South Africa News Archives - Page 12 of 72

12Oct

By Africa BusinessNo Comments

South Africa News

Cornerstone Financial Services Group appoints Bheki Shongwe as its non-executive Chairman

Cornerstone Financial Services Group (CFSG) has named accomplished businessman Bheki Shongwe as its first non-executive Chairman, signalling a new era of growth for the group. The Cornerstone Group consists of eight specialist subsidiary companies, all focusing on enabling more South African individuals and businesses to achieve their desired financial wellness goals. Shongwe’s appointment is aimed at furthering this purpose with Group CEO, Paul Damant, adding: “We are convinced that Bheki, together with the team, will help us achieve great things.” Shongwe boasts an impressive track record. Armed with a BA in Economics and Accounting, as well as an MBA from the esteemed University of South Australia, he also plays a pivotal leadership role in a diverse range of both listed and unlisted ...

Bridging the gap: Using a multi-faceted approach to combatting financial inequality

3Oct

By Africa BusinessNo Comments

Fintech, South Africa News

Bridging the gap: Using a multi-faceted approach to combatting financial inequality

By Andy Jury, CEO, Mukuru Formal financial and economic inclusion remain pivotal in addressing the rampant inequality in many African economies today. In 2022, as South Africa grappled with scheduled and unscheduled power outages, businesses were put under tremendous strain as revealed in the FinMark Trust 2022 report. With an estimated 50% of financial transactions in Africa occurring in an informal, over-the-counter, cash-to-cash, unregulated setting, there is significant potential to adopt digital solutions designed to bring about financial inclusion. But more than the technology, driving financial inclusion comes down to using a customer-centric approach to financial services. For any business, this is a logical thing to do. For fintechs, it shows an understanding of the importance a...

3Oct

By Africa BusinessNo Comments

South Africa News, Tech

Leveraging unified commerce solutions for customer-centric retail success

In the dynamic world of retail, understanding the evolving nature of the consumer journey is paramount. With increasing technological advancements and rising customer expectations, retailers need to be agile and responsive, ensuring their customers can seamlessly navigate an unlimited array of shopping experiences. To cater to this demand, unified commerce platforms are stepping up, offering solutions that not only enhance customer experience but also help retailers effectively manage their operations. In South Africa, where intermittent power supply often means people have to be tactical shoppers, understanding local nuances of using world-class international solutions become crucial. For instance, local retail customers often have to alter their shopping habits to 'follow the power'. P...

2Oct

By Africa BusinessNo Comments

Fintech, Ghana News, South Africa News, Tunisia News

Central bank digital currencies: What they mean for financial inclusion and private sector banks

Three pilots, one fully launched digital currency in Africa The world’s central banks understand that the future of money is digital. As payments shift online, the use of cash declines and the fortunes of crypto assets rise and fall, central bankers realise that their ability to command the use of money in their economies could weaken and that the financial exclusion of un- and underbanked citizens could be cemented. To try and forestall such developments, central banks in all the world’s major economies and most of its lesser ones are exploring the creation of digital currencies, and a handful of emerging economies have already launched their own. The widespread introduction of central bank digital currencies (CBDCs), especially in the world’s major economies, is not imminent. But the g...

South Africans can now Scan to Pay with Crypto

28Sep

By Africa BusinessNo Comments

Fintech, South Africa News

South Africans can now Scan to Pay with Crypto

Scan to Pay, Powered by Ukheshe, has partnered with Xion Global to offer crypto payments on the Scan to Pay app. Scan to Pay, powered by Ukheshe, is the largest QR ecosystem in South Africa and is used by more than 600,000 vendors, 14 banks and fintech companies and 94 payment service providers. Now, this new partnership will seamlessly introduce more crypto payment options to mainstream South Africa through the Scan to Pay app. Tracy-Lee Schoeman, Vice President of Loyalty and Rewards at Ukheshe, says the rise of cryptocurrencies has created a new wave of opportunities for performing financial transactions. “Cryptocurrency payments have the potential to transform the way people transact with lower fees, faster settlement times, and greater financial sovereignty – something Ukheshe is ex...

25Sep

By Africa BusinessNo Comments

South Africa News, Startups

Unlocking Socio-Economic Progress: Early-Stage VC in South Africa

by Anza Capital South Africa, as Africa’s third largest and most diversified economy in the African continent, holds immense potential for economic and social development. With its abundant natural resources, youthful population, resilient infrastructure, and deep capital markets, South Africa can regain its position as a dynamic force on the African stage. However, to harness this potential fully, critical challenges like power shortages and unemployment must be addressed. A thriving startup ecosystem can, as advocated by the South African Startup Act position statement of 2021, “unleash the growth and innovation embedded in our entrepreneurs and youth”[1], accelerate socio-economic development, competitiveness and the transformation of economies. The Start-up Act lobby group also focus...

21Sep

By Africa BusinessNo Comments

Real Estate, South Africa News

SA’s property sector bets on proptech to weather economic headwinds

There’s no doubt that the South African property sector, like most industries, is currently facing some challenges. One major bank saw credit impairments rise 57% in the first half of 2023 - a result of the impact of higher interest rates, higher levels of inflation and record levels of load shedding. Another bank said its total net credit impairment charges on gross loans and advances grew by 80% to R6.4 billion over the financial year ending February 2023. But Group CEO of fintech company e4, Grant Phillips, says it shouldn’t be a long-term concern. “The market is currently depressed due to higher interest rates and the increased cost of living, but the property sector is cyclical, as we’ve learned in over 20 years in business as a proptech expert. We expect the market to be a bit slowe...

19Sep

By Africa BusinessNo Comments

South Africa News, Startups

Business 101: How to protect your startup from bankruptcy

You’ve taken the plunge and your small business venture has taken off. You're confident you'll defy statistics like 70-80% of South African small businesses failing within the first five years. However, you encounter your first hurdle when applying for a business loan – the bank requires you to sign surety to secure the financing. Meera Naidoo, Head of Legal Support at SanlamConnect, says it is an industry-wide standard for banks to request a surety before approving a finance application. "A surety is a contractual obligation in which the business owner or shareholder acknowledges that they’re personally liable for the business’ debt if the business is unable to settle this debt This guarantee mitigates risk on behalf of the lender. Without it, if a business were to fail, the bank wouldn'...

Club Med Tinley – first Club Med resort in South Africa, representing an investment of over R2 billion

19Sep

By Africa BusinessNo Comments

Africa Travel, South Africa News

Club Med Tinley – first Club Med resort in South Africa, representing an investment of over R2 billion

The hospitality landscape in South Africa is about to be redefined with the upcoming launch of Club Med Tinley, the first Club Med resort in the country, with a distinctive combination of beach and safari experiences. This ground-breaking development is a result of a collaborative partnership between the esteemed operators, Club Med, and the Collins Residential Consortium, developers of Club Med Tinley. As the first of its kind in the country, this all-inclusive resort is poised to make contributions to the region, ushering in opportunities for job creation and sustainable growth. All-inclusive hospitality with Club Med Tinley Club Med Tinley represents a great step forward in the hospitality industry, serving as one of the larger hospitality projects in South Africa. It is anticipated ...

Omnichannel strategies: One size does not fit all in South African retail

19Sep

By Africa BusinessNo Comments

South Africa News

Omnichannel strategies: One size does not fit all in South African retail

By Nikki Quinn, retail lead for South Africa at GfK – an NIQ company Given the diversity of the market — with varying levels of digital maturity, lifestyle and income — it’s important to understand the evolving needs and key purchase drivers of diverse consumer segments as one size doesn’t fit all. South African consumers face a difficult economic environment, characterised by high inflation, low economic growth and persistent load shedding. These challenges have helped to exacerbate the already wide divide between different population groups, making it more important than ever for brands and retailers to craft omnichannel channel strategies tailored to the needs of different segments. Like their global counterparts, most South African consumers expect frictionless experiences from bra...