Author: Gugu Lourie

In a groundbreaking initiative, TymeBank has successfully facilitated the disbursement of an astounding R200 million in previously unclaimed benefits from the Motor Industry Retirement Fund (MIRF). The Motor Industry Fund Administrators (MIFA), entrusted with managing retirement funds on behalf of MIRF beneficiaries, played a pivotal role in this endeavour. TymeBank’s innovative approach to payments, fueled by its advanced technology and the introduction of the Pay2ID solution, allowed for the secure and efficient transfer of funds. Lihle Khoza, CEO of MIFA, says: “When MIFA approached TymeBank to explore this initiative, the team at TymeBank readily welcomed our mission and has been…

Over the past few years, social media has experienced exponential growth. As South African consumers dedicate an increasing amount of their daily routine to social platforms, retailers are actively seeking ways to engage with them. Notably, the surge in Black Friday media spending across Sub-Saharan Africa’s prominent social channels, has been noteworthy in recent times. In 2022, the digital media investment for Black Friday in Sub-Saharan Africa witnessed a substantial 60% increase. We conducted an interview with Stephen Newton, the Managing Director of Aleph, who acts as a representative for companies in Sub-Saharan Africa, including X, TikTok, Snapchat, and Spotify in order…

This month’s used car sales story is – in large part – about KIA. In November, AutoTrader’s used car sales data shows that KIA was the brand among the ten best-selling brands to post the highest positive sales growth. And among the ten best-selling models, the KIA Picanto also experienced the highest growth in sales. The KIA brand posted a 25% increase in used car sales over the previous month, while its KIA Picanto model boasted a 20.8% month-on-month sales growth. The KIA Picanto is knocking on the door of the most sold variant ranking too. While not among the five top-selling variants in…

South African VAT vendors should familiarise themselves with SARS’s recently launched automated VAT assessment system. SARS’ notice, which was issued on 11 December 2023 provides that the new system will automatically issue assessments for those who fail to submit necessary verification documents timeously. Most notably, corrections will not be allowed for the same period once an automated VAT assessment is issued. Zulfah Mullins, tax compliance officer at Hobbs Sinclair highlights the significance of this update for VAT vendors. Key points include: Estimated assessments will be issued if vendors fail to submit necessary documents during verification. Corrections for the same period…

While new car sales in South Africa remain under pressure – and, depending on December sales, may not return to pre-pandemic levels this year – the used car market certainly isn’t in the doldrums. According to the used car sales data supplied by AutoTrader, a total of 32,300 used cars moved through AutoTraders platform in November 2023, a 6.6% increase over the 30,286 cars sold in November 2022¹. In stark comparison, according to naamsa | The Automotive Business Council, 29,384 new passenger cars were sold in South Africa during November 2023 – a significant decline of 4,052 cars – or a…

Momentum Metropolitan Holdings has promoted Ravikumaran Govender as Group Chief Digital and Technology Officer (CDTO), effective 1 January 2024. He makes the move from his current role as Momentum Metropolitan Group Digital Transformation Executive. With over 15 years of service in the financial services and consulting industries, Govender presents an impressive scope of experience and innovative thinking applicable to his new role. His focus will be on making sure all the Group’s digital activities and innovations are aligned with market needs and opportunities, while making sure the operations are in sync across all businesses in the Group. Govender holds various leadership…

These days, most of us live increasingly connected lives. While it’s perhaps worth considering “unplugging” – that is, refraining from using your digital devices – for at least part of the upcoming holidays, there’s one time you most certainly should not be without the ability to communicate via such technology.Yes, we’re talking about the humble road trip. During any lengthy journey via South Africa’s highways and byways, it’s important you remain connected and able to reach out should you require some sort of assistance or maybe even just for some entertainment. So, what steps should you take to ensure your vehicle is…

The Eskom Board is delighted to declare the selection of Dan Marokane as the incoming Group Chief Executive of Eskom. Marokane, a certified Chemical Engineer with an MBA, brings over two decades of executive expertise to the role. He is scheduled to assume his position at Eskom by no later than March 31, 2024. Marokane returns to Eskom after he and three other senior executives were suspended following an ethical stand they took against state capture, fraud and corruption.  He has experience working in distressed organisations with visible and pressurised turnaround mandates. His recent assignment is at Tongaat-Hulett where he…

Dr. Bongani Mabaso, the CEO of the State IT Agency (Sita), has tendered his resignation, leaving the agency, which has previously been marred by corruption issues. SITA board said in a statement that it has accepted a request from the Managing Director, Dr . Bongani Mabaso, to be released early from his employment contract with the company. Dr Mabaso joined the company on 01 April 2023 and was on a fixed term contract for five years. SITA said he indicated the desire to pursue interests elsewhere, aligned with his career direction and growth. “The Board respects the choice and decision…

BestAgent today announced it has close to 800 estate agents registered on its platform that help consumers select top estate agents. The platform was developed to enable South African consumers to make informed decisions when selecting estate agents. “Our platform is a game-changer for anyone navigating the real estate market,” explains Van Niekerk, CEO of BestAgent. “We provide a transparent and reliable way for both buyers and sellers to identify the best-suited estate agents in their desired areas. The idea for Best Agent was born during the March lockdown in 2020. One year later, Koole turned the idea into a…