Technology service providers AYO Technology Solutions and financial services group Vunani Group have formed a R100-million joint venture (JV) to expand the platform and financial services activities of the listed Vunani Limited.
Vunani Limited is a diversified financial services group with more than R30-billion of funds under management.
“Vunani wants to make a high social impact, particularly in the lives of ordinary people, by reducing transactional costs, as well as providing access to financial services.
“We will look for global partnerships and like-minded investors and partners locally and in the rest of the African continent,” explained Vunani Group chairperson Ethan Dube.
The focus of the JV will include payment technologies, online insurance, lending and banking, digitisation of securities trading, the use of cryptocurrencies to allow small emerging businesses to trade across borders, robo advisers and the application of artificial intelligence, added AYO chairperson Advocate Wallace Mgoqi.
Vunani Limited aims to capitalise on some of the local and global partnerships that AYO has, including with Nokia Siemens Networks South Africa, Plantronics InterSystems Corporation, Cisco Systems, Microsoft Corporation, IBM and Riverbed Technology.
Now included in this ecosystem is Sizwe Africa IT Group, recently acquired by AYO, which has developed a strong emerging market focus.
“Our existing financial services activities, both here in South Africa and many other African countries that Vunani already operates in, our strong skills base, and the new local and global relationships that the partnership with AYO brings, positions Vunani for an exciting future,” commented Dube.