Author: Gugu Lourie

TymeBank, a rapidly expanding digital bank, revealed today that it has reached a milestone of eight million customers as of October 6, 2023. This achievement signifies that one out of every five eligible South Africans now holds an account with TymeBank, solidifying its position as one of the world’s fastest-growing digital banks. “We are immensely proud of the fact that we have acquired eight million customers since launching in February 2019,” says TymeBank CEO Coen Jonker says.  “Our performance reinforces our position as one of the world’s fastest growing digital banks and a credible alternative to the legacy banks for…

To combat the energy crisis, MTN South Africa has committed significant funds to enhance its tower infrastructure. This effort includes integrating backup batteries and generators to ensure a continuous power supply. Charles Molapisi, the CEO of MTN South Africa, has announced an additional investment of R1.5 billion for the fiscal year 2023 to bolster these initiatives. Highlighting the severity of the energy crisis in South Africa, Molapisi revealed, “In 2022 alone, we had to deploy over 2,000 backup generators, consuming more than 400,000 liters of fuel monthly.” This new investment aims to address this challenge and strengthen MTN’s infrastructure for…

Discover the latest episode of TFS Bag of Words, where MTN South Africa’s Bertus Van Der Vyver delves into the groundbreaking MTN SuperFlex mobile plan. In a world where the cost of living can cause frustration, the burden of expensive mobile plans should not add to your worries. MTN addresses this concern with its innovative solution, MTN SuperFlex, a month-to-month SIM-only plan that prioritises your convenience. In this engaging podcast, Van Der Vyver, General Manager for MTN Residential, sheds light on how MTN SuperFlex aims to transform the way customers perceive mobile plans. He discusses the challenge of providing both…

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…