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Google expands Launchpad Accelerator

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.

Journey to the core: CFOs deep-dive during exclusive dinner

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.

Purpose and agility: riveting learning at CFO SA's endurance event

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.

SA's economy rebounds

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.

RSVP for the 2 day course "Work smarter not harder" to make your life and business a lot happier

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.

Become a financial planning master with a 3 or 4-day financial planning course

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.

CFO Case Study Competition changing the future of finance professional training - CharterQuest CEO Valentine Nti

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.

I am an authentic leader, open to ideas, says Vodacom CFO Till Streichert

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.”

Delay in Cell C recapitalisation

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.

Disruptive InsurTech Pineapple raises R5,2m in funding

Pineapple (formerly know as Amyti), a Johannesburg-based InsurTech startup, has raised R5,2 million in seed funding.

Rodney Irwin: How CFOs can radicalise corporate reporting

“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.

IMF extends Ghana's credit programme

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.

Tourism growth will boost SSA economies

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.

Distell delivers solid results despite challenges

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.

World Bank lines up startups for XL Africa accelerator

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.

Finance Indaba 2017: QuickBooks is the most popular accounting software on the planet

"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.

Trade surplus at R9 billion

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.

EY launches blockchain-based vehicle ownership platform

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.

CFOs urge Trump to curb Twitter outbursts - survey

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.

Sibanye Gold now Sibanye-Stillwater

Sibanye Gold has changed its name to Sibanye-Stillwater, following the successful acquisition of US-based Stillwater Mining.

Leverage digital technologies to mitigate challenges and drive growth

“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.”

Finance Indaba 2017: EOH products suit any business

"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.

Bidvest continues to grow amid economic volatility

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.

Success comes from surrounding yourself with positive, life-affirming people, says Nyasha Dzumbunu, CFO of SBU

“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.”

BP promotes CFO Priscillah Mabelane to CEO

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.

Dubai and Hong Kong sign FinTech agreement

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.

Ian van Niekerk new CFO, Andrew Matseke new CEO, of Broadband Infraco

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.

Standard Bank's Funeka Montjane: FinTech is changing the face of banking

“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.

Student lender Prodigy Finance raises over R3bn

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.

Altron lets go of assets

JSE-listed Altron intends to finalise the disposal of non-core assets by the end of its 2018 financial year.

Murray & Roberts increases stake in Bombela

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.

When Sizwe Nxasana speaks about the future of education, you listen

“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.

Finance Indaba 2017: Digital transformation is a cinch with Karabina

"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.

Oakbay sells Tegeta

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.

Risk-averse companies struggling with digital transformation - report

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.

Reserve Bank talks up FinTech regulation

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.

Finance Indaba 2017: Corporate cloud nine with Capisol

“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.

ANN7 and The New Age sold for R450 million

The Gupta-owned media groups ANN7 and The New Age have been acquired by the firm of former government spin doctor Mzwanele Manyi (pictured).

South Africa's financials remain positive despite economic failings

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.

Leaders who show their vulnerability are appreciated, says Nonkululeko Gobodo

“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.

Shoprite defies challenging market conditions

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.

Sage cloud-based accounting solution goes live in SA

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.

Kuben Pillay & Larry Nestadt join Cell C board

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.

Finance Indaba 2017: Turbocharge enterprise performance with Digiterra

“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.

The future of finance will require a convergence of risk and finance, says RMB CFO Markos Davias

“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.”

Learn to regulate your energy: EAs of CFOs enjoy breakfast together

“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.”

Finance flash: the TOP-10 articles of week 33, 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.

UCT launches groundbreaking FinTech degree

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.

The 'Patel factor': Minette Smit and Marylla Govender explain

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’.

Polled economists believe we may see another rate cut this year

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.

SA's public debt 50% of GDP

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.

IIA SA presents Guardian of Governance awards to journalists

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.

Networking with authenticity: women CFOs and mentees dine and discuss

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.

Nigerian FinTech market up 90% since 2015 - report

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.

IIA SA partners with Finance Indaba 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.

Comair anticipates higher earnings per share

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.

Finance Indaba 2017: Build your finance future with AdvanceNet

"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.

Sanlam takes R100m stake in Easy Equities

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.

Lindiwe Ndlela new 4AX CFO

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.

Female CFOs should be daring and resilient, says IDC CFO Nonkululeko Dlamini

“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.

Long-serving CFOs good for shareholder returns - report

Curro charges through R1bn revenue barrier

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%.

New Development Bank to open first Joburg office

On Thursday this week, President Zuma will oversee the launch in Sandton of the African Regional Centre of the New Development Bank (NDB).

I always lead the charge, says Musa Magongo, CFO of SWACAA

“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.

Finance Indaba 2017: Decision Inc is your single-purpose information management partner

"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.

KPMG suspends audit partner

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.

Finance flash: the TOP-10 articles of week 32, 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.

The impact of cybercrime on SA companies: are we better or WORSE off?

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.

Abu Dhabi launches global FinTech challenge

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.

Cipla SSA CFO Nishant Saxena shares his tips for creating a top team

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.

Rakesh Parbhoo new CEO of WestconGroup SA

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.

Two new listings for Old Mutual in 2018

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).

Bidvest enters the business banking arena

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.

Mukuru joins Finance Indaba 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.

Barclays partners with FinTechs to meet African challenges

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.

New app provides economic data for Kenya, Angola, Liberia, and Mali

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).

Finance Indaba 2017: Shanduka Black Umbrellas enables entrepreneurial dreams

"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.

Life-hacker Martijn Aslander to speak at Finance Indaba 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.

Create a lasting legacy, says Standard Bank CIB CEO, Kenny Fihla

“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.”

Lonmin to sell surplus platinum capacity

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.

Oxford University launches online FinTech programme

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.

Finance Indaba 2017: Alternative Circle is broadening the financial inclusion spotlight

"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.

Netwin Systems joins Finance Indaba 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.

Pieter Bensch new MD and executive VP of Sage Africa and Middle East

Anton van Heerden is leaving his role at Sage Africa and Middle East, to be replaced by Pieter Bensch (pictured), who will be taking over as MD and executive VP of the region.

Kirsten King, Comair FD, talks Benoni and Boeings

Airlines are a notoriously difficult business, with narrow profit margins and stiff competition. They are also prey to the volatility of oil prices, as well as fickle exchange rates. But for Kirsten King, a self-proclaimed Benoni girl who entered the “grey-suited” world of accountancy, this is a place not only for the day-to-day administration of finance but also for networking, learning, and a few strong cups of tea.

Blue Label Telecoms finalises Cell C recapitalisation

Blue Label Telecoms, a listed telco group, has finalised its recapitalisation of mobile operator, Cell C.

Finance flash: the TOP-10 articles of week 31, 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.

MTN returns to the black

Telecommunications giant MTN announced a return to profit in first-half interim results at a presentation on Friday, with total group revenue in constant currency increasing by 6,7% to R64,3 billion and headline earnings per share improving to 217 cents, compared to a 271 cent headline loss per share in the comparable period last year. MTN maintained its interim dividend at R2,50‚ the same as in 2016’s interim period.

The CFOs versus the machine: futurist Graeme Codrington gets into it

Many CFOs worry that machines and robots may affect their jobs in the near future. Futurist Graeme Codrington, strategy consultant at TomorrowToday Global, believes they’re right to have this concern. Thus, CFOs need to partner with machines to make the most of the new world of work – and become more human to keep adding value, he says.

Capitec becomes SA's second-biggest bank

As at June 2017, Capitec bank hit nine million retail customers – a number which makes it SA’s second-largest bank (using this metric - customer numbers).

MTN delivers promising results

MTN has delivered improved results for South Africa, for the six months ending June 2017, returning to profit and increasing subscriber growth.

SAA appoints Vuyani Jarana new CEO

South African Airways (SAA) has appointed Vuyani Jarana, Vodacom Business CEO, as its new CEO. Jarana has been with Vodacom since 2012 and will join the airline as soon as Vodacom releases him from his duties. Jurana is the airline’s first permanent CEO since November 2015.

ThisIsMe signs up for Finance Indaba 2017

ThisIsMe 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.

Flutterwave raises $10m for African expansion

Nigerian FinTech Flutterwave announced it has secured $10 million in Series B financing. Four investors contributed to the round: Greycroft Partners, Green Visor Capital, Y Combinator, and Glynn Capital Management. Flutterwave, founded by Iyinoluwa Aboyeji, provides technology, infrastructure, and services to enable global merchants, payment service providers, and pan-African banks to accept and process payments via any channel, including web, mobile, ATMs and POS. The company helps businesses in Africa go global by smoothening the exchange of funds in more than 150 currencies. The company revealed that it intends to use the funds to hire talent, build out its global operations, and accelerate its expansion across Africa.

Get set for a "one-of-a-kind" endurance-focused CFO SA breakfast

“Every calamity is to be overcome by endurance,” wrote the great Roman poet Virgil. These are volatile times that require resilience to see them through. With this in mind, CFO SA is hosting a CFO Endurance Breakfast on 5 September 2017 at the Inanda Club in Sandton.

Senele Mbatha new AIG Africa CFO

American International Group Inc (AIG), a leading global insurance organisation, has promoted Senele Mbatha to the role of chief financial officer.

How to achieve the GREAT thing? Finance Indaba keynote Stan Slap reveals

Pulling off big projects is exhilarating, exponentially growing your profits is awesome, but are you achieving the GREAT thing? Are you building a better future? We spoke with Stan Slap, the world’s foremost thought leader on culture and leadership, who will be opening the Finance Indaba Africa on 12 October 2017, made possible by Clarkhouse Human Capital.

QuickBooks joins Finance Indaba 2017

QuickBooks has joined Finance Indaba 2017 as a gold partner and will make its second showing at the event at the Sandton Convention Centre in October.

Nedbank strong despite Ecobank loss

Nedbank, the fourth-biggest bank in South Africa by market value, posted a 3,7% fall in mid-year profit in a results presentation on Wednesday, with a sharp fall in its Ecobank holding muffling an otherwise impressive set of results.

EOH and Powertech System Integrators merger approved

A large merger between EOH Industrial Technologies and certain business of Powertech System Integrators has been approved by the Competition Tribunal, without conditions.

Deloitte puts executive compensation under the spotlight

A recently released Deloitte report found that annual cash bonuses paid to the CEO and CFO over the last six years are considerable in relation to guaranteed pay, with only 12 percent of instances where a bonus was not awarded to either executive over the last six years. The report also found that increases to CEO guaranteed pay over the last five increase periods exceeded inflation by a considerable margin on a compound annual growth rate basis.

Don't leave auditor dismissal too late - study

Investors should be wary of companies that dismiss their auditors as the fiscal year draws to a close, according to a new study by University of Notre Dame and Ohio University researchers.

SizweNtsalubaGobodo joins Finance Indaba 2017

SizweNtsalubaGobodo has joined Finance Indaba 2017 as a platinum partner and will make its second showing at the event at the Sandton Convention Centre in October.

Dangote Cement CFO Brain Egan made executive director

Brian Egan (pictured), Dangote Cement Group chief financial officer, has been appointed as the executive director, finance. According to the company, his promotion follows the “significant contribution he has made to the group”.

SekelaXabiso joins Finance Indaba 2017

SekelaXabiso has joined Finance Indaba 2017 as a platinum partner and will make its second showing at the event at the Sandton Convention Centre in October.

Award-winning Cipla SSA CFO Nishant Saxena on how he made a loss-making entity super successful

Nishant Saxena successfully took Cipla’s sub-Saharan Africa (SSA) entity from a struggling, low-margin organisation to one of the most profitable pharma players in South Africa. The success yielded double success at the CFO Awards in May 2017 for the Indian expat, who played a key role in shifting the strategy and improving the finance team. “Finance is like an internal venture capitalist responsible for ensuring the right returns on investment, and as Cipla’s largest acquisition ever, all eyes were on South Africa’s performance.”

David Meads new Cisco VP for Middle East and Africa

Cisco has appointed David Meads (pictured) as the new Vice President of its Middle East and Africa operations. Meads, in this newly created role, will oversee the execution of the company’s strategy in these two regions, ensuring the technology leader maintains its momentum at the forefront of digital transformation efforts.

Alternative Circle signs up for Finance Indaba 2017

Alternative Circle 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.

FinTech investment goes through the roof in 2017

FinTech start-ups are set to break funding records in 2017, as record as insurance, wealth management, lending and blockchain-related companies attract unprecedented investment.

CFO of the Year Till Streichert shares his CFO challenges

Vodacom’s Till Streichert, CFO of the Year 2017, talks us through six of the biggest issues he has faced while being a CFO. “I love my job and the profession.”

Convergence Partners exits Dimension Data investment

Convergence Partners Investments announced this week that it has exited its investment in Dimension Data, a specialist IT services and solutions company.

Telkom announces its plans for Gyro

Telkom has announced its plans for the recently spun out subsidiary, Gyro, which was made responsible for managing the company’s masts and towers, as well as its property development and property management services, from 1 April this year.

Eskom CFO Anoj Singh suspended

Eskom’s board of directors yesterday suspended CFO Anoj Singh (pictured) after the state-owned entity received threats from lenders saying that they would recall their loans if no action was taken. Allegations of corruption at the power utility recently implicated the CFO as the ongoing ‘Gupta leaks’ scandal plays out.

Qlik Master Reseller signs up for Finance Indaba 2017

Qlik Master Reseller has joined Finance Indaba 2017 as a gold partner and will make its second showing at the event at the Sandton Convention Centre in October.

Total and Worldline sign agreement with African FinTech InTouch

Total and Worldline have signed binding technological, commercial and financing agreements with African FinTech InTouch.

`Valuable insights and networking opportunities` at CFO Summit Series

The CFO Summit Series is an initiative from CFO South Africa to encourage networking and knowledge-sharing among finance professionals. Having only having been launched this year, with four instalments thus far, the series has taken off, with amazing feedback from guests.

PPC CEO, Darryll Castle, resigns with immediate effect

PPC has announced that its CEO, Darryll Castle (pictured), has "agreed to part ways", with immediate effect. According to a statement, Johan Claassen, MD of the cement maker’s South African operations, will take over as interim CEO until a permanent appointment can be made.

Futuresense joins Finance Indaba 2017

Futuresense 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.

5 tips for CFOs in their first 100 days

Assuming the mantle of CFO can be a nerve-wracking experience. The first 100 days can be among the most challenging and stressful of your career. All too often, organisations expect new hires to sink or swim and use their own initiative to get by. At the same time, this period represents an enormous opportunity to deliver quick wins and position yourself as a rising star.

New acting CEO and CFO of SABC appointed

The SABC has appointed an interim CEO and an interim CFO: Nomsa Philiso and Thabile Dlamini have been appointed acting CEO and CFO respectively. This, following the recent resignation of James Aguma (pictured), who had served in both these executive roles.