell, store and learn about cryptocurrencies with over 5 million customers in more than 40 countries. DCG is a global enterprise that builds, buys and invests in blockchain companies. It is also an investment firm that has backed more than 160 blockchain companies around the…

The arrival and rapid rise of the digital economy presents South Africa with an opportunity to reverse the pervasive, triple scourge of unemployment, inequality and poverty. But to harness the promised benefits of digitalisation, South Africa must create a commercial and regulatory environment designed to extract those benefits and distribute them in a way that ensures inclusive economic growth. The South African competition watchdog, the Competition Commission, has published a paper title “Competition in the Digital Economy” which aims to inform its government and corporate stakeholders of its approach to regulating competition in the digital economy. As an open economy,…

Checkers, Africa’s largest supermarket group in November 2019 introduced its new rewards programme, called Checkers Xtra Savings. The programme was to compete with Pick n Pay’s SmartShopper and Woolworths’ WRewards. The Checkers Xtra Savings Programme gives customers extra cash savings on more than 1,000 products every month. Checkers has revealed that it has signed up 4.7 million customers since inception in November 2019. “It delivered from day one on the group’s objective to ensure our customers save more every day,” the company informed investors on Tuesday. “This has been further entrenched with the successful launch of our personalised offers programme.…

The opportunities for mobile payments arrive at a pivotal time. African countries such as Nigeria and Ethiopia are now welcoming more investment in mobile services, according to a new report by Boston Consulting Group (BCG) titled Five Strategies for Mobile-Payment Banking in Africa. The COVID-19 crisis has provided a further opportunity. Mobile payments make social distancing easier, and these new digital solutions can help businesses and consumers cut their day-to-day expenses at a time of financial stress. At the same time, many African economies have strong and resilient fundamentals, including a young, fast-growing population and ongoing improvements in the business environment and governance.…

The Independent Communications Authority of South Africa (ICASA) is now changing gears and informing operators that the auction for the high-demand spectrum will be completed no later than 31 March 2021. That’s noteworthy considering the regulator promised to auction the 4G and 5G spectrum by 31 December 2020. None of this is all that surprising, however, mainly because the goalpost has been shifted several times by the regulator and government. ICASA announced today that the Invitation To Apply (ITA) for both the Wireless Open Access Network (WOAN) and the International Mobile Telecommunications (IMT) spectrum, also known as high demand spectrum…

Telkom has introduced a SmartBroadband SIM-only 1TB LTE deal for R999 that can be subscribed to on a 24-month contract with a device or on a month-to-month contract. The SmartBroadband Wireless post-paid LTE data product is available only on Telkom LTE/LTE-A 2300MHz and 1800MHz coverage. The SmartBroadband 1TB Wireless post-paid data offer, includes 1000GB anytime data per month. “Telkom’s SmartBroadband Wireless is bringing you something bigger than big with the first-ever Terabyte offer in South Africa,” the company said. “For a limited time only, you could be one of the first customers to take advantage of this crazy, game-changing deal…

The new S-Class is described by Mercedes-Benz as a saloon that uses digitisation for a car that responds empathetically to the needs and wishes of its driver and passengers. The S-Class stands for the fascination of Mercedes-Benz: legendary and traditional engineering expertise defines the luxury segment in the automobile industry. No date yet for delivery in South Africa, but the new S-Class can be experienced with all the senses – seeing, feeling, hearing and smelling – while offering numerous innovations in the areas of driver assistance, protection and interaction, according to Mercedes-Benz. The German carmaker says with this new saloon…

As a company that stand for women, Avon believes that behind every woman, there is a compelling and inspiring story to tell. This is the story of Myrtle Moodley, Avon Independent Business Owner.

Audi connect will be introduced into the local market with the imminent arrival of the new Audi A4 which is due in October. The technology brings real-time online connectivity to the driving experience with a host of features linking the car, driver and environment via the smartphone. With completely integrated in-car connectivity, the new Audi A4 becomes a digitally connected hub for the driver. Audi connect takes the comfort and enjoyment of driving the new Audi A4 to a whole new level, by providing a range of infotainment, entertainment, remote safety and service functions. The technology focuses on integrating the…

Today, SuperSport’s long-time channel line-up will permanently disappear with an all-new sport-specific offering designed to make navigation and content discovery easier than ever. SuperSport viewers on DStv will be able to enjoy special dedicated channels for leagues and sports, among them the PSL, the Premier League, La Liga, rugby, cricket, golf, tennis, motorsport and several others, which will now have a home to call their own. Not just live sport will be housed in these channels: supplementary programming such as magazine shows and highlights will add to the overall package. “Although there are channel changes, no customers will be getting any…

MTN Group has appointed Sugentharan Perumal as chief financial officer (CFO) following the appointment of the previous CFO, Ralph Mupita, as the new MTN Group CEO. “The company continues with its rigorous recruitment process for the GCFO position, and in the interim the board has appointed Sugentharan Perumal as MTN Group’s acting GCFO,” the company informed investors on Tuesday. A chartered accountant for over 15 years, Sugen has extensive financial and accounting experience. He has served as an external auditor of MTN Group and held various key executive and board positions within the group. He is currently acting CFO of…

The latest compact super-sportscars from the Mercedes-AMG stable have landed in South Africa. Promising outstanding performance, the ultimate driving dynamics and expressive design, the new Mercedes-AMG compact A 45 S 4MATIC+ Hatch and CLA 45 S 4MATIC+ are set to reassert their leading positions in their segments. The Mercedes-AMG A 45 S 4MATIC+ will be priced at R1.1 million and the Mercedes-AMG CLA 45 S 4MATIC+ at R1.2 million. We have completely redesigned our 45 models – from the engine and transmission through the chassis, the elaborately constructed drivetrain to the body structure and of course the design itself –…

Is Cell C manipulating its latest financial figures? I recently found out that the troubled mobile phone company somehow managed to pay its workers’ outstanding bonuses and 13th cheques that were promised in March 2020. It is commendable that Cell-C, with much-reported money troubles, paid out much-needed cash to hard-pressed workers who had been struggling under COVID-19 lockdown. Last year on 26 September 2019, Cell C said its earnings before interest, taxation, depreciation, and amortisation (EBITDA) decreased by 19% to R3.39-billion. These financial results were for the year ended March 2019 (2018: R4.18-billion) due to the expanded network roaming agreement…

ICT industry veteran Andile Ngcaba’s inq., a Pan-African digital service provider, has teamed up with Nasdaq and Stockholm-listed Enea. The Pan-African cloud-based digital service provider has selected Enea NFV Access as the virtualization and management software for the inq. universal CPE platform. inq. will initially provide enterprises with managed services for security, software-defined wide-area networks (SD-WAN), and application delivery controllers (ADC’s), while expanding the portfolio with additional managed services. The inq. universal CPE platform will ensure that all these services are well-positioned in terms of cost and performance. The uCPE architecture with Enea NFV Access gives inq. the flexibility to…

Digital transformation is forcing banks to change their business models and adapt to the new market reality. The evolution of technology has led to customers demanding a faster and more efficient experience from banks. To position itself for the future, Nedbank is focusing on digital technologies and internal optimisation, to transform and improve its juristic client experiences. The banking group informed investors on Wednesday that the shift to digital continues to gain momentum. The bank reported that digitally active clients rose by 16% to 1,85 million for the six months to end-June 2020, with 961 000 clients using the Money…

Nedbank’s shopping app Avo has raked in 45 000 less than three months after going live. The  Avo app gives the bank’s customers access to online shopping, essential services and financial products on a single platform. The Avo beta phase was released to Nedbank clients via the Money app on 15 May 2020 and released to the broader public, including non-Nedbank clients, via Apple and Google Play stores on the 19 June 2020. In response to the COVID-19 pandemic creating challenges for many clients to access essential services such as healthcare and home repair services, Nedbank launched its market-leading digital…

The Democratic Alliance (DA) has lambasted Stella Ndabeni-Abrahams, the Minister of Communications and Digital Technologies, for defying parliament regarding the Independent Communications Authority of South Africa (ICASA) appointments. The newly-appointed ICASA Council members will take their oath of office today and commence their four (4) year term to serve and execute their mandate in the public interest. The Chairperson will serve a five-year term. Councillors join the employ of ICASA immediately following their appointment by Ndabeni-Abrahams, as published in the Government Gazette on 21 August 2020. The new appointees are: 1. Dr. Keabetswe Modimoeng – appointed Chairperson of ICASA 2.…

Due to the global outbreak of COVID-19, most railway companies have been forced to stop services. In light of this, railway operators seek the help of new technologies to navigate these difficulties. Hao Guoqiang, President of Global Transportation Development Dept in Huawei Enterprise Business Group shared some ideas from China experience. How to fight against with COVID-19 and how to use this opportunity to accelerate digital transformation in rail industry. He shared some of the lessons Huawei learned from clients. Lesson 1: The pandemic will accelerate the digital transformation of the rail industry. Lesson 2: After the pandemic, the rail…

TechFinancials interviewed Mickey Mashale, the new boss of Nexio, in a wide-ranging discussion that touched on women’s equality, empowerment, digital transformation and the fourth industrial revolution (4IR). South Africa’s digital system aggregator and solution provider, Nexio, announced last month that it has appointed Mashale as CEO. For more read: SA’s Tech Firm Nexio Taps Mickey Mashale as New CEO In an interview with TechFinancials, Mashale unpacks her views on transformation in the ICT sector and how is Nexio embracing 4IR and helping companies on their digital journey. She also talks about how Nexio is adding value to its parent company, Vodacom. What…

Zandile Gumede, the corruption-accused former eThekwini mayor, is blaming “sexist” media for tarnishing her good name. In an interview with eNCA this Thursday, Gumede said her ‘name has been dented’ because of sexism and discrimination from the media. Gumede has been parachuted into frontline politics by the ruling party. She has been appointed as a provincial COGTA leader. She says this is to reward her for her hard work in the community. “It’s not a reward. It’s a continuation of work for the people because they know how hard I can work. There is no reward. It is just to open another…