Author: Gugu Lourie

Banking group Nedbank announced Friday that Mteto Nyati is stepping down from its board of directors. His resignation is with effect from 9 October 2023 because of increased capacity constraints, said Nedbank. “Mteto accordingly also steps down as a member and chair of the Group IT Committee, and member of the Group Directors’ Affairs Committee and Group Risk and Capital Management Committee,” the banking group informed investors. Nedbank Group Chairperson, Daniel Mminele, thanked Nyati for his contribution to the deliberations of the boards since his appointment. The group wishes him well in his future endeavours. The bank added that all…

Natasha Mazzone – the Democratic Alliance (DA) shadow minister of communications and digital technologies, Natasha Mazzone – somehow finds time to engage in cheap politicking. Soon after Nonkululeko Dlamini was named the new Telkom CFO on Sunday, (1 October 2023), Mazzone was on her laptop. In a rush, Mazzone arrogantly declared the DA believed Dlamini would not add any value to the financial management of Telkom, which she described as a state-owned enterprise (SOE). Dlamini, who recently resigned as Transnet CFO, takes up her new role at Telkom on 1 December 2023. Unimpressed, Mazzone demanded in her statement that: “The…

Frogfoot Networks, a licensed open-access fibre network provider, is launching Frogfoot RISE, a prepaid, uncapped internet service aimed at expanding fibre connectivity across South Africa’s townships. The pilot programme will connect 40,000 to 45,000 homes within the next 3 to 6 months, starting with Vrygrond and Phillipi in the Western Cape. These areas, situated beyond Frogfoot’s existing network, are densely populated and currently underserved. “Frogfoot Networks’ ambition is to bring access to uncapped connectivity to as many South Africans as possible. Of course, this will have to be accomplished through a mix of technologies, but it makes more sense to…

FirstRand has appointed COO Mary Vilakazi as its new CEO, marking a historic milestone as she becomes the first woman to lead the financial services group in its 185-year history. Vilakazi will succeed Alan Pullinger, who is set to step down from the role in April next year. Having joined the JSE-listed financial services group in 2018, Vilakazi brings a wealth of experience, previously serving in various capacities at Momentum Metropolitan Holdings, including CFO and deputy CEO. The appointment signifies a significant step towards gender diversity in the leadership of major financial institutions. As one of three FirstRand executive directors,…

Three Information Communication Technology (ICT) companies pledged a total of R809 million towards the Eastern Cape economy, part of the R127 billion in new investment commitments announced on Friday during the third Eastern Cape Investment Conference held at the East London International Convention Centre. Among these commitments is a significant R500 million investment by Vodacom, South Africa’s largest mobile communications company. This substantial funding is allocated for expanding connectivity in rural areas and townships within the province. Additionally, global technology firm JendaMark Automation is injecting R150 million into digital Fourth Industrial Revolution technologies in Nelson Mandela Bay. Furthermore, the Universal…

Pick n Pay CEO Pieter Boone has resigned from the top role,  effective 30 September, the retail giant announced on Monday. Sean Summers, a Pick n Pay veteran who ran the group as MD and CEO for 11 years, will replace Pieter with immediate effect. “I want to thank Pieter for his dedication to Pick n Pay over the past two-and-a-half years. He became our CEO while the Covid pandemic was still raging, and has led the business through some extraordinary challenges, including the transition out of the Covid lockdown, the unprecedented civil unrest in 2021, and the current loadshedding…

Capitec Bank announced today that Capitec its revenue from send cash payments and voucher sales surged 56% to reach R1.1 billion in the six months to end-August 2023. “The leading digital bank’s latest results reveal that the number of clients embracing digital transactions has grown 8% to 11.7 million, while the number of app users climbed to 10.2 million, making Capitec the biggest digital bank in South Africa,” , says Gerrie Fourie, Chief Executive Officer at Capitec. “This surge has propelled digital transaction volumes by 21% to 957 million, with the banking app claiming 83% of these transactions. Income from…

Capitec today announced that its prepaid mobile service Capitec Connect has issued 1.3 million SIM cards to subscribers by the end of August 2023. The banking group launched its mobile virtual network operator (MVNO) in September 2022. Capitec Connect piggybacks on Cell C’s mobile network infrastructure. Capitec GlobalOne transaction accounts can become Capitec Connect subscribers by connecting to the mobile virtual network by purchasing a SIM card from Capitec, which has been provisioned and activated on the mobile network. Meanwhile, Capitec also recorded headline earnings growth of 9% to R4.7 billion in its August 2023 Interim financial results. The bank’s…

Scan to Pay, Powered by Ukheshe, has partnered with Xion Global to offer crypto payments on the Scan to Pay app. Scan to Pay, powered by Ukheshe, is the largest QR ecosystem in South Africa and is used by more than 600,000 vendors, 14 banks and fintech companies and 94 payment service providers. Now, this new partnership will seamlessly introduce more crypto payment options to mainstream South Africa through the Scan to Pay app. Tracy-Lee Schoeman, Vice President of Loyalty and Rewards at Ukheshe, says the rise of cryptocurrencies has created a new wave of opportunities for performing financial transactions.…

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