The South African Reserve Bank’s Monetary Policy Committee (MPC) is widely anticipated to maintain the repo rate at 8.25% on Thursday, aligning with similar decisions by banks like the FOMC in the United States. Despite initial expectations of rate cuts in the second quarter, projections have now been postponed, with Investec predicting the first cut, around 25 basis points, in the third quarter of the year. The prevailing narrative of “higher for longer” underscores the belief that the hike cycle has concluded, but persistent inflationary pressures suggest that interest rates will remain at current levels for a more extended period…
Author: Malama Mulenga
The recently appointed Pick n Pay group CEO, Sean Summers, has taken a crucial step in revitalizing the company for growth in 2024 by assembling his senior leadership team. Summers has formed a Group of Executives comprising of six members with a diverse range of expertise, as announced by the retailer. The newly appointed executive team includes Lerena Olivier as Group CFO, Thembi Mbengashe as Chief People Officer, and Hazel Pillay as Managing Executive for Clothing. Additionally, Dallas Langman has been introduced in the newly established role of Managing Executive of the Pick n Pay Retail Division. Johan Grobler will…
Countries in Sub-Saharan Africa have been excluded from global debt markets for 22 months, and there is a growing expectation among investors that this situation may change soon. This optimism arises as nations seek financing to meet numerous principal payments due this year and the next. South Africa is scheduled to reimburse $1.5 billion (R27.9 billion) in bonds this month, while Kenya faces a $2 billion (R37 billion) maturity in June. Subsequently, Senegal, Ivory Coast, and Gabon are expected to make principal repayments in the second half of the year. Ethiopia, initially slated for December, defaulted last month. …
Woolworths has revealed that that some of its WCafé stores are experimenting with cashless payments. The retailer made it known that this is not compulsory, as consumers can be still be able to pay for food, fashion, beauty and home purchases with cash if they choose. This past weekend, the company was at the top of the South African trends as customers took to social media to raise their concerns after a signboard appeared at a Woolworths store saying that from 16 January, it would only accept card and digital payments. It read: “From 16 January 2024, we will no…
As the technology startup scene in Africa continues to flourish, entrepreneurs are developing groundbreaking solutions to tackle the region’s distinct obstacles. Looking towards 2023, numerous African startups warrant close attention, particularly those specializing in fintech, tech-enabled logistics, and innovative payment solutions. This article will showcase the top 10 African business tech startups to keep an eye on. The African continent has seen a remarkable growth in the technology startup scene over the past few years, with entrepreneurs creating innovative solutions to address the unique challenges facing the region. As we head into 2023, there are several African startups that are…
The business landscape in Africa is undergoing a rapid transformation with the integration of advanced technologies such as entrepreneurship, cryptocurrency, robotics, cybersecurity, artificial intelligence, and blockchain. These technologies are playing a critical role in shaping the future of entrepreneurship, enabling African entrepreneurs to operate their businesses with greater efficiency and effectiveness than ever before. Cryptocurrency and Blockchain Technology One of the most significant developments in the African business landscape is the rise of cryptocurrency and blockchain technology. Cryptocurrencies such as Bitcoin and Ethereum are now widely accepted in various African countries, and blockchain technology is being used to develop innovative…
Ancient humans stored information in cave paintings, the oldest we know of are over 40 000 years old. As humans evolved, the emergence of languages and the invention of writing led to detailed information being stored in various written forms, culminating with the invention of paper in China around the first century AD. The oldest printed books appeared in China between AD600 and AD900. For over a millennium, books remained the main source of information storage. Humans achieved more technological development in the past 150 years than during the previous 2 000 years. Arguably one of the most important developments in human history was the invention…
Nedbank, working with Mastercard and South African fintech player Ukheshe, has launched the ability for banking clients to make payments to businesses in Facebook-owned messaging platform WhatsApp. The new offering, called Money Message, lets small and micro businesses receive secure in-chat payments from their customers via WhatsApp. It has been specifically developed to process payments for merchants and small businesses, Nedbank said. The solution allows merchants to send an invoice requesting a payment from any customer through WhatsApp. The customer, in turn, can settle a payment directly in the app. Anyone with a valid South African identity document and South…
The telecommunications company, MTN has issued out a warning that it will launch a High Court case against the Independent Communications Authority of South Africa (ICASA) over the way the regulator proposes to handle an auction for precious radio frequency spectrum. In a letter given to MyBroadband by a source close to the spectrum process from its lawyers, MTN objected to ICASA’s plan to allow smaller network operators to have their first pick of the spectrum being made available. It was explained that these are referred to as the “opt-in lots” in ICASA’s Invitation to Apply document. ICASA excludes certain…
Telkom is making things for their customers easy and has come up with a convenient and pandemic-friendly option to RICA your Telkom SIM, allowing you to complete the process online in the comfort of your own home. All South African mobile users are required to comply with the ‘Regulation of Interception of Communications and Provision of Communication-related Information Act’ (RICA), as part of the South African government’s crime prevention efforts. This means that if you are using a South African SIM card, you will need to register with RICA to gain access to your cellphone provider’s services. How to RICA…