Author: Gugu Lourie

TymeBank is onboarding more than 300 000 customers a month in both South Africa and the Philippines, according to its majority shareholder, African Rainbow Capital (ARC), which is owned by billionare Patrice Motsepe. ARC said Tyme (including TymeBank and GoTyme) has an annual revenue run rate of over R1.9 billion. The company added that across its two markets – South Africa and the Philippines – the business is growing at a pace of 300,000 new customers a month as it works to provide consumers, particularly the underserved and financially excluded portion of the population, quality financial services. TymeBank now serves…

Volvo Car South Africa has confirmed the freshly revealed EX30 is destined for local roads, while also announcing the brand-new fully electric SUV’s highly anticipated starting price. That figure looks set to render the EX30 one of the most affordable full-size electric vehicles (EVs) in South Africa. Having just made its global premiere, the new small SUV represents the cornerstone of Volvo’s electrification growth ambitions. It debuts as the fastest-accelerating Volvo ever, completing the 0-100 km/h sprint in a mere 3.6 seconds in 315 kW Twin Motor Performance guise. The extended-range version of the Single Motor (rear-wheel drive) powertrain, meanwhile,…

Discovery Bank today announced a partnership with Rubicon, a trusted industry leader in solar solutions. This partnership will offer savings to Discovery Bank clients on high-quality solar and back-up power services for their homes. This reflects the Bank’s commitment to providing its clients with trusted, convenient, and flexible solutions. Hylton Kallner, CEO of Discovery Bank, says,” While South Africans are resilient, the increased and ongoing interruption of electricity impacts all aspects of our lives and drives a need to find alternative ways to power our homes. We’re pleased to launch a financing solution that enables our clients to embrace solar,…

There is good news for drivers on Wednesday as the price of petrol and diesel will be dropping. The Minister of Mineral Resources and Energy, Mr Gwede Mantashe, announces the adjustment of fuel prices based on current local and international factors with effect from the 7th of June 2023. South Africa’s fuel prices are adjusted on a monthly basis, informed by international and local factors. International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation costs, e.g. shipping costs. The main reasons for the fuel…

inq. Group today announced the appointment of seasoned industry leader Glad Dibetso to succeed Nick Reed. Dibetso will become CEO Designate from 1 July 2023 working alongside Reed who will remain on as part of the transition process. The move is part of the Board approved succession plan. inq. recently completed its acquisition of Syrex, a provider of hyperconverged cloud technology solutions, adding South Africa to its footprint across the Continent. Dibetso hopes to continue to bolster inq. to become a truly pan-African business, consolidating its traditional connectivity business and accelerating EdgeDock, inq.’s unique digital service offering. Dibetso said, “I…

In a partnership aimed at making it easier and more cost-effective for customers to watch their favourite local and international blockbuster movies and series, MTN subscribers can now sign-up or switch to Viu Premium for only R69 per month. Along with Viu Premium, subscribers will also receive a 3GB MTN streaming data bundle, valid for 30 days, every 30 days. This allows a customer to watch up to 12 hours of Viu’s premium-rated local and international movies and series each month. Customers need to simply add the subscription to their monthly account, or pay with their airtime, to enjoy their…

Scatec ASA today closed the previously announced transaction to divest the Upington solar plants in South Africa. Scatec, a renewable energy company in emerging markets, is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange The gross consideration for divestment of Scatec’s 42% equity-share in the 258-megawatt (MW) plants is R973 million (NOK 546 million). The company said as previously communicated the proceeds will be recycled into new investments within renewable energy. “We are very pleased to secure a value accretive transaction, in line with our strategy to optimise our portfolio and recycle capital. South Africa remains a…

JSE-listed grocer Spar today announced that the unprecedented power cuts had a direct impact on the trading performance and profitability of its retailers. The retailer said higher power cuts will impact retailers’ profitability due to the additional energy costs associated with the back-up solutions required during the power cuts. “Our retailers have experienced a significant increase in operating costs, primarily driven by the increased cost of diesel required to run generators during the higher levels of loadshedding, coupled with higher repairs and maintenance costs and product wastage, as generators occasionally fail under extended periods of usage,” the company said. Spar…

The FinTech division of JSE-listed retailer Pepkor reported a decline in revenue in the six months to March 31. Pepkor told investors today that its FinTech business reported a 7.8% drop in revenue to R3.7 billion in the first half of the year. The company operates its FinTech division through Flash and Capfin. Pepkor attributed the decline in revenue at its FinTech business to lower revenue recognition at its Flash business. The retailer said revenue from the FinTech segment contributed 9% to total revenue of R40 billion for Pepkor. Pepkor said the Flash business had performed well, increasing profitability by…

Nkwe Platinum hosted a ceremony today to hand over its Social and Labour Plan (SLP) Water Supply Projects to the Sekhukhune District Municipality. The event that marks the completion of Nkwe Platinum Limited’s SLP water supply projects within its mining communities of Garatouw, Maandagshoek, De Kom and Hoepakrantz, which fall under the Makhuduthamaga and the Fetakgomo-Tubatse Local Municipalities. The projects were initiated by Nkwe Platinum Limited to provide access to clean and safe drinking water to communities and livestock surrounding the Zijin Garatau Platinum Mine. A total of 31 boreholes were drilled and/or equipped for the water supply projects across…