Author: Staff Writer
Economists and experts agree that entrepreneurship has the potential to stimulate economic growth and generate much-needed economic opportunities. The increasing digitisation of the economy has opened up unprecedented opportunities for aspiring micro-businesses to leverage the ubiquity of online platforms to market their businesses beyond their geographical confines. As one of the leading beauty and personal care company, Avon Justine has been at the forefront of harnessing the entrepreneurial spirit of millions of women around the world and giving them the earnings opportunity for 135 years. As the COVID-19 pandemic continues to stall economic growth, Avon Justine is once again allowing…
Although investment activity was subdued across the board in 2020, it was an extraordinary deal-making year for South African venture capital firm, Empowerment Capital Investment Partners. Empowerment Capital and its investment funds – Andzani Ventures, Imvelo Ventures and Thuthuka Nathi Ventures – approved and placed a total of R162 million into 13 South African start-ups between July 2019 and February 2021. Furthermore, R32.5 million is approved for placement in the coming weeks in three exciting new ventures. Started in 2015 by Anton Baumann and Mark Fitzjohn, Empowerment Capital is seeking aggressive growth as it enters the next phase of its business,…
Teraco, Africa’s largest interconnection hub and vendor-neutral data centre provider, announced on Tuesday that it has finalised a new R2.5 billion loan financing transaction to finance the building of its new data centre. Last November, the company announced the construction of a new 38-megawatt hyperscale data centre in Ekurhuleni, east of Johannesburg, South Africa. The new transaction cements Teraco’s commitment to continuing investment in the region’s digital infrastructure and expanding Africa’s largest data centre platform. Teraco’s newly appointed chief financial officer, Samuel Erwin, said that the shareholders and lenders of Teraco have a long-term vision for Africa’s digital transformation and…
Ford and Lincoln cars will be powered by Google operating system beginning 2023 as part of a six-year partnership announced Monday. To drive ongoing innovation, Ford and Google said they are establishing a new collaborative group, Team Upshift. Team Upshift will push the boundaries of Ford’s transformation, unlock personalized consumer experiences, and drive disruptive, data-driven opportunities. This may include projects ranging from developing new retail experiences when buying a vehicle, creating new ownership offers based on data, and more. “As Ford continues the most profound transformation in our history with electrification, connectivity and self-driving, Google and Ford coming together establishes…
South Africa has officially received its first shipment of one million Oxford-AstraZeneca COVID-19 vaccines. The Emirates cargo carrying the first batch of the lifesaving jabs from India touched down at OR Tambo International Airport on Monday afternoon. President Cyril Ramaphosa, together with his Deputy David Mabuza, who chairs the Inter-Ministerial Committee on Vaccines, witnessed the momentous occasion. Health Minister, Dr Zweli Mkhize, flanked the two leaders. Plastic-wrapped bundles of the in-demand vaccine were off-loaded from the plane into the unmarked refrigerated trucks. The jabs were then transported to a cold room lab where they will undergo quality checks, which may…
AlphaCode announced on Monday the top ten businesses for R10 million FinTech support programme. Almost 200 fintech businesses applied for the AlphaCode Incubate programme which aims to grow innovative financial services entrepreneurs and find the next OUTsurance or Discovery. The 12-week intensive pre-incubation programme is valued at R500 000, including R150 000 in grant funding for each participant. This jump-start programme has just begun and focuses on achieving a viable business. It culminates in a demo day, where participants will compete for a place in a 6-month step-up programme. Step-up offers grant funding of R500 000 for each startup and…
Digital FinTech platform provider Ukheshe has announced the conclusion of a new agreement with the Kenya-based lender KCB Bank Kenya. The deal is aimed at boosting East African payment services Through the agreement, KCB will sponsor Ukheshe’s Bank Identification Number (BIN) number, which will allow Ukheshe to immediately issue both physical and virtual cards across East Africa where KCB has an extensive footprint. According to Victor Ndlovu, VP of Ukheshe Africa, the deal will include other innovative digital products such as QR issuing and acquiring. “By joining forces with KCB we are well-placed to address several open loop market opportunities…
Regulators are no longer afraid to protect peoples’ rights to privacy against tech giants. In recent years, we have seen the likes of Google and Facebook receive large amounts of General Data Protection Regulation (GDPR) fines. Head of Legal and Chief Privacy Officer at LAWtrust, Rian Schoeman says with the 28th of January being Global Data Privacy day, it is time to look thoroughly at South African business and how far they are with their Protection of Personal Information Act (POPIA) compliance journey. “POPIA in South Africa came into effect on 1 July 2020, and if you have not started…
Government will use an electronic system to keep track of everyone who gets the COVID-19 vaccine as South Africa gears up for its historical mass vaccination. The Department of Health’s Acting Chief Operating Officer (COO), Milani Wolmarans, said the Electronic Vaccine Data System (EVDS), will allow the department to capture all relevant data associated with the administration of the vaccine. “The system is a data-secure platform built with an enterprise architecture that complies with national and international security standards,” Wolmarans explained. The COO announced this during a public health webinar chaired by Health Minister, Dr Zweli Mkhize, on COVID-19 vaccine…
Spot Money has introduced open banking offering in South Africa, in a move that followed the 2020 acquisition of Virgin Money South Africa by a local private equity firm, in partnership with the local executive management team Virgin Money has been rebranded into Spot Money. Spot Money’s app is now live on all major app stores: Apple, Huawei and Google Play Store. Andre Hugo, who continues at the helm of the Spot Money business as CEO, said the app was a significantly revised offering which would introduce Spot’s entry into Open Banking. He said this also heralds the beginning of…