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19 September 2017 The industry in which Telkom operates is competitive; the environment fluid and prone to frequent change, says Deon Fredericks, the company’s group chief financial officer. Because of this, it considered BCX (then known as Business Connexion) twice, the smaller company first catching the eye of the telecoms behemoth in 2006/2007, and then again in 2012/2013. Eventually, the deal proved too good to be ignored: Telkom required an ICT company to provide end-to-end solutions to corporate customers and BCX was a complementary fit. Deon sat down with CFO South Africa to talk about the acquisition – a deal with a R2.7 billion price tag. “We are very focused on what we want to achieve with BCX in the market. We are starting to see some good wins through the venture.” 18 September 2017 For a limited time, customers at Pick n Pay’s head office campus store will be able to use the cryptocurrency Bitcoin to pay for their purchases. 18 September 2017 How can we build efficient compliance processes? What is the state of compliance globally? Facilitated by gold sponsor DocFox, one of the world’s leading compliance experts - Dominic Suszek - is coming to the Finance Indaba Africa to discuss these issues on 13 October at 11am in the Sandton Convention Centre. 18 September 2017 Do you want to keep up to date with the latest developments in finance, but you are short of time? Don’t worry. CFO South Africa weekly collects 10 of the most important articles from international media for your convenience. 18 September 2017 TransUnion has joined Finance Indaba 2017 as a silver partner and will make its debut at the event at the Sandton Convention Centre in October. 18 September 2017 "Embrace empowers Finance professionals to adapt to and meet the challenges of a rapidly changing business and systems environment, so as to remain relevant and competitive within their industry," says Ian Foster, Sales & Marketing Director of ACS-Embrace, a silver partner at the Finance Indaba Africa 2017 on 12 and 13 October 2017 at the Sandton Convention Centre in Johannesburg. 18 September 2017 An in-house bank may be simply defined as an internal organisation which assumes some of the functions traditionally performed by external commercial banks to provide enhanced performance, transparency and control. Traditionally, the operation of an in-house bank was regarded by most finance executives to be the preserve of the largest corporations. Despite the many benefits, these structures were thought to be too expensive and complicated to add cost effective value. As more efficient cloud solutions become available, the threshold barriers for justifying in-house bank adoption have been steadily lowered, and positive cost/benefit analyses are becoming more and more common. 17 September 2017 New research by the Economist Intelligence Unit (EIU) has revealed that nearly 40 percent of CEOs currently have digital transformation at the very top of their boardroom agenda, with almost a quarter of them personally leading their company’s transformation programmes. 16 September 2017 “Invigorating!” That is what CFO of the Year 2015 Deon Viljoen called his first few months as CFO of Discovery, where he started in May this year, following a tough but celebrated tenure as Alexander Forbes CFO. “It has been a lot of fun, it has been busy, it has certainly been no controlled arrival,” said Deon during a recent CFO Summit in Johannesburg. 15 September 2017 KPMG South Africa has undertaken a serious board clean-up in the aftermath of its dealings with the Guptas and the South African Revenue Service (SARS). Trevor Hoole (pictured), KPMG CEO in SA, was caught in the cross-hairs, and has since resigned. This, following a review of work done by the South African branch of the audit farm, which was carried out by its international arm. 15 September 2017 "Nexia SAB&T provides an extensive range of professional services that are tailored to the specific requirements of our clients," says Ndumi Medupe, Chairperson of Nexia SAB&T, a silver partner at the Finance Indaba Africa 2017 on 12 and 13 October 2017 at the Sandton Convention Centre in Johannesburg. 15 September 2017 African FinTechs are able to apply for the prestigious Switzerland-based F10 accelerator. 14 September 2017 “We are experiencing a period of radical change,” says Mandi Olivier (pictured), senior executive for professional development at the South African Institute of Chartered Accountants (SAICA), when asked about the Fourth Industrial Revolution. 14 September 2017 "Futuresense exists to make complex company finance systems more efficient, reporting simpler and faster, and ultimately make the CFO’s life easier," says Steven Hyslop, Director of Futuresense, a silver partner at the Finance Indaba Africa 2017 on 12 and 13 October 2017 at the Sandton Convention Centre in Johannesburg. 14 September 2017 The future of work holds a myriad of possibilities for change that business needs to adapt to. In order to do so, we need to understand the interconnections between evolving technology, the demographics at play and what power dynamics are emerging as a result. The future of work is being shaped by two powerful forces, the first being the growing adoption of artificial intelligence in the workplace and the second, expansion of the workforce to include both on- and off-balance-sheet talent. 13 September 2017 Comair Limited has released its annual financial results, reporting a 54 percent increase in profits, to R297 million, as well as a 28 percent increase in cash generated by its operations. Moreover, income generated by its non-airline brands now constitutes 20 percent of its earnings. 13 September 2017 You know for a fact that FinTech companies are shaping our future and you feel that your money can multiply if you only just invest in the right one. But how do you know which one that is? We chatted to Clive Butkow, the extremely experienced CEO of Kalon Venture Partners, and came back with six valuable tips from him. 13 September 2017 JSE-listed South African dairy and foods group Clover has announced a poor set of results brought on by a severe drought and a volatile local currency. Annual earnings fell 66% and diluted headline earnings per share fell to 63.2 cents per share for the year ended 30 June 2017, compared with 184.7 cents per share for the same period last year. In addition, Clover said it would not declare a final dividend due to the weak economic conditions and funding requirements. 13 September 2017 "Internal auditors are an integral part of the governance processes within an organisation. They provide the ears, eyes and the internal evaluation of organisational activities to both the organisation executive and governing bodies," says Dr Claudelle von Eck, CEO of the Institute of Internal Auditors SA (IIA SA), a silver partner at the Finance Indaba Africa 2017 on 12 and 13 October 2017 at the Sandton Convention Centre in Johannesburg. 12 September 2017 Sim Tshabalala (pictured) has been appointed the sole CEO of Standard Bank Group, bringing to an end the dual role he shared with Ben Kruger. The appointment also makes Tshabalala the first black person to lead Africa’s largest lender independently. 12 September 2017 "We will outline the many advantages of trading with AvaTrade at Finance Indaba 2017, such as regulation, variety, technology, service and all the other great features we offer our clients," says Dáire Ferguson, CEO of AvaTrade, a silver partner at the Finance Indaba Africa 2017 on 12 and 13 October 2017 at the Sandton Convention Centre in Johannesburg. 12 September 2017 Five siblings, five exceptional professionals. This is the remarkable story of the Kathan family: one medical doctor, one Deloitte executive, and no less than three CFOs. We sat down with Veran, Christine, Justine, Mark, and Sunita to talk about the forces that shaped their lives, what motivates them, and their hopes for their children. 11 September 2017 “Professional skepticism is about auditing the time, mindset, attitude and related questions about how management has scouted the transactions and applied judgments and assessments within disclosures in the financial statements as well,” says Ken Siong, technical director of the International Ethics Standards Board for Accountants (IESBA). “It’s very critical [to have professional skepticism] to enable auditors to get to the bottom of issues to make sure they can be confident and evaluate critical issues, and whether those issues have been accounted for and presented in financial statements.” 11 September 2017 Do you want to keep up to date with the latest developments in finance, but you are short of time? Don’t worry. CFO South Africa weekly collects 10 of the most important articles from international media for your convenience. 11 September 2017 Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, has received 166 applications from over 39 countries for its inaugural FinTech Abu Dhabi Innovation Challenge. 11 September 2017 As the head of Corporate and Investment Banking (CIB) for Africa at Standard Bank, Victor Williams is responsible for corporate and investment banking in the 19 countries – excluding South Africa – that comprise the Africa Regions. He says the bank serves corporate, sovereign and institutional clients (local corporates and multinationals) in those markets, providing them with global markets, transactional banking and investment banking services. “In each of the markets in which we are present we are looking to build the leading corporate and investment banking franchise in that market,” he says. 10 September 2017 African Oxygen (Afrox) has announced that its half-year profits rose 22 percent, after earnings were boosted by increased volumes and effective cost management. Headline earnings per share rose to 93.3 cents per share, compared with 76.5 cents per share for the same period last year. This was in line with what the company had previously flagged to the market. 09 September 2017 South Africa’s manufacturing output fell 1.4 percent year-on-year in July, after contracting by a revised 2.2 percent in June, Statistics South Africa has said. 08 September 2017 Stellenbosch-based Capitec Bank Holdings has pipped Nedbank Group as South Africa’s fourth-largest lender by value, extending market-beating rally that has made it SA’s best-performing stock. 08 September 2017 "We are passionate about customers achieving real value from the use of Data Analytics and I believe the best way to support this is through sharing experiences and customer stories," says Simon Kirby, Director of Financial Services Industry Solutions at Qlik. South Africa Qlik Master Reseller is a gold partner at the Finance Indaba Africa 2017 on 12 and 13 October 2017 at the Sandton Convention Centre in Johannesburg. 08 September 2017 Seamless East Africa – the region’s most extensive technology and solution event for the FinTech, payments and banking industries – opened its doors yesterday at the Radisson Blu Hotel, Nairobi. 07 September 2017 “What is clear is that the shareholders are beginning to make their voice heard at AGMs regarding the necessity for firm rotation to end excessively long relationships,” says Bernard Agulhas (pictured), CEO of the Independent Regulatory Board for Auditors (IRBA). “Where audit committees may feel a 20-year, 50-year or longer relationship might not impair auditor independence, shareholders are saying otherwise.” 07 September 2017 Gen Z is optimistic about their future as they begin to enter the workforce. In fact, nearly two-thirds (63 percent) of EY Gen Z interns surveyed by the firm at its 21st annual International Intern Leadership Conference (IILC), feel confident that they will be better off, both financially and in happiness at work, than their parents. 07 September 2017 From customer interface to back office support, automation has become an important issue that CFOs cannot afford to ignore. But will a failure to adopt automation mindset make your business extinct? Just how much efficiency and performance can you derive from automation and do you have the skills to take the next step? 06 September 2017 Vodafone has announced that it has sold 90 million ordinary shares in Vodacom – some 5.2 percent – to institutional investors. The shares were sold at R165 apiece. It did this through an accelerated book-build process. 06 September 2017 Once a savvy boy-entrepreneur and then a sleepless 20-something who perhaps understood SAB’s business better than the brewer itself, young Nick Bell is now building the billion-rand professional services firm that every CFO should know about: Decision Inc.. “We help clients make the decisions they should be making and provide them with a platform to unleash their potential.” 06 September 2017 JSE-listed dump recycling specialist DRDGold, which processes old gold tailings dumps to extract residual gold, declared a 5c per share final dividend for the year ended 30 June 2017 – a year CEO Niel Pretorius describes as having been challenging, but which involved steps to position the company well for FY2018 and beyond. 06 September 2017 Google has expanded its six-month, equity-free Launchpad Accelerator programme to seven more countries in Africa, after initially only opening it up to startups from Kenya, Nigeria and South Africa. The tech behemoth will now also accept applicants from Algeria, Egypt, Ghana, Morocco, Tanzania, Tunisia, and Uganda. 06 September 2017 During an invite-only CFO South Africa dinner at the spectacular Four Seasons hotel in Westcliff, finance leaders swapped notes about outsourcing, building internal capability and identifying the – sometimes shifting – core of the business. Sponsored by global BPO giant WNS, the exclusive gathering provided conversation of extremely high quality, highly effective networking and a high-powered ending, thanks to the inimitable storyteller Rob Caskie. 05 September 2017 What can CFOs learn from Muhammad Ali’s rumble in the jungle? What lessons can they glean from the fateful travels of polar explorer Ernest Shackleton? Tuesday’s riveting CFO Breakfast, sponsored by Sage, gave finance leaders intimate insight into the role of endurance on the road to success. 05 September 2017 According to the latest GDP data from Stats SA, South Africa’s economy has rebounded from a technical recession, growing by 2.5 percent in the second quarter of 2017. This, following two successive quarters of decline. 05 September 2017 We define productivity as achieving what you want to achieve with the least effort, or having the ability to achieve what you want to achieve with the least effort," Marcel van den Berg says. 05 September 2017 Too many CFOs spend their time as financial gatekeepers and get tangled up in accounting, says Colin Human, financial modelling wizard and CEO of financial management consultancy Goalfix. 05 September 2017 Global entries for the 2017 and second edition of The CFO Case Study Competition closed on 31 March, with over 1,500 entries received – surpassing the 2016 edition by some 20 percent. 05 September 2017 It didn’t take Till Streichert long to turn Vodacom’s finance team into a successful intelligence unit that keeps raising the bar globally. It is thus little wonder the German executive was named South Africa’s 2017 CFO of the Year, also walking away with the Strategy Execution and the Finance Transformation Awards. In this exclusive interview, Till tells us about the successful team transformation. “It was a stunning turnaround and an astonishing achievement for the finance team.” 04 September 2017 There could be a delay in the finalisation of the recent recapitalisation deal between Cell C and Blue Label Telecoms, as the Independent Communications Authority of South Africa (Icasa) has said the mobile operator may have failed to make the correct regulatory filings regarding the transaction. 04 September 2017 Pineapple (formerly know as Amyti), a Johannesburg-based InsurTech startup, has raised R5,2 million in seed funding. 04 September 2017 “CFOs are in a unique position to make a difference – by taking steps to understand what reporting requirements are out there and how various risks may affect companies now and in the future, they can help safeguard their companies and advance the future of sustainability,” says Rodney Irwin, MD, Redefining Value at the World Business Council for Sustainable Development. 03 September 2017 The International Monetary Fund (IMF) has permitted a one-year extension of Ghana’s $918 million credit-facility programme. This, following a review of the nation’s progress on monetary and fiscal reforms. The extension allow Ghana more time to achieve targets, such as narrowing the budget shortfall. 02 September 2017 Several Sub-Saharan African (SSA) countries can expect strong growth in the tourism sector, says new data revealed by Euromonitor International at the recent 41st Annual World Tourism Conference held in Kigali, Rwanda. International arrivals to Africa grew by 6.5 percent this year, reaching 18,550 million, it said. 01 September 2017 The Distell Group has declared a total dividend of 379 cents per share, after releasing its results for the full year ending 30 June 2017. Richard Rushton (pictured), Distell MD, said the company delivered solid operational results for the year against a backdrop of recessionary pressure on domestic consumers and a strengthening global competitive landscape. 01 September 2017 The World Bank has selected 20 startups to participate in its XL Africa accelerator programme, which offers help in securing early stage funding, a tailored curriculum and mentoring from a range of experts. A number of investment groups support the programme, which will see participants engaging online before attending a two-week residency in Cape Town. 01 September 2017 "QuickBooks has over 42 million users worldwide, making it the best-selling accounting solution in the world, and some of the many reasons for this include a product range that caters for almost all types of businesses and it does not matter whether you are office-bound or on the road," says Nick Braxton, Sales Manager of QuickBooks SA, a gold partner at the Finance Indaba Africa 2017 on 12 and 13 October 2017 at the Sandton Convention Centre in Johannesburg. 31 August 2017 In July, South Africa’s trade surplus slid to R8.99 billion, some $688 million at the current rate of exchange, from a revised R10.56 billion surplus in June. This, according to data from the revenue agency. 31 August 2017 Financial services behemoth EY has announced the launch of Tesseract, an integrated mobility platform underpinned by blockchain technology. The platform facilitates fractional vehicle ownership, shared use and seamless multimodal transport and it will help lay the groundwork for how autonomous vehicle fleets can be owned in the future and provide access to a variety of on-demand mobility options. 31 August 2017 Chief financial officers in the United States are concerned about how President Donald Trump's off-the-cuff Twitter posts and public comments affect business, a new survey finds. 30 August 2017 Sibanye Gold has changed its name to Sibanye-Stillwater, following the successful acquisition of US-based Stillwater Mining. 30 August 2017 “With the gap between technology and business all but disappearing, decision-makers are faced with a choice of either embracing a new, disruptive environment or become irrelevant to those companies that do,” says Sneha Shah, MD for Africa at Thomson Reuters. “Unfortunately, many still perceive digitalisation to only be about technology. And yet, the collaborative environment it enables is an integral component of it.” 30 August 2017 "The Finance Indaba is a great opportunity to demonstrate that our product and services offering fits the needs of the all the South African businesses, no matter what their size is," says Paco Cervantes, Oracle Services Business Unit Manager of EOH, a gold partner at the Finance Indaba Africa 2017 on 12 and 13 October 2017 at the Sandton Convention Centre in Johannesburg. 30 August 2017 South African industrial conglomerate Bidvest announced that it managed to grow its full-year trading profit by 4.6% to R6 billion, defying challenging market conditions, in a results statement issued on Monday. 29 August 2017 “Change is the only constant in these times. In that situation of volatility and uncertainty, we always try to stay adaptable to change. Being a more agile and adaptable organisation is critical in enabling us to survive and thrive,” says Nyasha Dzumbunu, CFO of Shanduka Black Umbrellas (SBU), one of the leading enterprises in supplier development organisations in South Africa. While she may be a powerhouse CFO Monday to Friday, in her downtime, Nyasha likes to design women’s clothing – a passion she hopes might one day blossom into a full line of corporate and casual wear. “It’s about power dressing – helping women look and feel spectacular – and I’m very passionate about this. I feel it’s important to express one’s femininity even when you’re in a power role.” 29 August 2017 BP Southern Africa (BPSA) has appointed its first black female, Priscillah Mabelane, to the role of CEO. Mabelane, a CA, takes over from outgoing CEO, Daniel Odogwu, on 1 September – six years after joining the organisation as CFO in 2011. 29 August 2017 The Dubai Financial Services Authority (DFSA) and the Securities and Futures Commission (SFC) in Hong Kong have entered into an agreement to establish a framework of cooperation on FinTech innovation. The agreement will further strengthen the efforts of both authorities to develop an innovations-friendly ecosystem in their respective markets. The signing took place between Mr Ian Johnston, CEO of the DFSA, and Ashley Alder, SFC CEO, in Hong Kong. Under the agreement, both authorities will share information on developments and innovations in FinTech in their respective markets. The agreement also intends to encourage both regulators to refer innovative firms to one another’s markets and to provide them with regulatory guidance. Mr Johnston said: “Providing a regime that fosters innovation in the Dubai International Financial Centre (DIFC), is a strategic priority for us. This agreement with Hong Kong’s SFC deepens cooperation between our two markets and will build a common understanding of the principles of good innovation.” “This agreement underscores the SFC’s efforts to strengthen regulatory collaboration and promote innovation in financial services," said Mr Alder. “We look forward to working closely with the DFSA to support FinTech development in both our markets.” The agreement extends the existing relationship between the SFC and the DFSA with a joint commitment to maintain the highest standards of cooperation. Both regulators are signatories to the IOSCO Multi-lateral Memorandum of Understanding (MMoU). They also entered into a bi-lateral MoU in 2008. The agreement marks the latest step in the DFSA’s roadmap to build a framework that supports innovation in the DIFC. It follows the introduction of regulations formalising a tailored regime for loan and investment crowdfunding platforms on August 1, the first in the GCC. On May 24, the DFSA launched its Innovation Testing Licence (ITL), a special class of financial services licence that allows FinTech firms to develop and test innovative FinTech concepts from the DIFC. The DFSA's innovation strategy is aligned with the National Innovation Strategy set out by UAE Vice President Sheikh Mohammed Bin Rashid Al Maktoum, to make the UAE a global hub for innovation. It follows the launch of the FinTech Hive at DIFC, which will bring together the next generation of leaders and entrepreneurs to compete and address the growing needs of the region's financial services industry, using innovative technology solutions. It intends to catalyse growth and efficiency in a variety of areas including trade finance, alternative finance and Shari'ah-based services. For its part, the SFC established the FinTech Contact Point (FTCP) in March 2016 to enhance communication with businesses involved in the development and application of FinTech and regulatory technology in Hong Kong. The FTCP also facilitates an understanding of the SFC’s current regulatory regime while enabling it to stay informed of the development of the local industry. 28 August 2017 A Cabinet statement recently announced the appointment of two new executives to Broadband Infraco: Ian van Niekerk as CFO and Andrew Matseke (pictured) as CEO. 28 August 2017 “There’s never been a more wonderful time to be a banker,” says Funeka Montjane, CEO of Personal and Business Banking at Standard Bank. Montjane, a 2015 WEF Young Global Leader, believes that the future of banking lies in creating time for customers with the help of automation, artificial intelligence and FinTech. Speaking about the future of banking at the Singularity University South Africa Summit, hosted on the continent for the first time in collaboration with Standard Bank, Montjane said that we’re living in what Stephen Hawking called ‘the century of complexity’ – in a more compressed and globalised world characterised by rapid disruption, and where information is free. 28 August 2017 UK FinTech Prodigy Finance has raised $240 million via a funding round. A borderless FinTech platform that provides finance to international students from emerging markets to study at top business schools in the UK, US and Europe, Prodigy is responsible for the world's world's first globally enforceable credit model. 27 August 2017 JSE-listed Altron intends to finalise the disposal of non-core assets by the end of its 2018 financial year. 26 August 2017 Murray & Roberts (M&R) has increased its stake in Bombela Concession Company (BCC), operator of the Gautrain, from 33 to 50 percent, in a R405 million transaction. 25 August 2017 “We just have to look at high-paying jobs today that didn’t exist 10 years ago, in order to understand that, according to WEF, 65 percent of students entering primary school today will ultimately end up working in completely new job types that don't yet exist,” said Sizwe Nxasana, founder of Future Nation Schools, Chairman of both the National Education Collaboration Trust and National Student Financial Aid Scheme, while speaking on the future of education at the first Singularity University South Africa Summit. Sizwe is also one of the founders of SizweNtsalubaGobodo and a former Firstrand CEO. “Yet our education system is still based in the architecture of the 19th and 20th century,” he continued. 25 August 2017 "Karabina provides the Office of Finance with technology solutions that transform the function into a modern Digital Finance team that is able to address the growing demands of businesses for access to the right information at the right time," says Heath Turner, Director of Karabina, a gold partner at the Finance Indaba Africa 2017 on 12 and 13 October 2017 at the Sandton Convention Centre in Johannesburg. 24 August 2017 In the second sale of its businesses this week, Gupta-owned Oakbay Investments has announced that is has sold Tegeta Exploration and Resources to Swiss-based Charles King SA. The deal has a R2.97 billion price tag. 24 August 2017 Overcoming aversion to risk is one of the most important characteristics of digitally native companies, according to a new study released today by MIT Sloan Management Review (MIT SMR) and Deloitte Digital. The sixth annual study, in its third year focusing on digital business, found that 71 percent of digitally maturing organizations have conquered this barrier by encouraging their organizations to experiment and accept the risk of failure, compared to 29 percent of early stage companies. The study, “Achieving Digital Maturity: Adapting Your Company to a Changing World,” examines the digital transformation habits of “digitally maturing” companies and what sets them apart from “digitally early stage” companies. 24 August 2017 South African Reserve Bank deputy governor Francois Groepe has revealed that there are three proposals regarding FinTech regulation currently on the table during a keynote address at the Strate GIBS FinTech Innovation Conference. 24 August 2017 “Capisol supplies interactive cloud document management, which allows customers to easily archive all their documents electronically in the cloud through seamless integration into their accounting or HR systems," says Christopher De Zeeuw, MD of Capisol, a silver partner at the Finance Indaba Africa 2017 on 12 and 13 October 2017 at the Sandton Convention Centre in Johannesburg. 23 August 2017 The Gupta-owned media groups ANN7 and The New Age have been acquired by the firm of former government spin doctor Mzwanele Manyi (pictured). 23 August 2017 The International Monetary Fund's (IMF) recent warning that South Africa's economic vulnerabilities could become more pronounced wasn't good news. Indeed, when the assessment was made in July 2017, it cast a shadow of what's already a turbulent time for the country. 23 August 2017 “It breaks my heart when I see talented young females and they are just sitting on boards as non-executive directors,” says Nonkululeko Gobodo, the country’s first-ever female chartered accountant. “If women are quitting, we are not going to produce the leaders we need,” she says. Nonkululeko sat down with CFO South Africa to talk about being a role model for female CAs, her deliberate but painful departure from SizweNtsalubaGobodo, and the new chapter in her professional life as a leadership consultant. 23 August 2017 Africa’s largest retailer with a customer base of more than 35 million people across the continent, Shoprite Group announced an investor-pleasing set of annual results on Tuesday, adding thousands of jobs, increasing sales and profit, and staving off food inflation, despite having to deal with a pressurised consumer environment. 23 August 2017 Sage, the market and technology leader for integrated accounting, payroll & HR, and payment systems, today announced that Sage Live, its cloud-based, integrated accounting solution is now available in South Africa. Tailored to the needs of growing companies, Sage Live supports ambitious organisations that are scaling up for growth. 22 August 2017 Mobile operator Cell C has appointed two new board members: Larry Nestadt (pictured) and Kuben Pillay. Nestadt, a co-founder and former director of Investec Bank, will serve as non-executive deputy chairman, while Pillay will replace Mohammed Hariri as non-executive chairman. 22 August 2017 “Technology, shared resources and digital collaboration provide businesses with a global view of business,” says Christopher Jones, CEO of Digiterra, a silver partner at the Finance Indaba Africa 2017 on 12 and 13 October 2017 at the Sandton Convention Centre in Johannesburg. 22 August 2017 “One of my mentors that has impacted my leadership style and journey from early in my career is Hugh Harrison, a partner I worked for at Deloitte. He is now our RMB Global Markets CFO, but even in this role he still challenges, advises and guides me. In him, I have always had someone whom I could trust to place the mirror in front of me. He is brutally honest but fair in his feedback and if it means he needs to make you a little emotional and teary eyed, so be it,” says RMB CFO Markos Davias, who harbours a passion for young accounting talent, promoting diversity and embracing cutting-edge technology. A solid centre-back, strong in the air, leading from the back, stopping goals at all costs – these are some of the phrases Markos uses to describe himself on the soccer field, and indeed, many of these phrases correlate with the CFO’s approach to leadership. “My family, more recently fatherhood, sport and specifically soccer have all had an influence on my life and career choices.” 21 August 2017 “Today we want to talk about energy – how you create it and how you work with it – not just for you, but for the people around you,” said Graham Fehrsen, MD of CFO South Africa. Graham was speaking at a sumptuous breakfast for executive assistants (EAs) of CFOs, held recently at the Saxon Hotel in Sandton. “You spend time picking up the pieces for the people who may be going through challenging times at work and are extremely busy, and help them through their days, not only through your work but through your attitude, because you are also there for them personally.” 21 August 2017 Do you want to keep up to date with the latest developments in finance, but you are short of time? Don’t worry. CFO South Africa weekly collects 10 of the most important articles from international media for your convenience. 21 August 2017 The University of Cape Town, one of the leading educational institutions on the continent, has become the first university in Africa to offer a specialised FinTech degree. It follows the University of Oxford and a host of Ivy League institutions in offering such a programme. 21 August 2017 It has been 17 years since the inception of the South African Competition Act, and competition law enforcement continues to be vigorous and successful. Some now argue that competition law and its associated institutions are becoming a victim of their own success. Where other regulators have mostly proven toothless, the Competition Commission and the Competition Tribunal have been able to pry open cartels and punish offenders. Where broader economic policy has failed to force companies to change tack, competition policy clearly has not disappointed. In this article, competition experts Minette Smit and Marylla Govender explore the most recent trends in competition law, along with the rise of ‘the Patel factor’. 20 August 2017 A recent Reuters poll of 27 economists has revealed a strong belief that the South African Reserve Bank (SARB) could cut interest rates again this year. 19 August 2017 According to the Organisation for Economic Co-operation and Development’s (OECD) latest Economic Survey of South Africa 2017, the country’s public debt has risen to just under 50 percent of GDP. 18 August 2017 The annual Guardian of Governance award has been bestowed upon the eight SABC journalists (dubbed the SABC 8) fired for speaking out against the broadcaster's decision to censor protest coverage. 18 August 2017 How can women be more effective in the workplace? And in life? On 17 August 2017, CFO South Africa hosted this year's Women’s Dinner at the Saxon Hotel in Sandton to provide a networking opportunity and panel of inspirational speakers for women CFOs. The delegates had been encouraged to bring their mentees to the event, to share in the insights. 18 August 2017 The Nigerian FinTech market has grown by 90% in the past 3-4 years and startups in the populous West African nation are radically transforming the banking and financial sectors, according to Kantar TNS Nigeria CEO Aggrey Maposa. 18 August 2017 The Institute of Internal Auditors SA (IIA SA) has joined Finance Indaba 2017 as a silver partner and will make its second showing at the event at the Sandton Convention Centre in October. 17 August 2017 Comair has said that its earnings per share are expected to be between 49 and 68 percent higher for the year ending 30 June 2017, than those reported for the previous year. 17 August 2017 "We will be talking about how to build your future with the Blueprint for Continuous Accounting. This revolutionary new concept is changing the way accounting and finance are performing and creating a paradigm shift across Modern Finance Organisations," says Bridgette Ward, Sales Manager of AdvanceNet, a gold partner at the Finance Indaba Africa 2017 on 12 and 13 October 2017 at the Sandton Convention Centre in Johannesburg. 17 August 2017 JSE-listed financial services provider Purple Group has sold a 30% stake valued at R100 million in its Easy Equities business to Sanlam Investment Holdings in a cash deal. Sanlam will receive a seat on the board as part of the investment. 16 August 2017 4 Africa Exchange (4AX) has announced two new executive appointments to its management team, namely Lindiwe Ndlela (pictured) as chief financial officer and Anthony van Eden as chief operating officer. 16 August 2017 “Growing into a well-balanced CFO is a journey which requires identifying role models and learning from them. And learning from your own mistakes,” says Nonkululeko Dlamini, the CFO of the Industrial Development Corporation (IDC), a public development finance institution with the mandate to promote economic growth and industrial development. Nonkululeko and her mentee, Nozibele Tshobeni, a Senior Financial Manager, attended the CFO South Africa Women’s Dinner on 17 August 2017 at the prestigious Saxon Boutique Hotel. We sat down with Nonkululeko and Nozibele to chat. 16 August 2017 16 August 2017 Private education provider Curro announced on Tuesday that it had broken the R1 billion interim revenue barrier in the six months to end-June. However, despite maintaining the 24% revenue growth pace set in the matching period, losses in its lower-fee school and tertiary divisions dragged profit growth down from 67% to 31%. 15 August 2017 On Thursday this week, President Zuma will oversee the launch in Sandton of the African Regional Centre of the New Development Bank (NDB). 15 August 2017 “The time has come for the CFO to become an important executive member who pushes for value creation other than the normal traditional financial role,” says Musa Magongo, CFO of the Swaziland Civil Aviation Authority (SWACAA). “The CFO is expected to have a better understanding of the impact of each process, whether commercial or operational, and be able to provide the necessary advice and guidance to the technical team.” In his role, Musa oversees all of the financial management issues of SWACAA, from budget preparation and implementation to monitoring, treasury and reporting. While this includes a focus on both finance and strategy, he says the nature of the role means he spends a greater proportion of his time on strategy, and ensuring that the organisation’s overall strategy is implemented. 15 August 2017 "Decision Inc was created with the vision of offering these organisations a single purpose information management business to allow them to make better decisions across multiple divisions and sectors," says Nick Bell, CEO of Decision Inc, a silver partner at the Finance Indaba Africa 2017 on 12 and 13 October 2017 at the Sandton Convention Centre in Johannesburg. 14 August 2017 The South African office of KPMG has suspended its lead audit-engagement partner, also relieving two others, while it awaits the results of its ongoing investigation into work it undertook for companies linked to the Guptas. 14 August 2017 Do you want to keep up to date with the latest developments in finance, but you are short of time? Don’t worry. CFO South Africa weekly collects 10 of the most important articles from international media for your convenience. 14 August 2017 During the last year, the public became painfully aware of what cybersecurity experts have long been warning us about: That cybercrime is on the rise and that everyone is a potential target. The recent WannaCry and Petya attacks have revealed that hackers have adopted an increasingly financial focus, as they demand ransom (usually in cryptocurrencies like Bitcoin) in exchange for unlocking the affected users’ data. Companies throughout the globe have been affected in the latest attack this June, with South African companies being no exception. 14 August 2017 Abu Dhabi is looking to strengthen its FinTech position with a flurry of initiatives, including a tie-up with Switzerland and an innovation challenge for startups. 14 August 2017 Nishant Saxena won two Awards at this year’s CFO of the Year Awards – High Performance Team and Young CFO of the Year. He received this recognition because he took Cipla’s struggling, low-margin, sub-Saharan Africa (SSA) unit and turned it into one of the most profitable pharma players in South Africa. In so doing, he completely transformed the finance department, creating a high performance team in the process. Nishant shares his top tips for creating an efficient team. 13 August 2017 Westcon-Comstor Southern Africa has announced that it has appointed Rakesh Parbhoo as the new CEO of WestconGroup SA. Parbhoo joins the company after an almost two-decades-long tenure at Dimension Data, most recently holding the role of chief information officer for Dimension Data Middle East & Africa. 12 August 2017 Financial services firm Old Mutual has said that it intends to list two units in London and Johannesburg in 2018: Old Mutual Wealth (OMW) and Old Mutual Limited (OML). 11 August 2017 Bidvest’s recent acquisition of First Data Resources South Africa (FDRSA) will catapult it into South Africa’s world of business banking – a market currently dominated by FNB, Nedbank and Standard Bank. 11 August 2017 Mukuru has joined Finance Indaba 2017 as a silver partner and will make its debut at the event at the Sandton Convention Centre in October. 11 August 2017 Barclays Africa Group will collaborate with nine FinTech companies to explore promising new technology-based solutions that could prompt significant improvements for consumers and in bank services. 10 August 2017 Thomson Reuters has launched a dedicated Decision Africa app that provides financial professionals with comprehensive market and data leading up to and after the elections in Kenya (8th August), Angola (23rd August), Liberia (10th October), and Mali (29th October). 10 August 2017 "As one of the leading ESD organisations in SA we can support finance professionals with entrepreneurial dreams and capabilities in their journey to develop sustainable businesses. The support we provide encompasses training, physical infrastructure in our incubators, and mentorship," says Nyasha Dzumbunu, CFO of Shanduka Black Umbrellas, a gold partner at the Finance Indaba Africa 2017 on 12 and 13 October 2017 at the Sandton Convention Centre in Johannesburg. 10 August 2017 Martijn Aslander is a thought leader, public speaker and executive sparring partner with a unique ability to challenge business leaders and help them to think outside of the box. 09 August 2017 “The biggest ambition that I have is to always leave a better legacy than the one I found when I took on a responsibility,” says Kenny Fihla, who took over from David Munro as chief executive of Standard Bank Corporate and Investment Banking (CIB) in May this year. “What will the next generation of people or leaders in my role think when they assume the responsibility that I’m currently fulfilling that forces me to think about my actions? I get obsessed thinking about that – the creation of a lasting legacy.” 09 August 2017 Lonmin has said that it will cut costs and sell some assets in a bid to overcome a weak market and to preserve jobs. The cost-cutting measures include selling processing capacity of up to 500,000 ounces per year, the South African platinum miner has said. 09 August 2017 Oxford University, one of the world’s most prestigious educational institutions, has launched an online programme to meet the growing demand for a formal FinTech course. 09 August 2017 "We believe that the user is the true source of value in any business, and if you service them well you can grow them and they in turn will grow your business," says Kevin Mutiso, CEO and co-founder of Alternative Circle, a silver partner at the Finance Indaba Africa 2017 on 12 and 13 October 2017 at the Sandton Convention Centre in Johannesburg. Finance professionals and accountants register for the Finance Indaba for free with code FB2017! In the coming weeks and months, we will be chatting to all the Indaba partners, asking them why they are joining the event and what their most important message for finance professionals is. Do you want to hear how Alternative Circle can help with your KYC processes? Do you want to be informed about the latest and greatest in finance? Then don't miss the Finance Indaba Africa 2017. The Finance Indaba is the biggest annual event on the continent for financial managers and specialists who are seeking partnerships to drive progress. Thousands of delegates will gain valuable insights into realising financial performance and growth, becoming more efficient and accessing funding, among a host of other opportunities from leading players in financial services. 09 August 2017 Netwin Systems has joined Finance Indaba 2017 as a silver partner and will make its debut at the event at the Sandton Convention Centre in October.Ensure the rationale behind an acquisition is sound, advises Telkom's Deon Fredericks
Pick n Pay now accepting Bitcoin
World-leading anti-money laundering expert at #findaba17
Finance flash: the TOP-10 articles of week 37, 2017
TransUnion signs up for Finance Indaba 2017
Finance Indaba 2017: ACS-Embrace offers tailored ERP solutions
In-house banking now within reach: Treasury Technologies CEO Rudolph Janse van Rensburg explains
CEOs must prioritise digital transformation to stay in business
Deon Viljoen relishes new CFO job at Discovery
KPMG CEO, Trevor Hoole, resigns in wake of Gupta scandal
Finance Indaba 2017: Nexia SAB&T is your bespoke financial services partner
Swiss accelerator open to African FinTechs
Disruption alert: will CAs be redundant in 2025?
Finance Indaba 2017: Futuresense ensures a bright financial future
Diverse staff and AI shaping workplace of the future - Deloitte
Comair profits up 54%
Investing in disruptive tech? Look out for these six things, says Kalon's Clive Butkow
Clover dragged down by drought, weak rand
Finance Indaba 2017: IIA SA creates value for business
Sim Tshabalala sole Standard Bank CEO
Finance Indaba 2017: Broker success with AvaTrade
Keeping up with the Kathans: Five siblings, four CAs, three CFOs
Auditor independence under the spotlight
Finance flash: the TOP-10 articles of week 36, 2017
Abu Dhabi Global Market attracts 166 applicants for FinTech challenge
Africa is a great source of growth, says Standard Bank CIB's Victor Williams
Afrox H1 profits up
Manufacturing output down
Capitec now SA's fourth-largest lender
Finance Indaba 2017: Explore hidden data relationships with South Africa Qlik Master Reseller
Seamless East Africa FinTech conference opens doors in Nairobi
Shareholders speaking out on auditor appointments
Gen Z's future will be brighter than previous generations - EY survey
The impact of RPA across the finance value chain - Deloitte's Rieta de Villiers
Vodafone sells stake in Vodacom
The leadership team should be on the front line, says Decision Inc.'s Nick Bell
DRDGold issues small dividend after trying year
Google expands Launchpad Accelerator
Journey to the core: CFOs deep-dive during exclusive dinner
Purpose and agility: riveting learning at CFO SA's endurance event
SA's economy rebounds
RSVP for the 2 day course "Work smarter not harder" to make your life and business a lot happier
Become a financial planning master with a 3 or 4-day financial planning course
CFO Case Study Competition changing the future of finance professional training - CharterQuest CEO Valentine Nti
I am an authentic leader, open to ideas, says Vodacom CFO Till Streichert
Delay in Cell C recapitalisation
Disruptive InsurTech Pineapple raises R5,2m in funding
Rodney Irwin: How CFOs can radicalise corporate reporting
IMF extends Ghana's credit programme
Tourism growth will boost SSA economies
Distell delivers solid results despite challenges
World Bank lines up startups for XL Africa accelerator
Finance Indaba 2017: QuickBooks is the most popular accounting software on the planet
Trade surplus at R9 billion
EY launches blockchain-based vehicle ownership platform
CFOs urge Trump to curb Twitter outbursts - survey
Sibanye Gold now Sibanye-Stillwater
Leverage digital technologies to mitigate challenges and drive growth
Finance Indaba 2017: EOH products suit any business
Bidvest continues to grow amid economic volatility
Success comes from surrounding yourself with positive, life-affirming people, says Nyasha Dzumbunu, CFO of SBU
BP promotes CFO Priscillah Mabelane to CEO
Dubai and Hong Kong sign FinTech agreement
Ian van Niekerk new CFO, Andrew Matseke new CEO, of Broadband Infraco
Standard Bank's Funeka Montjane: FinTech is changing the face of banking
Student lender Prodigy Finance raises over R3bn
Altron lets go of assets
Murray & Roberts increases stake in Bombela
When Sizwe Nxasana speaks about the future of education, you listen
Finance Indaba 2017: Digital transformation is a cinch with Karabina
Oakbay sells Tegeta
Risk-averse companies struggling with digital transformation - report
Reserve Bank talks up FinTech regulation
Finance Indaba 2017: Corporate cloud nine with Capisol
ANN7 and The New Age sold for R450 million
South Africa's financials remain positive despite economic failings
Leaders who show their vulnerability are appreciated, says Nonkululeko Gobodo
Shoprite defies challenging market conditions
Sage cloud-based accounting solution goes live in SA
Kuben Pillay & Larry Nestadt join Cell C board
Finance Indaba 2017: Turbocharge enterprise performance with Digiterra
The future of finance will require a convergence of risk and finance, says RMB CFO Markos Davias
Learn to regulate your energy: EAs of CFOs enjoy breakfast together
Finance flash: the TOP-10 articles of week 33, 2017
UCT launches groundbreaking FinTech degree
The 'Patel factor': Minette Smit and Marylla Govender explain
Polled economists believe we may see another rate cut this year
SA's public debt 50% of GDP
IIA SA presents Guardian of Governance awards to journalists
Networking with authenticity: women CFOs and mentees dine and discuss
Nigerian FinTech market up 90% since 2015 - report
IIA SA partners with Finance Indaba 2017
Comair anticipates higher earnings per share
Finance Indaba 2017: Build your finance future with AdvanceNet
Sanlam takes R100m stake in Easy Equities
Lindiwe Ndlela new 4AX CFO
Female CFOs should be daring and resilient, says IDC CFO Nonkululeko Dlamini
Long-serving CFOs good for shareholder returns - report
Curro charges through R1bn revenue barrier
New Development Bank to open first Joburg office
I always lead the charge, says Musa Magongo, CFO of SWACAA
Finance Indaba 2017: Decision Inc is your single-purpose information management partner
KPMG suspends audit partner
Finance flash: the TOP-10 articles of week 32, 2017
The impact of cybercrime on SA companies: are we better or WORSE off?
Abu Dhabi launches global FinTech challenge
Cipla SSA CFO Nishant Saxena shares his tips for creating a top team
Rakesh Parbhoo new CEO of WestconGroup SA
Two new listings for Old Mutual in 2018
Bidvest enters the business banking arena
Mukuru joins Finance Indaba 2017
Barclays partners with FinTechs to meet African challenges
New app provides economic data for Kenya, Angola, Liberia, and Mali
Finance Indaba 2017: Shanduka Black Umbrellas enables entrepreneurial dreams
Life-hacker Martijn Aslander to speak at Finance Indaba 2017
Create a lasting legacy, says Standard Bank CIB CEO, Kenny Fihla
Lonmin to sell surplus platinum capacity
Oxford University launches online FinTech programme
Finance Indaba 2017: Alternative Circle is broadening the financial inclusion spotlight
Netwin Systems joins Finance Indaba 2017
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