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Financial News

Steinhoff, Tongaat woes raise South African auditor scrutiny

By: Bloomberg 10th June 2019 Steinhoff International’s financial scandal and sugar maker Tongaat Hulett’s admission it may need to restate results is spurring South African auditors to weigh tougher measures for the profession. While auditors are expected to reassure the public that the financial statements they have signed... →

Brazilian VP says Brics should focus on economics, not politics

By: Rebecca Campbell 3rd June 2019 In comments made in Beijing on May 24, which appear not to have been much, if at all, reported outside his home country, Brazilian Vice-President Hamilton Mourão called on the Brazil, Russia, India, China, South Africa (Brics) alignment to switch away from political issues and focus instead on... →

Standard Bank shareholders vote for disclosure on lending to coal projects

By: Tasneem Bulbulia 31st May 2019 In a first for South Africa, climate-conscious shareholders of Standard Bank have compelled the bank to adopt and publicly disclose a policy on lending to coal-fired power projects and coal mining operations. Fifty-five per cent of shareholders in attendance at the bank’s annual general meeting... →

Digital accounting service to help startups, small businesses

By: Schalk Burger 31st May 2019 A digital accountant service was designed to help startups and small businesses manage their daily operations, tax and registration matters, which also change as they grow, says digital accountant company Osidon co-founder and CEO Hennie Ferreira. The Osidon service comprises an automated... →

HENNIE FERREIRA The automated service writes financial data to compliance and accounting documents based on regulations and client needs

Barometer aims to effect employee-centred benefits

By: Tasneem Bulbulia 30th May 2019 To create financial wellbeing for individuals and their families, it must be contextualised in an environment where a primary focus is placed on creating both a wellbeing economy and a wellbeing corporation, Alexander Forbes says. Its ‘Benefits Barometer 2018’ report, which was released on... →

Motsepe's African Rainbow Capital launches new long-term insurance company

By: African News Agency 30th May 2019 Patrice Motsepe's financial services group African Rainbow Capital on Thursday launched an insurance subsidiary, African Rainbow Life, earmarked for a sector that has traditionally been under-serviced. African Rainbow Life will focus on long-term insurance products including life cover, savings,... →

New listing approved for pharmaceuticals giant

24th May 2019 Global multinational specialty pharmaceuticals company Aspen Pharmacare Holdings Limited announced that the company has been approved for a secondary listing on stock exchange facilitator A2X Markets with effect from April 1, 2019. “We continually strive to identify ways to increase value for our... →

GENERIC GENIUS Through Aspen’s research and development, a cheaper more attainable generic anti-retroviral treatment is available globally

Retirement fund industry urged to invest in cybersecurity

By: Tasneem Bulbulia 21st May 2019 Given the increasing threat of cybercrime globally, Sanlam corporate sales and marketing CE Viresh Maharaj has warned the local retirement fund industry to give careful consideration to its cybersecurity. Speaking at a pre-briefing session outlining the contents that will be unlocked at the... →

Finance professionals urged to become proficient in digital technologies

By: Tasneem Bulbulia 16th May 2019 The Chartered Institute of Management Accountants (Cima) has emphasised the need for finance professionals to embrace digital technology. This was highlighted during a Future of Finance discussion, hosted by Cima on Wednesday, which explored how finance is being redefined in terms of a digital... →

Applications open for another round of AlphaCode incubation

By: Marleny Arnoldi 14th May 2019 Rand Merchant Investment Holdings, Bank of America Merrill Lynch and Royal Bafokeng Holdings have invited applications for the AlphaCode Incubate startup support initiative. To qualify, a business must be at least 51% black-owned and must operate in the financial services space. →

Massive opportunity to expand businesses

3rd May 2019 South Africa’s financial institutions and policy makers have a massive opportunity to create jobs by expanding financial services amid a stronger business environment for smaller businesses, according to a new study released in March by global development institution the International Finance... →

Photo by Bloomberg
OPEN ACCESS To have a strong small business sector in South Africa, access to finance must be supported

Capital markets in Africa are evolving

By: Jessica Oosthuizen 3rd May 2019 Africa’s financial and capital markets are on a “path of evolution” and this is impacting on foreign investment and competition on the continent, says exchange trading platform 4 Africa Exchange (4AX) business development head Noah Greenhill. The evolution of the markets is creating... →

Photo by Bloomberg
TRADING TIME Listing on an exchange is critical and gives companies some credibility

Stable oil price drives investment in burgeoning African oil, gas sector

By: Nadine James 25th April 2019 Africa is likely to experience continued oil and gas investment over the next three to five years as the stabilisation of crude prices above $60/bl, coupled with the continent’s rapidly expanding population, lure oil producers to one of the last remaining energy investment frontiers, Standard... →

DELE KUTI

Patented solution aims to free up working capital for construction firms

By: Schalk Burger 19th April 2019 A patented working capital solution ‘Sponsored Advance Retention’ – developed by insurance major Santam and local specialist capital consulting firm Capital Breakthru Solutions business development director Wayne van Houten – will release working capital for construction contractors and... →

African Rainbow Capital acquires QED for undisclosed amount

By: Nadine James 17th April 2019 Empowerment investment holding company African Rainbow Capital (ARC) on Wednesday announced plans to acquire a majority shareholding in independent actuarial advisory business QED for an undisclosed amount. QED operates across 17 countries in Africa, offering actuarial and risk management... →

Technology helping financial firms to modernise risk management practices

By: Schalk Burger 12th April 2019 Regulatory and market pressures are prompting financial services organisations to modernise, and integrate their risk and finance processes, says analytics multinational SAS Africa head of risk Gabor Szalontai. There is much more data available to assess risks, with platforms designed to help... →

GABOR SZALONTAI The risk processes of banks and financial service providers will continue to evolve in the digital space, increasing analytics requirements

Standard Bank appoints chief technology officer

By: Marleny Arnoldi 5th April 2019 Standard Bank Group has appointed Tau Mashigo chief technology officer, effective April 1. He will report to the group’s chief information officer. →

SystemicLogic buys Kagiso’s Knowledge Factory

By: Schalk Burger 2nd April 2019 Financial innovation consultancy SystemicLogic has acquired property data and information and communication technology company Knowledge Factory from media organisation Kagiso Media for an undisclosed sum. Knowledge Factory offers a range of solutions based on property data and marketing... →

Solar microleasing platform in deal with clean-energy fund manager

By: Schalk Burger 15th March 2019 Solar-generation microleasing platform Sun Exchange announced last month that it had signed an agreement with Johannesburg-based boutique clean energy fund manager Decentral Energy, says Sun Exchange founder and CEO Abe Cambridge. The agreement gives Decentral’s Grovest Energy, an Income Tax Act... →

TymeBank goes live in Pick n Pay and Boxer stores

15th March 2019 Last month, South Africa’s first fully licensed digital bank TymeBank went live in 500 stores of supermarket chain store Pick n Pay and discount supermarket Boxer in preparation for its formal launch. This followed a successful soft launch in December when the bank went live in 20 Pick n Pay and... →

CUSTOMER CARE A TymeBank customer will be able to earn Smart Shopper points anywhere when they use their TymeBank card to make a purchase.

Local firm tackles general-use mobile payments

By: Schalk Burger 15th March 2019 Local mobile payments company Celbux has developed a platform to address the crucial enablers of low-costs and ease of use for an open, general-use mobile payments environment, says Celbux CEO Kobus du Plooy. The platform-as-a-service architecture is open to consumers and businesses. There are no... →

KOBUS DU PLOOY The simplest technology solution is the way to solve real problems

Process automation launched in SA to drive productivity

By: Schalk Burger 1st March 2019 Robotic process automation (RPA) company UiPath, headquartered in New York, US, has opened a local office to provide its automation services so that local companies can unlock more productivity without deploying new hardware, says UiPath South Africa sales director Lenore Kerrigan. Software... →

LENORE KERRIGAN The company is developing the ecosystem to support RPA growth

Client choice and protection at heart of bank’s approach to fintech regulation

By: Schalk Burger 22nd February 2019 Financial technologies (fintech) are growing worldwide and reshaping the definition of money, financial services and economies. However, while the disruptions roil existing business models, companies and industries, increasing the choice of fintech services users while protecting their rights is... →

Sun Exchange signs fund agreement with Decentral Energy for solar projects

By: Schalk Burger 19th February 2019 Solar-generation microleasing platform Sun Exchange on Tuesday announced that it had signed an agreement with Johannesburg-based boutique clean energy fund manager Decentral Energy, said Sun Exchange founder and CEO Abe Cambridge. The agreement gives Decentral’s Grovest Energy, an Income Tax Act... →

473 kW Nioro Plastics solar project

Cryptocurrency trader welcomes SARB policy approach

By: Schalk Burger 15th February 2019 Local cryptocurrency trading platform Luno country manager Marius Reitz praises the South African Reserve Bank’s (SARB’s) approach to developing a regulatory response to cryptoassets in South Africa, which aims to protect cryptocurrency users and support the growth and development of the... →

MARIUS REITZ The regulations aim to ensure that the platforms are safe for people to use and combat illicit capital flows

Moody’s lowers Hyprop’s credit rating

By: Tasneem Bulbulia 13th February 2019 Moody’s Investors Services (Moody’s) has lowered Hyprop’s rating from Baa3 to Ba1 with immediate effect, Hyprop revealed in a statement on Wednesday. Concurrently, Moody’s has lowered the long-term national scale issuer rating to Aa3.za from Aa1.za and has affirmed the short-term national scale... →

Marginal decrease in South Africa’s unemployment rate

By: Tasneem Bulbulia 12th February 2019 South Africa’s official unemployment rate decreased marginally by 0.4 of a percentage point to 27.1% in the final three months of 2018, Statistics South Africa (Stats SA) reported on Tuesday. The Quarterly Labour Force Survey (QLFS) indicates the number of employed people increased by 149 000 to... →

Software adds value to automotive manufacturer supply chain

By: Thabi Madiba 8th February 2019 Software company Syspro Africa’s Enterprise Resource Planning (ERP) software enables automotive manufacturing and distribution companies to manage supply chain and financial processes. Syspro Africa professional services manager Doug Hunter explains that the ERP software assists automotive... →

Photo by Bloomberg
ON DUTY An employee holds a metal casing for an automotive steering system

BMF demands a black CEO for Absa

By: African News Agency 29th January 2019 The Black Management Forum (BMF) on Tuesday demanded that Absa Bank replace the outgoing chief executive Maria Ramos with a black executive. This comes after Absa announced that Ramos will retire at the end of February when she turns 60. Absa said its board had appointed René van Wyk, a... →

Absa chief executive Ramos to retire at end of February

By: African News Agency 29th January 2019 Absa CEO Maria Ramos will retire at the end of February when she turns 60 and becomes eligible to do so, the banking group said on Tuesday. Ramos has been group CEO since 2009 and has led Absa through significant milestones including acquiring Barclays’s Africa subsidiary banks; the sell-down and... →

Investors will continue to invest in solar

By: Halima Frost 25th January 2019 Specialist banking company Investec Bank will continue to offer funding to viable projects in the renewables sector as solar photovoltaic (PV) technology becomes more cost effective. Southern Africa – more notably the Northern Cape province, in South Africa, and Namibia – is considered as one of... →

ANDRE WEPENER Asserts that South Africa’s recent reinvestment of power-generation projects are capital intensive

PIC suspends exec, manager pending investigation

By: Marleny Arnoldi 22nd January 2019 The Public Investment Corporation (PIC) has resolved to suspend listed investments executive head Fidelis Madavo and assistant portfolio manager Victor Seanie effective immediately amid investigations into alleged irregularities. This follows responses that were given to the Standing Committee... →

Iata’s new payment method for air tickets successfully demonstrated

By: Tasneem Bulbulia 8th January 2019 The International Air Transport Association (Iata) has successfully completed the first Iata Pay ticket purchase transaction in a live test environment, the organisation announced in a statement on Tuesday. The transaction was conducted in partnership with UK-based fintech company ipagoo. →

Land Bank appoints acting CFO, chief risk officers

By: Marleny Arnoldi 8th January 2019 JSE-listed Land and Agricultural Development Bank of South Africa (Land Bank) has appointed Konehali Gugushe acting CFO. It also appointed Sakhumzi Diza acting credit chief risk officer (CRO) and Nafiza Khan acting CRO. →

Global Business Services incentive to bolster youth employment opportunities

By: Tasneem Bulbulia 7th January 2019 The Global Business Services (GBS) incentive, which came into effect from January 1, will create employment opportunities for the youth in South Africa, says Trade and Industry Minister Dr Rob Davies. He notes that the opportunities will be especially in the areas of medium to high complexity... →

Trade and Industry Minister Dr Rob Davies

Dion Shango appointed PwC Africa CEO

By: Marleny Arnoldi 6th December 2018 Professional services firm PricewaterhouseCoopers (PwC) has appointed South Africa CEO Dion Shango the new Africa CEO, effective July 2019. Shango has been the regional senior partner of PwC Southern Africa since July 2015. →

Photo by Dylan Slater
PwC South Africa CEO Dion Shango appointed Africa CEO from July 2019

SARB sponsors chair to develop financial stability studies portfolio at UCT

By: Marleny Arnoldi 5th December 2018 The South African Reserve Bank (SARB) has partnered with the University of Cape Town (UCT) to host the Research Chair in Financial Stability Studies, which will be chaired by Professor Co-Pierre Georg. The portfolio will be housed within the African Institute of Financial Markets and Risk... →

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