Author: Staff Writer

Banking group Nedbank names Daniel Mminele as chairman designate to replace Mpho Makwana. “The boards of the Companies are pleased to announce the appointment of Daniel Mminele as an independent non-executive director and chairperson-designate of the companies,” Nedbank informed investors on Wednesday. “The required regulatory approval for the appointment has been received.” Mminele’s appointment as an independent non-executive director of the companies will be effective from 1 May 2023 and the boards of the companies have resolved to elect him as Chairperson of the Companies immediately following the conclusion of the Nedbank Group AGM scheduled to be held on 2…

On-demand breakdown management and analytics platform Right Now Response (RNR) has raised R10 million  in a HAVAÍC -led round. Cape Town-headquartered HAVAÍC’s, the venture capital (VC) firm, R9.2 million investment makes up the lion’s share of the round in partnership with Capacitech. RNR is an on-demand breakdown management and analytics platform. Using technology to match supply with demand, the company provides truck fleet managers and truck OEMs (Original Equipment Manufacturers) with breakdown support via its nationwide network of vetted mechanics, electricians, and repair centres. By mobilising its closest subcontractor, RNR not only vastly improves response times but also completes 70%…

South Africa’s failing infrastructure and local service delivery has been well-documented in recent years. Failing infrastructure has an outsize impact on township and rural communities with the growing digital divide in townships fuelling inequality.  Townships were never designed to become major economic drivers, with the result that today they are characterised by high rates of unemployment and challenges with housing, education, healthcare, transport, crime, and inadequate digital access. South Africa’s digital divide is exacerbated by uneven broadband distribution. In 2021 the Department of Small Business Development – through its implementation agency, the Small Enterprise Development Agency (Seda) – put out…

South Africa’s first private equity fund which allows green energy investors to qualify for SARS-approved tax deductions was launched today. Section 12B of the Income Tax Act No. 58 of 1962 allows for a tax deduction for certain qualifying assets used for electricity generation from renewable sources. A similar tax incentive, Section 12J, was launched in 2014 and it became  the fastest growing alternative asset class in South Africa, with over R12 billion of capital raised across 200+ funds. The Section 12J tax incentive reached its sunset clause in June 2021. “Green energy has become a necessity due to SA’s…

Huawei has launched smart photovoltaic (PV) solutions for all scenarios of the African residential market at the Solar Power Africa Conference 2023 held in Cape Town, South Africa. At the press conference announcing the launch, Xia Hesheng, President of Huawei Digital Power Sub-Saharan Africa Region, said that Huawei was releasing three residential solutions: Power-M, LUNA, and the high-end luxury solution. Xia said, “The three residential solutions will help users cope with daily challenges such as load-shedding, which are prevalent across the region. Meanwhile, the residential market faces some challenges such as user experiences, mixing manufacturers, quality, service, efficiency and aesthetics.”…

The Financial Sector Conduct Authority (FSCA), with the concurrence of the Prudential Authority and the South African Reserve Bank, has cancelled ZAR X’s exchange licence with immediate effect. In a statement, FSCA said the cancellation of ZAR X’s licence follows its prolonged non-compliance with section 8(1)(a) of the Financial Markets Act, 2012 (Act No. 19 of 2012) (FMA), read with Regulation 8 and 43(2) of the FMA Regulations, 2018, which relate to the liquidity and capital adequacy requirements of an exchange. The licence was suspended effective 20 August 2021. In line with section 60(4) of the FMA, ZAR X is…

Today, neobank Be Mobile Africa has announced the launch of its cryptocurrency exchange platform South Africa. This will enable individuals to buy and trade cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL) as well as USD stablecoins such as USDC. The service is live and available immediately to all South African users. Users are able to convert ZAR to crypto, and visa versa. Despite the challenges faced by the tech industry and the crypto market in 2022, Be Mobile Africa, which launched in South Africa last year, has experienced significant growth in both user registration. Historically, the platform has…

Savii, the financial platform designed for teens and young adults, today announced their official product launch in the UAE. The Savii banking app and Visa prepaid card allows teenagers and young adults to make payments independently and relieve parents of the anxiety of giving them premature access to their own credit card. “If you are a parent, giving your teens some financial responsibility early on is a smart move. They’ll get to flex their money management skills, like budgeting and saving, learn the value of a dirham and begin to appreciate the consequences of overspending.,” Jane Harvey, Co-founder and CEO…

Attacq, the JSE-listed REIT developing Waterfall City, announced that it has entered into a non-binding term sheet with the Government Employees Pension Fund (GEPF), represented by the Public Investment Corporation (PIC). The GEPF will acquire a 30% interest in the ordinary shares and shareholder loans held in Attacq Waterfall Investment Company (AWIC), a wholly owned subsidiary of Attacq and the owner of Waterfall City. “We are pleased by this transformative transaction for Attacq, to introduce the GEPF as a long-term strategic investment partner to AWIC.,” Attacq Chief Executive Officer, Jackie van Niekerk said. “Working closely alongside our new partners, we…

Empowerment, confidence, and technical ability are powerful forces. When combined and put to use in environments where circumstances have denied people access to learning, they can change lives. This can be seen through Estelle Olifant, an ICT entrepreneur who has combined her passion for tech with concern for women who suffer from social ills, which often lead back to gender-based violence. Showing how learning can transform lives and build a profitable business led to her winning R100 000 as one of the ten finalists in the MTN Foundation’s Women in Digital Business Challenge. At a superficial glance, Olifant’s business, Swiftstar…