Author: Staff Writer

Payment fraud is a nightmare scenario for any business. Irrespective of size, companies face substantial financial and reputational harm resulting from fraudulent activity. Depending on the severity of the crime and the losses incurred, the very survival of the business may be at stake. Ryan Mer, CEO at eftsure Africa,  a Know Your Payee™ (KYP) platform provider, says banking and payment fraud remains a serious concern as fraudsters use increasingly sophisticated methods to exploit process vulnerabilities and take advantage of human error. A 2021 TransUnion report noted a significant surge in fraud and criminal activity related to financial services in…

Cape Town has been announced as the first city on the African continent to welcome the prestigious 787-9 Dreamliner aircraft. Reigniting international tourism to Cape Town  World-class travel destination Cape Town, South Africa has welcomed the introduction of luxurious Dreamliner aircraft flights between Cape Town and Istanbul from 1 April 2022. The city has been selected as the priority destination for the aircraft on the continent. Turkish Airlines states that the Dreamliner is the airline’s most-advanced aircraft, with a seating capacity of 300 passengers, including 270 Economy Class seats and 30 Business Class seats. The Dreamliner provides on-board dining and…

Huawei signed a Memorandum of Understanding (MoU) with the Communications Regulators’ Association of Southern Africa (CRASA) to drive Africa’s digital transformation. Bridget Linzie, CRASA Executive Secretary and Yang Hongjie, Director of ICT Strategy and Policy Department of Huawei Southern Africa Region, signed the MoU during the CRASA 11th annual general meeting attended by delegates from all 13 member countries in Luanda Angola. Under the agreement, both parties intend to exchange information and ideas on ICT policies and regulations, undertake joint research on network security, data protection, digital inclusion policies and emerging technologies like 5G, and organise capacity building activities through…

Vodacom South Africa Managing Director, Balesh Sharma, has decided to leave the  Vodafone-owned company after a two-decade-long career to pursue an external opportunity in Europe, with effect from 30 June 2022. Balesh has held his current role as Managing Director of Vodacom South Africa since September 2020, after he was appointed to carve out a new standalone Vodacom South Africa entity. To ensure a smooth transition, Balesh will remain in his role for the next three months. “I would like to offer my deepest gratitude to Balesh for his invaluable contribution in the establishment of Vodacom South Africa,” Vodacom Group…

Eskom’s former Financial Controller Mosai Barnard Moraka and service provider Victor Vilosi Tshabalala were sentenced to 20 years in jail for fraud and corruption that cost the power utility R35 million. Thed Palm Ridge Commercial Crimes Court sentenced two thieves to an effective 20 years’ imprisonment on Tuesday. The pair were each found guilty of 53 counts of fraud and theft that cost Eskom R35 million. The court also granted an order where both thieves will forfeit their respective properties to the state. The properties were placed under a preservation order in November 2021 and will now be sold, and…

MSI, Redragon, Antec, Crucial and ACGL are joining forces for another year of competitive battle royale action with the #MythicRoyale for Fortnite and Apex Legends. During the course of the year, competitors will compete via a series of qualifiers to earn their spot in the cash final per title. A total of R150,000 in cash is allocated to the rotating Apex Legends and Fortnite series. Each cash series will launch with a guaranteed prize pool, which can be boosted by achieving a number of community goals. The higher the number of community goals per series achieved, the higher the prize pool. Community goals for…

South Africa’s Macrocomm is in strategic partnership with India’s Bharat Rail Automation to deliver signal management and smart railway solutions to SA and other African territories. Macrocomm, with its partner ecosystem, offers cutting-edge digital technology solutions concentrated around IoT, Big Data Analytics, Artificial Intelligence and Machine Learning. The Macrocomm-Bharat Rail partnership will focus on delivering secure data-driven solutions that will enable railway authorities to significantly improve operational efficiency and safety through contextual and secure signalling as well as optimal route planning and scheduling. “Our choice of Bharat Rail Automation as a partner has been based on the trust that the…

Cybercriminals stole R90 million In physical cash through SASSA accounts from Postbank, a subsidiary of the South Africa Post Office. amaBhungane Centre for Investigative Journalism uncovered the security breach. However, the security breach was kept a secret by both the Post Bank and the Post Office. AmaBhungane said between 16 and 28 October last year individuals presumed to be either employed by Postbank or by a Postbank contractor stole at least R89 459 330 in physical cash through SASSA accounts. The brazen fraud involved illicitly crediting grant beneficiary accounts with large sums and then emptying these accounts out at ATMs.…

Microsoft has added Zulu to its Microsoft Azure Cognitive Services Translator, enabling text and documents to be translated to and from one of South Africa’s official languages across the entire Microsoft ecosystem of products and services. Zulu joins Swahili as the latest African language to be supported, and there are plans to add more of the continent’s most widely spoken languages as part of Microsoft’s mission to build meaningful cognitive products and services that improve accessibility and local engagement. Integrations across Microsoft’s ecosystem include Microsoft 365 for translating text and documents, the Microsoft Edge browser and Bing search engine for…

South African Internet of Things (IoT) startup Consumption Information Real Time (CIRT) has secured just under $500 000 or R7.2 million as part of its Seed Round of funding from E Squared Investments, an Impact Investor and a shareholder in Allan Gray. The funding will take the form of a convertible debt instrument which will be converted into equity at a discounted rate when CIRT’s Series A round of funding is completed. “We are extremely excited to have received this big vote of confidence from a respected local investment fund like E Squared, particularly as it comes hot on the…

A crisis is looming in South Africa as the deadline for the renewal of driving licences arrives tomorrow, 31 March, but with hundreds of thousands of drivers who have still not applied for their new cards. The Automobile Association (AA) is again appealing to the Minister of Transport to reconsider government’s refusal to extend this deadline, and to make provision for a longer renewal period. In August last year, Minister Fikile Mbalula announced that driving licences which expired between 26 March 2020 and 31 August 2021 will be valid until 31 March 2022. In February Minister Mbalula indicated that the…

Engineering design and advisory services company Zutari has announced that Teddy Daka is appointed as its sole CEO bringing to an end the dual role he has shared over the last year with Dr. Gustav Rohde. Dr. Rohde now steps into a Deputy CEO role with responsibility for culture, strategy and new business ventures. Daka will, in addition to leading the company, drive Zutari’s growth initiatives, its focused client management programme and digital transformation journey. The two seasoned executives have worked together very well over the last 15 years in different capacities within the legacy firms of Zutari. Daka recently…

Mobile money adoption and use saw continued growth in 2021, processing a record $1 trillion or R14.5 trillion annually. The industry enjoyed a substantial increase in the number of registered accounts, up 18% since 2020 reaching 1.35 billion globally. This is according to the GSMA’s 10th annual ‘State of the Industry Report on Mobile Money’ published today. The volume of person-to-person transactions were up to more than 1.5 million every hour. The report reveals that one of the most significant drivers of growth was merchant payments, which almost doubled year on year. It also highlights how mobile money continues to…

The war in Ukraine has added concerns to an already tense cybersecurity environment. What’s more, recent international coverage about scammers using QR codes to misdirect funds is fuelling fraud uncertainty. But South African consumers, while wise to remain vigilant, are well protected if they stick to a few simple QR guidelines. Quick Response or QR codes saw a rapid uptick in usage during Covid as consumers looked for a simple and truly contactless method of payment. Unfortunately, bad actors also realised there was opportunity in the new trend and rushed to take advantage of a distracted public. News out of…

South Africa’s power utility announced today that 15 Free State Municipalities and Mangaung Metropolitan owe R16 billion for services rendered, as at the end of February 2022. Eskom supplies electricity monthly in bulk to the Municipalities and Metropolitan which is re-distributed and consumed. “The Municipalities and Metropolitan receive government grants as well as payment for services rendered from their loyal customers, but these amounts remain unpaid for the consumed energy to Eskom,” the power utility said in a statement. “This behaviour threatens the security of supply to the citizens residing in these supply areas, as Eskom cannot continue to maintain…

Discovery Group launches a travel booking platform to take on Travelstart, a one-stop online travel service. Discovery Bank recently launched Vitality Travel, a fully integrated travel booking service with unprecedented discounts and simplified trip management. The comprehensive travel offering is the world’s first shared-value travel platform which channels behavioural savings into the greatest possible savings on flights, holiday accommodation, car hire and holiday packages. “Vitality Travel further expands the value clients get as they continue to monetise positive health and financial behaviours,” says Hylton Kallner, CEO of Discovery Bank. “The new travel offering combines Discovery Bank’s digital payments and platform…

HackerRank, the developer skills company, announced $60 million or R873 million in Series D funding led by Susquehanna Growth Equity. To date, HackerRank has raised more than $115 million or R1.6 billion in total funding. HackerRank will use the funding to fuel continued growth and accelerate its ability to drive technical hiring for the most in-demand roles and skills at companies across the globe. The funding will also be used to expand the depth of services provided by its global team, invest in technical innovation and partnerships, and scale the team across all departments. “It’s never been more critical to hire the right developer…

The three-year business strategy that 4Sight established in 2020 continues to deliver strong results, with the company reporting a second straight year of double-digit growth in revenue. “The continued commitment from the Board of Directors and the Executive Committee in the execution of our strategy has sustained top-line growth during 2021,” affirms Tertius Zitzke, Group CEO at 4Sight Holdings. 4Sight has achieved a 12.9% year-on-year increase in revenue and 3.6% in gross profit. with basic earnings per share increasing from R1.329 to R1.695 cents per share. A further improvement is a notable increase in debt-to-equity ratio to 36.4% and net…

Liquid Intelligent Technologies, a business of Cassava Technologies, has acquired a fibre pair on the Equiano subsea cable, allowing it to transport traffic up to 12 Terabits, bringing a much-needed increase in international connectivity in Western and Southern Africa. With older sub-sea cables almost at the end of their lifespan, Liquid through the Equiano cable system will address the growing need for Internet capacity supporting cloud services in both coastal and landlocked countries on the continent. The new Equiano subsea cable will link Africa to Europe via the West Coast of Africa when it is ready for service later in…

JSE-listed retailer Mr Price has just launched the period panty – a reuseable, washable panty that does not require the use of tampons and sanitary pads. Mr Price is selling a period panty at R150 and can be used for up to two years and are quite safe to wear. The retailer says the period panty is designed with 4 leak-free and odour-free layers for a more carefree you. How do period panties work? “Period panties absorb fluid and moisture to keep you dry. You don’t need any other sanitary products; no pads, no tampons – just the panty!,” said Mr Price.…

Disney+, the streaming service from The Walt Disney Company, has confirmed launch dates for the 42 countries and 11 new territories set to launch this winter. The streaming service will launch in South Africa on 18 May 2022. South African pricing has also been announced at R119.00 per month, or R1 190.00 for an annual subscription. With exclusive original content and thousands of episodes and movies from Disney, Pixar, Marvel, Star Wars, National Geographic and general entertainment from Star, Disney+ is the streaming home for some of the world’s most beloved stories. Subscribers will have access to Star Wars’ “The…

Huawei’s net profit jumped 76% to $17.8 billion in 2021 despite revenue declines across its business as the company maintained solid operations throughout the past year. However, the company’s revenue was flat at $99.9 billion in 2021. “Despite a revenue decline in 2021, our ability to make a profit and generate cash flows is increasing, and we are more capable of dealing with uncertainty,” Meng Wanzhou, Huawei’s CFO, said. “Thanks to the enhanced profitability of its major businesses, the company’s cash flow from operating activities dramatically increased in 2021, amounting to CNY59.7 billion. Its liability ratio also dropped to 57.8%,…

Tiger Brands Venture Capital Fund has made its first investment in Herbivore Earthfoods, a Cape Town-based business specialising in the manufacture and sale of plant-based and vegan products. Herbivore Earthfoods supplies major retailers across South Africa and sells directly to consumers through its online platform. The investment in Herbivore Earthfoods is closely aligned to Tiger Brands’ health and nutrition strategy. Together with co-investor, Secha Capital, an early-stage impact private equity firm, the Tiger Brands Venture Capital Fund has become a minority shareholder in the business. Herbivore Earthfoods is co-run by Founders, Chanel Grantham and Davey du Plessis, Operations Head. Tiger Brands’…

Nedbank has been approved for a secondary listing on A2X Markets (A2X) and its shares will be available for trade on A2X from 1 April 2022. Nedbank will retain its listing on the Johannesburg Stock Exchange (JSE) and a secondary listing on the Namibian Stock Exchange (NSX). Its issued share capital will be unaffected by its listing on A2X. Nedbank CFO Mike Davis said: “Our listing on A2X complements our existing listings on the JSE and the NSX by giving investors the option to trade on their stock exchange of choice and potentially save costs when trading in Nedbank shares.”…

CareerBox, an African impact sourcing non-profit organisation (NPO), has announced the launch of a satellite branch in Cape Town, as part of efforts to alleviate unemployment among youth and women from disadvantaged communities by training and placing them in sustainable, digitally-enabled jobs in the Global Business Services (GBS) sector. “With President Cyril Ramaphosa calling for a new post-covid economy where the GBS sector will drive growth, there has been a growth interest in Cape Town from international investors, and CareerBox is looking to build on this. CareerBox has built a strong presence and track record of success in Durban, and…