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MTN relaunches MoMo in South Africa

By: Natasha Odendaal 24th January 2020 JSE-listed telecommunications group MTN is going live with its mobile money (MoMo) service in South Africa. The company’s third attempt at deploying MoMo services in the country follows the finalisation of engagements with all the relevant regulatory bodies and authorities, including the South... →

CDC unveils $100m trade finance agreement with Absa

By: Tasneem Bulbulia 23rd January 2020 Impact investor for Africa and South Asia CDC Group has announced the signing of a $100-million trade finance loan agreement with financial services provider Absa Bank. The fresh injection of finance will be deployed by Absa and its affiliates in 12 countries to support trade transactions... →

AfDB president says LSE offers opportunities for Africa

By: Tasneem Bulbulia 22nd January 2020 Opening the LSE on Wednesday, African Development Bank (AfDB) president Dr Akinwumi Adesina indicated that this marked the beginning of a “new, exciting, strategic and impactful engagement” between the bank and the stock exchange to jointly expand wealth creation in Africa and the UK. Adesina... →

AfDB allocates grant to help African nations boost mining revenues

By: Tasneem Bulbulia 17th January 2020 The African Development Bank (AfDB) has allocated a €1.2-million grant to provide training to help resource-rich countries improve their mining revenues. The bank’s Regional Development, Integration and Business Delivery Complex approved the pioneer grant from the Transitional Support Facility... →

Sydney Soundy appointed acting Land Bank CEO

By: Tasneem Bulbulia 15th January 2020 Sydney Soundy, who is the executive for strategy and communications at the Land Bank has been appointed as acting CEO with immediate effect. This follows the resignation of Kone Gugushe as acting CEO, with immediate effect, and chief risk officer, effective March 31. →

AfDB signs five-year agreement to use Fidic standard contracts

By: Tasneem Bulbulia 14th January 2020 Global representative body, the International Federation of Consulting Engineers (Fidic) has secured an agreement with the African Development Bank (AfDB) that will see the development finance institution include the use of seven Fidic standard contracts for the next five years. Under the terms... →

IDC assures black industrialists of its support

By: Tasneem Bulbulia 3rd December 2019 The Industrial Development Corporation (IDC) does present funding opportunities to black industrialists, CEO Tshokolo Nchocho assured on Tuesday. Speaking at the Black Business Council’s (BBC’s) Access to Funding Series engagement with the IDC, in Johannesburg, he pointed out that there were a... →

Industrial Development Corporation South Africa CEO Tshokolo Nchocho outlines some of the successes the organisation has achieved in funding for black businesses. Camerawork: Kutlwano Matlala; Editing: Nicholas Boyd.

South African private equity affirms value amid slow economic growth, volatility

By: Simone Liedtke 28th November 2019 In the face of high market volatility and lagging economic growth, the latest RisCura-Southern African Venture Capital and Private Equity Association (Savca) ‘Private Equity Performance Report’ revealed that the South African private equity industry outperformed listed equity over the short- and... →

Ethos announces strategic equity partnership with Brait

By: Tasneem Bulbulia 27th November 2019 Alternative asset manager Ethos Private Equity (EPE), together with independent listed entity Ethos Capital, on Wednesday announced a strategic equity partnership with investment holding company Brait, providing a strong platform to maximise value through the realisation of assets in Brait’s... →

Industry boasts third positive year despite global downturn

By: Halima Frost 22nd November 2019 Steel and Engineering Industries Federation of Southern Africa (Seifsa) chief economist and commercial executive Dr Michael Ade says the local metals and engineering (M&E) industry has thus far had a third ‘good year’ in a row. This is in spite of the current challenge of increasing intermediate... →

BRIGHT FUTURE Improved trade to to the Southern African Development Community brings with it a positive outlook for the steel construction industry

AfDB buys $50m equity in AFC

By: Marleny Arnoldi 14th November 2019 The African Development Bank has invested $50-million towards equity in the Africa Finance Corporation. The investment will enable both institutions to accelerate infrastructure development and delivery on the African continent, by deepening co-financing opportunities, joint implementation,... →

Mobile giant takes another crack at mobile-money market

By: Natasha Odendaal 1st November 2019 MoMo forms a critical part of the group’s growth prospects, and MTN South Africa is confident that MoMo can mimic the success of telephony and the Internet being revolutionised and democratised over the past two decades. →

Medium-term investment buoying stainless steel industry

By: Halima Frost 25th October 2019 Despite a marked downturn in the global stainless steel industry, there are a few medium-term developments on the horizon for Southern Africa, notes research institute Afriforesight Commodities chief commodity economist Nathan Musson. “There are glimmers of hope in terms of investment in Southern... →

SPARKING INTEREST The stainless steel albeit somewhat stagnant offers a few sparks of investment interest

CFTA should take lessons from failed agreements

18th October 2019 The architects of the proposed African Continental Free Trade Area (CFTA) should learn from the failed Free Trade Area of the Americas (FTAA), says Export Credit Insurance Corporation senior economist Tsidiso Disenyana. The FTAA, which had been in the process of being negotiated by 34 diverse... →

TRADERS WITHOUT BORDERS The African CFTA could lead to the biggest free trade zone on the planet

Crowdfunding on the rise in Africa

By: Darren Parker 18th October 2019 Amid the prediction that about $300-billion will have been raised globally through online crowdfunding mechanisms by 2025, crowdfunding in South Africa is gaining traction as an increasingly viable option for raising capital. Other African countries are also not far behind in its adoption.... →

LEANA DE BEER Online crowdfunding may be a twenty-first century concept, but it finds its roots in traditions that go back centuries

Obstacles mar property investment opportunities

By: Darren Parker 18th October 2019 The level of corruption is one of several factors foreign investors consider in deciding which African countries to develop, says financial services company Nedbank Corporate Investment Banking Africa property finance divisional executive Gerhard Zeelie. “African governments need to take stock of... →

GERHARD ZEELIE Investors should opt for a mediocre opportunity in a corruption-free region, rather than a great opportunity in a heavily corrupt region

AfDB launches Cities Diagnostics tool in five African cities

By: Tasneem Bulbulia 8th October 2019 The African Development Bank (AfDB) and its partners, the Urban and Municipal Development Fund (UMDF) and the Korea–Africa Economic Cooperation, have launched the pilot phase of its Cities Diagnostics tool in five African cities. The Cities Diagnostics programme is funded by the UMDF, which helps... →

Standard Bank partners with SAPVIA to advance solar PV industry

By: Tasneem Bulbulia 4th October 2019 Standard Bank has formed a new strategic partnership with the South African Photovoltaic Industry Association (SAPVIA) to advance the growth of the solar photovoltaic (PV) industry in South Africa. Sapvia, representing more than 300 players in the solar PV industry, will leverage the partnership... →

SARB announces 12 finalists for its fintech demonstration day

By: Schalk Burger 3rd October 2019 The South African Reserve Bank (SARB) on Thursday announced 12 financial technology (fintech) solutions to be showcased at its Fintech Demo Day, on October 29, in Johannesburg, when it would select the two winning solutions. The 12 solutions were identified through the Global Fintech... →

Treasury’s Anthony Julies to retire

By: Tasneem Bulbulia 27th September 2019 Anthony Julies is retiring as deputy director-general (DDG) of the National Treasury’s Asset and Liability Management (ALM) division. Julies has opted for early retirement following a public service career spanning almost 24 years. →

Cybersecurity critical for mobile banking use

By: Schalk Burger 27th September 2019 Demands for quick and efficient mobile banking solutions, as well as the threat of fraud and cybercrime, are driving the adoption of biometric technology solutions, says digital identity company iiDentifii director Lance Fanaroff. Digital banking fraud in South Africa across all platforms in 2018... →

Labour court to rule tomorrow whether bank strike can go ahead

By: News24Wire 25th September 2019 The labour court will on Thursday rule on whether the banking union Sasbo can go ahead with what could be the biggest banking strike in 99 years. Sasbo plans to hold nationwide protest action on Friday September 27. It says as many as 50 000 workers have indicated that they will take part in... →

Banks still net job creators says industry body as strike looms

By: News24Wire 25th September 2019 As banking workers prepare for the biggest strike to protect jobs in decades, South Africa's big banks say they remain net job creators. The Banking Association of South Africa said South Africa’s six largest banks had 152 441 employees in 2018, some 4000 more than the total of 148 500 employees... →

Court can stop bank strike on Wednesday

By: News24Wire 23rd September 2019 A planned protest by workers in the banking sector could be stopped if the labour court rules in favour of employers who want to interdict the strike. Banking union Sasbo plans to hold nationwide protest action on Friday September 27. It says as many as 50 000 workers have indicated that they... →

'Make sure you have enough money on Thursday.' Union issues warning ahead of bank strike

By: News24Wire 23rd September 2019 As much as 50 000 workers in the banking sector will be protesting against retrenchments on Friday, making it difficult for consumers to transact, according to the finance union spokesperson. Sasbo general secretary Joe Kokela said that the protest action has been planned since June and there is... →

Sars warns Friday's banking strike may cause disruption

By: News24Wire 23rd September 2019 The South African Revenue Service has warned that a strike in the banking sector, planned for Friday 27 September, may cause disruption. In a statement, Sars warned that the “anticipated protest action” may impact tax payment and refund transactions. Sars said that the banks have informed it of a... →

Land Bank posts healthy results for agriculture sector, despite difficult times

By: Schalk Burger 13th September 2019 State-owned development finance institution the Land and Agricultural Development Bank of South Africa (Land Bank) grew its transformational loans to R7.9-billion and maintained a strong balance sheet in the 2018/19 financial year, despite challenging conditions in the agricultural sector, Land... →

HSBC appoints Julian Wentzel Global Banking UK head

By: Marleny Arnoldi 12th September 2019 Financial services organisation HSBC has appointed South African Julian Wentzel as head of its Global Banking UK and International Europe business units. The newly created role will see Wentzel leading HSBC corporate banking and corporate finance from a global platform. →

Discovery Health CEO Jonathan Broomberg unpacks the NHI

6th September 2019 The recent iteration of the National Health Insurance (NHI) has caused significant panic in the healthcare sector with Discovery's share price severely impacted following the tabling of the proposed NHI plans in parliament. Discovery Health CEO Jonathan Broomberg unpacks what the proposed NHI... →

Discovery Health CEO Jonathan Broomberg unpacks the NHI. (Camera: Kutlwano Matlala. Editing: Nicholas Boyd)

Land Bank posts healthy results during difficult times in agriculture sector

By: Schalk Burger 2nd September 2019 State-owned development finance institution (DFI), the Land and Agricultural Development Bank of South Africa (Land Bank), grew its transformational loans to R7.9-billion in the 2018/19 financial year. Transformational loans as a percentage of the total loan book increased from 12% in 2017/18 to... →

Workshop to assist with infrastructure project preparation

By: Simone Liedtke 27th August 2019 The Infrastructure Development and Engagement Unit (ID&EU) at the Nelson Mandela University’s Faculties of Engineering and Business Sciences will host its inaugural Infrastructure Project Preparation for Bankability Workshop on November 21 and 22. The ID&EU aims to drive infrastructure... →

SARB launches fintech competition

By: Tasneem Bulbulia 23rd August 2019 The South African Reserve Bank (SARB) on Thursday launched the 2019 Global Fintech Hackcelerator @ Southern Africa competition and called on fintech firms to submit their innovative and sustainable solutions to challenges identified within the financial services industry. Applications will close... →

Land Bank funding model needs work

By: Tasneem Bulbulia 20th August 2019 While the Land Bank’s mandate is good in its current form, its funding model needs work if it is to provide adequate funding for black business in the agricultural sector, Land Bank strategy and communications executive manager Sydney Soundy said during a Black Business Council (BBC) roundtable... →

Sars can transform IT integration alongside private sector

By: Schalk Burger 16th August 2019 Local small business digital accounting company Osidon’s smart, automated systems cannot integrate with those of the South African Revenue Service (Sars), but while Sars is yet to upgrade its integration systems, partnering with the private sector can help it to spend less than the estimated... →

HENNIE FERREIRA The accounting profession is changing with the introduction of new technologies and accountants will take on more strategic and advisory roles

TymeBank appoints Tauriq Keraan CEO

By: Marleny Arnoldi 7th August 2019 Digital bank TymeBank has appointed Tauriq Keraan CEO, effective immediately. He succeeds Sandile Shabalala, who resigned in June for personal reasons. →

TymeBank CEO Tauriq Keraan

Ethos concludes investment into South African analytics firm

By: Tasneem Bulbulia 5th August 2019 Following the successful delisting of Torre Industries from the JSE in April and further to the delisting plan, the business was successfully separated into two autonomous entities. Torre Analytical Services was acquired by Ethos Mid Market Fund and Torre Industrial by Apex Partners. →

Synerlytic CEO Jon Hillary and Ethos Mid-Market Fund Managing Partner Edward Pitsi detail the fund’s acquisition of Synerlytic

Boardroom brawl at South Africa insurer pits Manuel against Moyo

By: Bloomberg 1st August 2019 The nastiest boardroom bust-up in recent South African-corporate history has left the chairman and CEO of the nation’s oldest insurer with bloodied noses. Neither one is backing down. Nor would they, it’s not in their character. But their fight is now hurting the reputation of Old Mutual, a... →

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