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Financial News
Release of Country Investment Strategy for public comment approved
By: Tasneem Bulbulia 25th March 2022 Cabinet has approved the publication of South Africa’s Country Investment Strategy for public comment. The strategy seeks to position the country as a key African investment destination of choice by leveraging quality foreign and domestic direct investments, a post-Cabinet statement issued on... →
Nedbank lists on A2X
By: Marleny Arnoldi 25th March 2022 Financial services provider Nedbank Group has announced that it will list on the A2X Markets stock exchange, effective April 1. This listing complements the financial institution’s main listing on the JSE and a secondary listing on the Namibian Stock Exchange. →

Scatec refinances its power plants in South Africa
By: Tasneem Bulbulia 24th March 2022 Renewable energy solutions provider Scatec has refinanced the non-recourse debt facilities for its Kalkbult, Dreunberg and Linde solar power plants, in South Africa, with the existing lenders. Scatec’s share of proceeds from the refinancing, based on its 45% ownership in the power plants, amounts... →

Standard Bank provides Woolworths with R600m sustainability-linked working capital facility
By: Schalk Burger 22nd March 2022 Financial services firm Standard Bank and retailer Woolworths have successfully concluded the first sustainability-linked working capital facility in South Africa to the value of R600-million. The conclusion of the facility is testament to Woolworths’ commitment to achieving bold sustainability... →
Prudential buys strategic minority interest in Alexander Forbes
By: Schalk Burger 18th March 2022 Prudential Financial and LeapFrog Investments will acquire a strategic minority interest in Alexander Forbes Group. The transaction backing one of Africa’s leading independent providers of financial advice, retirement, investment and wealth management services, builds on Prudential's partnership... →
ARC's intrinsic value increases to R14bn
By: Schalk Burger 17th March 2022 Investment holding company African Rainbow Capital (ARC) Investments increased its intrinsic portfolio value by 14.1% to R14-billion during the six-month period to December 31, 2021, up from R12.27-billion as at June 30, 2021, mainly as a result of a net increase of R2-billion in asset values.... →
Investors need to rethink IPP funding to ensure sector sustainability – RMB
By: Donna Slater 16th March 2022 A deregulated electricity sector is an “enormous opportunity” for South Africa, bringing the country more in line with international best practice and helping it tackle generating deficits, as well as building in resilience, reports investment bank Rand Merchant Bank (RMB). However, for private... →
South Africa's major banks deliver strong financial performance
By: Tasneem Bulbulia 15th March 2022 South Africa’s major banks delivered a strong financial performance in 2021, with the operating environment in the period more familiar, professional services firm PwC’s ‘Major bank Analysis’ finds. Combined headline earnings of R86.8-billion increased by 99% against the previous year, while the... →
FNB/BER Building Confidence Index reaches four-year high
By: Darren Parker 15th March 2022 The First National Bank (FNB)/Bureau for Economic Research (BER) Building Confidence Index (BCI) gained six points to 40 in the first quarter of this year, compared with 34 in the fourth quarter of 2021 – indicating a four-year high in building confidence in South Africa. The FNB/BER BCI reveals... →

National Treasury to launch RSA Retail Savings Top Up Bond
By: Tasneem Bulbulia 14th March 2022 The National Treasury, through its RSA Retail Bonds unit, has created a new bond savings product in a bid to encourage South Africans to save. The RSA Retail Savings Top Up Bond product was also created in response to a high demand by the public for a more affordable RSA Retail Savings Bonds... →
Old Mutual joins Net-Zero Asset Owner Alliance
By: Marleny Arnoldi 11th March 2022 Investment and insurance group Old Mutual has joined the United Nations-convened Net-Zero Asset Owner (AOA) Alliance to help accelerate the global drive to net-zero carbon emissions by 2050. AOA brings together like-minded asset owners whose ambition it is to drive the net-zero goal. It has 70... →
African fintech growth, investment matched by increasing IP complexity, regulation
By: Schalk Burger 10th March 2022 Financial technology (fintech) in Africa has experienced significant investments into the sector and growth of the sector over the past few years, which is expected to continue. Regulation of and legislation governing the sector is also increasing apace and investors and fintech must monitor and... →
Gauteng government announces R37bn infrastructure budget
By: Tasneem Bulbulia 9th March 2022 Gauteng Finance and e-Government MEC Nomantu Nkomo-Ralehoko has announced that R36.8-billion will be allocated to infrastructure in the province over the next three years. She said this money would be used to build and maintain public infrastructure, with the aim to also create job opportunities. →
Acumen Software acquires 25% of fintech Kinektek to accelerate My Smart City services
By: Schalk Burger 7th March 2022 Asset and resource management firm Acumen Software has acquired 25% of commerce platform provider Kinektek and plans to integrate Kinektek into My Smart City, as it accelerates the rollout of the service delivery management platform. With the investment in Kinektek, Acumen will bolster public... →
City of Cape Town accepts assistance with new energy plans from USAID
By: Tasneem Bulbulia 7th March 2022 The City of Cape Town’s Energy Directorate has accepted an offer of technical assistance from the US Agency for International Development’s (USAID’s) South African Energy Programme (SAEP). The donation will assist the city with a number of projects relating to renewable energy buying, generation... →
Transnet bottlenecks to hamper South Africa's export opportunities amid Russia sanctions

By: Darren Parker 4th March 2022 The bottlenecks in South Africa’s export corridors – caused in large part by State-owned logistics company Transnet’s inability to provide sufficient capacity – will likely undermine any opportunities that could arise from commodity supply shortages and higher prices as more sanctions are... →

Norfund, CDC commit R600m towards wind, solar energy projects in South Africa 
By: Donna Slater 3rd March 2022 Norwegian investment fund for developing countries Norfund has committed to invest R360-million in South African renewables investor and developer H1 Capital, while UK development finance institution (DFI) CDC Group will commit R240-million. The transaction represents a joint vision by the two... →
Several factors limiting financial support for African renewable energy projects
By: Tasneem Bulbulia 2nd March 2022 There are significant opportunities in Africa for renewable energy but securing financial backing for projects can be a problem owing to a number of challenges facing the investor community. This was indicated by speakers during a panel discussion at the African Energy Indaba on March 1. →
New SAIIA paper highlights IMF's role in supporting South Africa's just transition
By: Darren Parker 2nd March 2022 Global finance organisation the International Monetary Fund (IMF) has an important role to play in supporting South Africa’s just transition away from fossil-fuel dependence, independent think-tank the South African Institute of International Affairs (SAIIA) has found. The organisation this week... →

JSE records strong full-year performance in challenging conditions
By: Tasneem Bulbulia 2nd March 2022 The JSE delivered a robust performance for the year ended December 31, 2021, despite a challenging macroeconomic and trading environment, group CEO Dr Leila Fourie says. “Our resilience while navigating an unfamiliar route through the pandemic has confirmed →
Higher consumer price inflation to continue this year, PwC says
By: Tasneem Bulbulia 28th February 2022 Higher consumer price inflation could persist for the rest of the year, PwC South Africa’s latest ‘Economic Outlook’ report shows. The firm’s downside scenario sees local inflation averaging 5.3% this year, alongside elevated global inflation. →
Business largely welcomes Budget as aligning to expectations
By: Tasneem Bulbulia 24th February 2022 Business organisation Business Leadership South Africa (BLSA) says Finance minister Enoch Godongwana has produced a good maiden Budget that managed to expand expenditure in some areas, while ensuring that government remains on track to consolidate its debt outlook. “The Budget was also growth... →
Lipa secures R10m investment for informal sector contactless payment platform
By: Schalk Burger 22nd February 2022 South African financial technology (fintech) startup Lipa Payments has secured a R10-million investment from Empowerment Capital’s Imvelo Ventures, which is backed by financial services firm Capitec Bank, for its software solution that enables informal sector merchants to accept contactless... →
HiL launches Weaver Fintech company, takes 85% stake in PayJustNow
By: Schalk Burger 21st February 2022 Financial technology (fintech) and retail company HiL is using the strong digital platforms of its successful FinChoice business to spearhead a stable of consumer fintech businesses called Weaver Fintech, which has already added PayJustNow to its stable. The fintech market share in South Africa... →
JSE CFO steps down
By: Tasneem Bulbulia 18th February 2022 Aarti Takoordeen has resigned as CFO and executive director of the JSE to pursue new opportunities, effective May 20. “The board of directors has accepted Ms Takoordeen’s resignation and expresses its sincere appreciation for her service and commitment over the past nine years and wishes her well... →
Unemployment to remain high as economic growth stagnates
By: Darren Parker 15th February 2022 South Africa’s yearly economic growth will “moderate” to less that 2% for the foreseeable future, which is insufficient to curb rising unemployment, given the country’s population growth rate, professional services company Alexander Forbes Investments executive chief economist Isaah Mhlanga said... →

At a 2% yearly economic growth, the unemployment rate in South Africa will reach 50% in 50 years
IFC, Zimbabwe regulator to develop agricultural insurance to protect smallholder farmers
By: Tasneem Bulbulia 15th February 2022 World Bank Group member the International Finance Corporation (IFC) and Zimbabwean insurance regulator the Insurance and Pensions Commission (IPEC) have formed a partnership to create a market for agricultural insurance products in Zimbabwe to protect smallholder farmers from weather-related crop... →
IFC makes $10m investment in Knife Fund to support tech startups
By: Schalk Burger 10th February 2022 Development finance institution the International Finance Corporation (IFC) has invested $10-million in venture capital firm Knife Capital's Knife Fund III to support growth in South Africa’s digital economy and increase access to financing for the country’s technology entrepreneurs. The... →
New Norsad brand to reflect its sub-Saharan growth strategy
By: Tasneem Bulbulia 10th February 2022 Impact investor Norsad Finance is rebranding to Norsad Capital. This rebranding is in line with the company’s strategic growth levers, mainly, to widen the footprint of Norsad in the Southern African region, to diversify operations in sub-Saharan Africa and to expand the sustainable... →
South African boards facing a battle to retain talent, PwC report finds
By: Tasneem Bulbulia 7th February 2022 With environmental, social and governance (ESG) themes continuing to dominate corporate priorities, boards have responded by redefining organisational purpose and ensuring ESG considerations are incorporated throughout all areas of business, professional services network of firms PwC’s... →
Investment needed for SADC’s rail infrastructure to compete with road transport – Derby

By: Donna Slater 4th February 2022 Rail operators in the Southern Africa Development Community region need to jointly and urgently ramp up investments into their respective rail infrastructure to enable trains to move quicker and unhindered, both within their countries and between each other, as a measure to improve trade and... →
AfDB approves public-private partnerships strategic framework
By: Tasneem Bulbulia 3rd February 2022 Finance institution the African Development Bank (AfDB) Group says it has taken a crucial step to further address the infrastructure gap in African countries, with the approval of its first strategic framework for the development of public-private partnerships (PPPs). This follows approval by the... →
IFC head to visit Kenya to support development agenda
By: Darren Parker 28th January 2022 Global financial institution International Finance Corporation (IFC) MD and executive VP Makhtar Diop will visit Kenya from January 31 to February 4 in a show of support for Kenya’s development agenda. The IFC said in a statement on January 27 that the visit would highlight the private sector’s... →

International Finance Corporation MD and executive VP Makhtar Diop
R2bn student accommodation Reit launched in Gauteng
By: Darren Parker 28th January 2022 JSE-listed property investor Growthpoint Properties has launched an unlisted, purpose-built student accommodation real estate investment trust (Reit) named the Growthpoint Student Reit. The trust, which was launched in December 2021, has acquired a R2-billion seed portfolio and has been approved... →

Mineworkers Provident Fund backs African digital infrastructure roll-out
By: Tasneem Bulbulia 27th January 2022 Retirement fund the Mineworkers Provident Fund (MWPF) has committed $20-million, or about R305-million, to investment management firm Convergence Partners’ Digital Infrastructure Fund. Convergence has backing from several international development finance institutions with the aim of accelerating... →
Bridging ICT infrastructure gap critical, requires innovative funding
By: Tasneem Bulbulia 19th January 2022 Creative new investment solutions are required to fund information and communications technology (ICT) infrastructure that can accelerate the rollout of fast, unlimited Internet and provide low-income households with access to quality affordable data that can bridge the digital divide, Old Mutual... →
Investec to offer private bank clients solar-power financing
By: Bloomberg 18th January 2022 Investec plans to offer its private banking clients funding to install solar panels and battery storage systems in homes, bolstering its own green credentials and providing a power solution in a country regularly hit by electricity outages. The offering, which follows a pilot programme for 1 000... →
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