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It may be fashionable to talk about disruptive startups when describing the FinTech scene, but its story also covers traditional banking institutions that have made great strides in delivering a digital banking experience to their customers and overcoming cultural and bureaucratic challenges in the process.

An organisation’s ethical credentials and values are an important factor in their ability to attract and retain talent. But it’s not easy for candidates to get a handle on organisational culture from the outside. Assessing whether an employer can offer an environment conducive to ethical practices is a crucial part of the decision-making process, especially for professionals such as accountants who must abide by ethics codes.

It may not seem like it at first glance, but properly thought-out Key Performance Indicators (KPIs) can be the difference between success and failure for your team and organisation over the long run.

Vodacom CFO Till Streichert has been nominated for the 2017 CFO Awards for his executive role in ensuring ongoing success at the telecoms behemoth. The annual 'Oscars for South African CFOs', to be held on 11 May, recognise CFOs of listed companies, large corporations, state-owned entities and government institutions, and awards them for outstanding performance and leadership.

1234, your dog’s name, your own name. Some of us are not particularly adept at choosing passwords for our computers or online subscriptions. The fact of the matter is, as research from Kaspersky Lab has shown, we put our online safety at risk by making bad password decisions, or making simple password mistakes that have far-reaching consequences.

The South African Reserve Bank has not precluded the possibility of issuing a national digital currency, which would likely harness Blockchain or Distributed Ledger Technology, according to a Moneyweb report.

In July 2016, ABI merged with Coca-Cola and local bottler SABCO into the new entity Coca-Cola Beverages South Africa – and Walter Leonhardt, ABI financial director, had his transformative work cut out for him once again. In this interview, we speak to Walter about what it takes to establish a culture of continuous improvement, the innovative ways his ABI finance team overcame its challenges and the secret ingredients of a prize-winning leader.

As outgoing CFO Megan Pydigadu has served her notice at fleet and mobile asset management solutions company MiX Telematics, the financial controller will take over. The company has announced that Paul Dell (pictured) as been appointed to the board of directors as interim CFO, effective 9 February 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.

CFO South Africa has secured the Sandton Convention Centre in Johannesburg as the venue for the Finance Indaba Africa 2017, to be held on 12 and 13 October, and is closing in on extending its association with the centre into 2018, according to CFO South Africa MD Graham Fehrsen.

In November 2016, Christiaan Engelbrecht joined Ster-Kinekor as CFO, a highlight in a finance career that started at Deloitte and Vodacom. He will keep a monthly diary for CFO.co.za to share his trials, tribulations and triumphs. This is part 1: the first 90 days.

According to new research from leading cloud accounting software provider, Xero, getting paid on time is the number one financial challenge for as much as half of South Africa’s small business owners. Xero’s recently launched tool, the chasingpayments.co.za platform, offers a means and advice on how to improve cash flow and end problems associated with late payments.

CA(SA) Matshepo More has been appointed to the Board of the IRBA, effective 1 December 2016. More is currently the CFO and Executive Director of the Public Investment Corporation Limited (PIC), one of the largest asset managers in Africa.

Former CFO of the Year Deon Viljoen will be leaving Alexander Forbes to become the new CFO of Discovery from 1 May 2017. The much-awaited appointment at one of South Africa’s flagship financial services companies comes after outgoing CFO Richard Farber stepped down to relocate to Australia.

Summer Place in Johannesburg was abuzz with excitement in May 2016, when Dumisani Dlamini scooped two of the most prestigious CFO Awards: Young CFO of the Year and Public Sector CFO of the Year. In an exclusive CFO South Africa event for public sector CFOs on 15 February at 15h00 in Pretoria, Dumisani will reflect on his journey, the lessons learnt and the road ahead. He will also share some tips that he has never shared before!

Financial messaging service provider SWIFT Innotribe's Startup Challenge for Africa is open for applications. For the third year running, the Challenge will be part of SWIFT’s African Regional Conference (ARC) held in Abidjan, Ivory Coast, from 16-18 May 2017. ARC brings together policy-makers, industry leaders and the broader financial community from across the African continent. Typically attracting up to 500 delegates from around 40 countries, ARC is a unique forum for networking, education, discussion and debate and a great platform for FinTech startups to connect with the financial sector.

Harmony Gold CFO Frank Abbott is certain that the mining company will be able to continue its upward trajectory. He set this on Thursday during presentation of results for the six months ending 31 December 2016, attended by CFO South Africa.

Executive search firm Signium has expanded with the addition of Talent Africa in Johannesburg. Talent Africa will form part of Signium’s EMEA regional offering, allowing them to service international clients not only in South Africa but also in sub-Saharan Africa. The firm plans to re-brand as Signium South Africa by July.

South Africa’s new Cybercrimes and Cybersecurity Bill, which is set to be tabled in Parliament in the coming weeks, is set to grant far-reaching powers to the country’s law enforcement agencies and will affect virtually all Internet users.

In an uncertain world constantly disrupted by innovation and reams of data, quality decision-making has been more difficult. In his presentation at the Finance Indaba Africa 2016 in October, Chartered Institute of Management Accountants (CIMA) Vice-President of the African region Badibanga Promesse explored the Global Management Accounting Principles, prepared in conjunction with the American Institute of Certified Public Accountants (AICPA), which help the public and private sectors to make better decisions, respond appropriately to the risks they face, and protect the value they generate.

Popular auditing lecturer Prof Ben Marx has taken over from his long-serving colleague Alex van der Watt as head of the accounting department at the University of Johannesburg. “I am very excited to be leading the best accounting department in the country and to work with its great, hard-working staff,” said Ben, who has also been a member of the panel of judges of the CFO Awards for the last four years.

“The process of mandatory audit firm rotation (MAFR) is costly and will result in the promotion of a sales culture, rather than a focus on innovation and sustainable investment in audit quality,” says Michael Oddy, the partner in charge of audit at KPMG in South Africa. Moreover, he adds, it will have a negative impact on the audit profession.

From the Pope throwing his support behind Donald Trump and Hillary Clinton’s weapon deals, to brewery billionaires turning villagers into tycoons and mourning kangaroos, the past year has been dominated by fake news. These pieces of fiction have been manipulated to look like credible journalism and as such are easily spread to susceptible audiences with an inclination towards believing the lies, often outperforming verified, mainstream articles.

Takeda Pharmaceuticals CFO Debbie Ransby has this year been nominated for a CFO Award for her efforts at the multinational over the past year. The annual 'Oscars for South African CFOs', to be held on 11 May, recognise CFOs of listed companies, large corporations, state-owned entities and government institutions, and awards them for outstanding performance and leadership.

Marius Bierman CA(SA) has returned to the CFO seat he held from December 2011 to December 2013, as finance head for WE Wearne, a company that produces construction materials.

Pan-African banking conglomerate Ecobank, which boasts operations in 36 countries on the continent, has launched a FinTech challenge for African startups. The Ecobank FinTech Challenge provides selected startups with tailored mentorship from leading industry experts, funding of up to $500 000, a partnership with the multinational, and access to Africa’s biggest banking ecosystem, maximising exposure across the continent. The winner will also showcase their idea at Ecobank’s Innovation Fair.

Global political and economic ructions mean uncertain times for the banking industry. We chatted to Nico Botha, the well-travelled CFO of global banking behemoth Citibank's South African operation, about his experiences abroad, transition and the challenges the industry faces in 2017.

Lee-Anne de Bruin has been appointed CFO of Africa and Australia-focused gold miner Resolute Mining, effective 27 February 2017. She leaves her post as the regional CFO in Australia for Newmont Mining. Prior to this role she was head of project function for BHP Billiton.

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.

Although we are only just done with the first month of the year, almost 600 people have already signed up to attend Finance Indaba Africa 2017, which is to be held on the 12 and 13 October at the Sandton Convention Centre in Johannesburg.

To achieve superior growth, a company needs to get its organic growth right, but acquisition strategy is a crucial and very powerful tool. In this article, I delve into my experience as a CFO to provide an insider’s guide to a successful M&A strategy.

The South African Institute of Chartered Accountants (SAICA) says that more research is needed before introduction of mandatory audit firm rotation could be considered.

Despite many CFOs rejecting mandatory audit firm rotation (see our recent interviews and articles on this matter by visiting our MAFR dossier), the Independent Regulatory Board for Auditors (IRBA) is continuing at full steam, with MAFR in South Africa set to kick in on 1 April 2023.

“For me as a proud CFO it is a very touching experience being nominated and I feel quite privileged. To be acknowledged for one’s work is not an often-done thing in the world today. One works very hard but to get acknowledged is not easy,” says Rajesh Mahabeer (pictured), CFO of SANParks, one of the 25 nominees for this year’s CFO Awards.

One of Europe’s leading FinTech startups, Oradian, is set to open a branch in South Africa to foster entrepreneurial development in the region. It also has plans to expand throughout Africa.

Millennials, or those under the age of 35, have a bad rap in the recruitment industry at the moment. According to a survey from Duke University and CFO Magazine, most American CFOs see millennials as having poor work ethic. The latest additions to the corporate workforce simply aren’t cut out for it – at least in terms of traditional organisational thinking.

According to the latest Big Mac Index by The Economist, the Rand is undervalued and should be trading at R5.20 to the dollar. It is undervalued by as much as 62.7%, the Index says.

Public finance professionals are tasked with nation-building and ensuring economic progress and face a different set of challenges to their private sector counterparts.

"We believe there is a lot of potential in Africa and this is why we are investing heavily. Up to 60 percent of our solutions are USSD- and SMS-based, but as Internet access becomes cheaper and easier, we are increasing our investment in web and mobile banking apps. Through our partnership model, we sit down with banks and understand their requirements to produce customised solutions," said Sebi Salim, a consultant at Eclectics International, a Microsoft Africa Partner of the Year in 2016.

Mediclinic Southern Africa has announced that it will acquire a majority stake in Life Path Health, a mental health treatment provider which currently operates seven facilities in the Western Cape, with plans for more in other regions of South Africa.

The Association of International Certified Professional Accountants (AICPA) has voiced its strong opposition to a plan by South Africa’s Independent Regulatory Board for Auditors (IRBA) to implement mandatory audit firm rotation (MAFR).

The judging process for the CFO Awards 2017 is now underway after Peregrine CFO Robert Katz was asked a range of questions relating to strategic execution, transformation, high-performance teams and compliance.

The world’s biggest diamond producer, De Beers, owned by Anglo American, sold $720 million of diamonds in its first sale of the year. This is compared to $545 million for January 2016’s sale.

The Dubai International Financial Centre (DIFC) and professional services firm Accenture are set to launch a fintech accelerator that will support startups from Africa, Asia and the Middle East.

“Everything I do is informed by risk. At any given time, we try to manage risk – be it business, financial or other. The NCR’s approach is that it takes risk management very seriously,” says Ayanda Mafuleka, chief financial officer of the National Credit Regulator (NCR), which falls under the Department of Trade and Industry (dti). Ayanda’s role includes overseeing the financial health of the organisation and ensuring that it complies with all the financial management-related legislation, as well as overseeing supply chain management and information technology (IT). A firm believer in the value of education, Ayanda is currently doing a Postgraduate Diploma in Forensic Auditing and recently applied at Unisa for an LLB. “I’m passionate about legislation and compliance. I was made to be a lawyer.”

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.

Shareholders of listed specialised financial services group Alexander Forbes have approved African Rainbow Capital’s (ARC’s) acquisition of a 10% stake in its African operations, Alexander Forbes Limited. The price tag on the deal is some R753 million.

Unpredictable, wildly volatile foreign exchange market conditions seem to be established as the normal state of things in today’s economic and political turmoil. Many South African companies with significant import/export business are naturally exposed to FX market fluctuations, which frequently lead to unwelcome volatility in profits and earnings. With today’s emphasis on cost efficiency, companies are torn between budgeting the resources to put an effective FX exposure hedging programme into place or risking a substantial proportion of their revenue.

Cindy Hess, formerly CFO of Pioneer Foods, has taken on a new role as CFO of Media24. Media24 seems very pleased to have Cindy on board, referring to her as “an accomplished CFO”. Cindy was a finalist in the 2016 CFO of the Year Awards, for her work at Pioneer Foods.

In a bid to resolve an ongoing investigation into credit ratings on subprime mortgage securities, Moody’s has agreed to pay a penalty of some $864 million - about one-third of the $2.5 billion that Moody’s earned in the four years leading up to the crisis, according to Bloomberg.

4 Africa Exchange (4AX) has confirmed that all is now a-go with plans to begin trading later this year, as all appeals against the exchange licence that it was awarded in August 2016 have been formally withdrawn.

African FinTechs received the lion’s share of the $129 million invested in 146 of the continent’s tech startups in 2016, accounting for a combined $31,4 million, according to Disrupt Africa’s African Tech Startups Funding Report. It was followed by the agricultural sector.

The cybersecurity horizon looks bleak and is turning darker still with criminals preparing an onslaught on emerging technologies like the Internet of Things and driverless vehicles. In 2016, companies and individuals experienced over 90 million cyber attacks – 400 attacks every minute – and this number is expected to double this year. Over two-thirds of these go under the radar, but still wreak havoc. With this in mind, companies around the world are ramping up their security measures and the resources allocated to defending data are increasing dramatically.

Woolworths, in a recently released trading update, has said that its sales are up 6.7% compared to the previous year. The retailer’s clothing and merchandise, and food sales grew by 3.5% and 9.5% respectively, although David Jones’ sales growth dropped 2.7% and Country Road 1.1%. Woolworths attributed this decline to the timing of Boxing Day this year, which fell on a Monday.

Damage and data destruction, stolen money, lost productivity, embezzlement, and fraud… the costs resulting from cybercriminal activity is set to grow from $3 trillion to $6 trillion by 2021, according to the Cybersecurity Market Report. In early 2015, the British insurer Lloyd's estimated that cybercrime was costing businesses globally $400 billion annually — which included direct damage plus post-attack disruption to the normal course of business.

Renowned futurist and life-hacker Martijn Aslander is not one to mince his words or confront his audiences with sometimes brutal truths. He has earned a reputation for being one of the world's foremost thinkers on the age of disruption. For Martijn, it is no longer about what you own or what you know, but about your attitude and your ability to adapt.

According to Erik Roos (pictured), CEO of generic medicine company Pharma Dynamics, South Africa’s pharmaceutical industry has seen good growth, despite tough economic conditions. The generic market in particular is poised to continue its upward growth trend – since the introduction of generics in South Africa, medicine prices have dropped by as much as 80%.

As dependence on third parties becomes increasingly critical, organisations are being compelled to rapidly “catch-up” in enhancing the maturity of their Third Party Governance and Risk Management (TPGRM) processes. This, according to Deloitte’s 2016 global survey on the subject.

The role of the CFO is as challenging as they come, encompassing a host of responsibilities, so the distilled wisdom of those who have been through the quagmire can be an invaluable asset. Whether you are an experienced CFO or have designs on the position, the following tips from our interviews with seasoned executives will help you to succeed in your endeavours:

CFO for the Johannesburg Metro Reggie Boqo has been nominated for the 2017 CFO Awards. The annual 'Oscars for South African CFOs', to be held on 11 May, recognises CFOs of listed companies, large corporations, state-owned entities and government institutions and awards them for outstanding performance and leadership.

President Jacob Zuma last week signed seven new Finance Bills into law, including Amendment Acts to taxation and tax administration laws, and unemployment insurance.

Small business owners that don’t sell their goods or services online can now offer an online payment option to make payments much easier for their clients.

South African platinum producer Impala Platinum has said it intends to sell its chrome business so as to increase focus on its core business. Implats has a 65% interest in Impala Chrome, a beneficiation operation that produces 200,000 tonnes of chrome concentrate per year.

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 Association of Chartered Certified Accountants (ACCA), a Finance Indaba 2017 partner, has announced that it will be conducting a regular Global Forum focussing on education.

I had the privilege of learning with a great number of South Africa's finance leaders in 2016 and from these engagements it was revealed that a primary ingredient for success is consistency. Even in a year of huge turmoil, CFOs that are really making their mark show remarkable consistency.

Christopher Forlee has been appointed CEO of the National Energy Regulator of South Africa (Nersa). The appointment, effective 1 January 2017, will span a period of five years. Forlee will also be a full-time regulator member of Nersa.

The World Bank, in its latest Global Economic Prospects report, said it expected real gross domestic product (GDP) growth during 2017 to rebound to 2.7%, up from a post-financial crisis low of 2.3% in 2016. The multilateral lender added that growth in advanced economies is expected to rise to 1.8% in 2017, from 1.6% in 2016, while emerging and developing economies will see growth accelerate to 4.2%, up from 3.4% last year.

Dirk Kunz (pictured) has been appointed acting CFO of Airports Company South Africa (ACSA) following Maureen Manyama’s recent resignation as ACSA CFO and executive director.

While other major European capitals play to Brexit fears in a bid to steal the UK's leading FinTech hub status, Belgium is taking a different approach by seeking to build a mutually supportive bridge between startups across both jurisdictions. A delegation led by Belgian finance minister Johan van Overtveldt recently crossed the channel to initiate talks with UK FinTech agency Innovate Finance on the establishment of a collaboration between the two communities and to announce the launch of a new Brussels-based hub to support financial technology startups.

Contrary to popular belief, accounting is a profession with a rich history and yes, even a modicum of cool. Here are a few facts about accounting that you may not have known. Use them to feel reinvigorated or better about your career, or an even as an icebreaker. Please do send us a thank you note when they turn out to be handy in the final round of a game show or pub quiz.

According to Lynne Brown (pictured), Public Enterprises Minister, government will need to shell out R12.1 million if it wishes to utilise the services of Boston-based consultancy firm Bain and Company to manage the merger of South Africa’s three state airlines – SAA, SA Express and Mango.

The role of the CFO is shifting beyond the traditional set of responsibilities. More and more financial executives are talking about the growing pressure on them to have a handle on a range of issues, from technology to people and strategy. This accelerating demand on finance professionals of all levels to evolve and add more value to their organisations is coupled with a rapidly increasing demand for quality peer-to-peer learning and networking opportunities. CFO South Africa is in intent on meeting this demand through events, dinners and print and online content. One of these events is the CFO Summit, which brings together leading minds to interrogate pertinent topics and has been expanded to encompass three learning tracks this year. We spoke to CFO South Africa MD Graham Fehrsen to find out more about the Summits.

"There is a lot of hyperbole about blockchain right now: blockchain will change everything and become the beating heart of finance. Finance is a big thing for blockchain. Banks have a lot of interest in the potential for cross-border remittances, for instance. There are many other applications. Blockchain can replace letters of credit and be used for smart contracts. I think it is going to create new business models and surprise us," says BankyMoon CEO Lorien Gamaroff.

Les Wood (pictured), currently VP of finance and commercial, has been appointed Tullow Oil’s interim CFO while Ian Springett, the actual finance head, is off on an extended leave of absence for medical treatment.

“As we approach the 10th anniversary of the beginning of the financial crisis, the banking sector remains out of kilter,” writes Peter Thal Larsen (pictured), Global Economics Editor, Reuters Breakingviews, in the introduction of this year’s Predictions 2017 e-book. Every year, Reuters publishes a series of predictions through its Breakingviews team. This year’s book is out, and boy is it a captivating read. What follows is an excerpt from Peter’s Introduction to the book.

The country's CFOs have the financial firepower to enjoy a luxurious lifestyle, but for many, the life they now lead in the upper echelons of business is a world away from the circumstances they found themselves in growing up, dreaming of a better life. Here are five CFOs who overcame the odds to beat poverty and join an elite club of financial executives:

Multinational mass media and information firm Thomson Reuters is sponsoring the award for Finance Transformation at the CFO Awards 2017. In 2016, the accolade was scooped by ABI Finance Director Walter Leonhardt. The annual 'Oscars for South African CFOs', to be held on 11 May, recognises CFOs of listed companies, large corporations, state-owned entities and government institutions, and awards them for outstanding performance and leadership.

McDonald’s has agreed to sell a controlling stake in its China and Hong Kong operations for a staggering $1.7 billion. According to a statement, the investors, Chinese state-backed conglomerate Citic, Citic Capital Holdings and US private-equity firm Carlyle Group LP will acquire an 80% holding in the deal. Under the agreement, Citic and Citic Capital Partners will jointly take a 52% stake, while Carlyle will hold 28%. Oak Brook, Illinois-based McDonald’s, will hold onto the remaining stake.

The Overseas Private Investment Corporation (OPIC), the US Government’s Development Finance Institution has announced the financing of up to $5 million to support Unreasonable Capital Fund I. Unreasonable Capital is a venture capital firm that invests in scalable and profitable companies working to address social and environmental issues that improve the lives of people living in underserved communities across Latin America, India, Asia and Africa.

When Wayne Beifus took up his current role as area head of finance at British American Tobacco (BAT) South Africa around nine months ago, it was the culmination of a two-decades-long journey that sent him around the world and had him working on four continents and in seven regional offices. Once again on home soil, Wayne brings all his cultural experience to bear on the local team, reconnecting with South Africa at the same time. In this exclusive interview, Wayne talks to us about navigating diverse workplace cultures and increased uncertainty in globalised business. “In general, South African employees want to be empowered to operate within their own space but they are sometimes apprehensive to take the space. When I started to give permission to the team to make the calls, we saw quick results.”

Les Wood (pictured), currently VP of finance and commercial, has been appointed Tullow Oil’s interim CFO while Ian Springett, the actual finance head, is off on an extended leave of absence for medical treatment.

The Association of Certified Chartered Accountants (ACCA), a partner of Finance Indaba Africa 2017, has published a checklist to tackle the political uncertainties of 2017, including Brexit negotiations.

With the festivities of the new year now passed, we tend to reflect on the madness that was 2016. Undoubtedly, globally we will remember BREXIT and the election of President Trump as arguably two of the most “shocking” global events; events which left many of the “experts” reeling after their failed predictions. Herein lies my predicament of writing this piece on the future of 2017: predictions, much like soothsaying, are never an accurate science. Rather, guesstimates of what will come by looking at the underlying cause versus – what has become – a very sexy view of trends. The future is a matter of choice, not a matter of chance. As such, what follows isn’t a set of predictions but what I expect will be three of the prevailing underlying forces; some may be seen and apparent, some will be unseen, with the “so what” repercussions felt way beyond 2017.

Ratings agency Moody’s has said that South Africa will face several key ratings decisions this year, and that the possibility of a downgrade still looms.

Oil refiner and marketer of petroleum products Chevron has said its process of disposing of its SA assets is ongoing, with Sasol having abandoned its earlier bid to purchase. Reasons for Sasol’s decision to pull out have not been given.

South African carrier Solenta has become a 28% shareholder in African budget airline Fastjet. In addition, some $28.8 million has been raised through a share placement. Fastjet has said it will buy a special purpose vehicle (SPV) held within the Solenta group by issuing nearly 95.6 million shares.

There is only one CFO position in a company and as such, it is a coveted spot, with many financial executives vying to make the shortlist. How do you know if you are CFO material and if there is anything that will stand against you when it comes to the final reckoning? Here are five sure-fire signs that you can do the business.

Nigeria’s FinTech space is growing from strength to strength and the West African nation is well on its way to becoming a hub on the continent, if developments over the past few years are anything to go by.

South Africa’s largest clothing retailer, Edcon, had a tumultuous 2016, narrowly avoiding business rescue. In a bid to save itself, it launched a compromise sanction process for the proposed restructuring of the group, approaching senior lenders with the offer of a shareholding in the company in exchange for a reduction in the debt owed to them.

Check Point has revealed that five African nations were among the top 10 most-attacked countries in November as cybercriminals made increasing use of ransomware attacks using the Locky and Cryptowall viruses.

Business expert Terry Moore examined the historical basis for what he called "an age of radical uncertainty" and provided advice for attendees on surviving a rapidly changing environment and disruption during a presentation at the Finance Indaba Africa 2016. While bemoaning the fact that risk had been passed onto employees, he also presented opportunities for financial executives and businesses in the seeming chaos.

Pharmaceutical companies Aspen Pharmacare, Aspen Global's local arm, and GlaxoSmithKline (GSK) have ended their sub-Saharan collaboration, at a cost of R761.07 million. GSK will also be disposing of its shares in Aspen, worth some R8.47 billion.

The world’s leading and largest professional body of management accountants, the Chartered Institute of Management Accountants (CIMA) is a partner at the Finance Indaba 2017. CIMA's qualifications comprise a unique blend of management accounting, financial accounting and business-focused subjects to produce graduates capable of leading from the front. The local chapter is headed by Zahra Cassim (pictured). We asked the organisation about its alternative qualifications and undergraduate support initiatives.

Acting CFO for the Tshwane Metro Umar Banda has been nominated for the 2017 CFO Awards. The annual 'Oscars for South African CFOs', to be held on 11 May, recognises CFOs of listed companies, large corporations, state-owned entities and government institutions and awards them for outstanding performance and leadership.

According to Foreign Direct Investment (fDi) Intelligence, a division of the Financial Times, Cape Town has been listed on the Global Cities of the Future 2016/17 as one of the world’s top cities for foreign direct investment (FDI). Cape Town, the only African city listed, was ranked 21st for its FDI strategy.

Business advisory firm Cactus Advisors has closed its second and third investments of CY 2016 into African fintech startups Flutterwave and E-Factor.

In what is certainly a dampener to the start of 2017, the Automobile Association (AA) says South Africans are likely to face a series of fuel price hikes this year. Unaudited month-end fuel price data released by the Central Energy Fund (CEF) showed substantial price increases for all types of fuel. According to the AA, petrol is expected to increase by 51 cents a litre, diesel by around 40 cents and illuminating paraffin by 43 cents.

Cashless Africa will address the future of finance at the Lagos Oriental Hotel, Nigeria, from 22 - 23 March.

German car manufacturer Volkswagen (VW) is expanding into East Africa. The company has opened a new assembly plant in Kenya, in the industrial town of Thika, and has also launched plans for a ride-sharing service to take advantage of the increased demand for vehicles in Africa. A few weeks prior, VW signed a deal to build an assembly plant in Algeria, too.

The Independent Communications Authority of South Africa (Icasa) has given Liquid Telecom the go-ahead to purchase Neotel for the sum of R6.55 billion.

Matshela Koko, Eskom’s interim group CEO, has called for business to invest in the South African economy, saying that electricity is no longer a constraint for the country, given that the first unit of the Kusile power station has now been connected to the national grid.

Ramasela Ganda has been nominated for the 2017 CFO Awards for her achievements while heading up the financial division of the City of Ekurhuleni. The annual 'Oscars for South African CFOs', to be held on 11 May, recognises CFOs of listed companies, large corporations, state-owned entities and government institutions and awards them for outstanding performance and leadership.

Barclays has been named ‘Wealth Manager of the Year’ in the Middle East for the third consecutive year by asset management publication Global Investor. The award was announced during the 2016 Global Investor/ISF MENA Awards ceremony, held in Dubai.

FNB has long been lauded as the most progressive of South Africa's big four banks and it has received global recognition of its innovative and digitisation initiatives. The bank added another award to its bulging trophy cabinet at the African FinTech Awards at the Finance Indaba Africa 2016 in October, beating Absa and Standard Bank to the honours in the Incumbent Bank category. But while FNB may have enjoyed much success over the past few years, according to CIO Peter Alkema, it is certainly not resting on its laurels.

The South African Reserve Bank (Sarb) has imposed administrative sanctions on Société Générale Johannesburg Branch (Société Générale) and Absa Bank Limited (Absa), directing the two banks to take remedial action. This was after the SARB conducted inspections in terms of the Financial Intelligence Centre Act (FIC Act) and found weaknesses in the anti-money laundering and combating the financing of terrorism control measures of both entities.

The British Embassy in Cairo is pumping a million pounds into the thriving Egyptian tech landscape in a show of support for the North African nation's entrepreneurs.

Nopasika Lila has been nominated for a CFO Award in 2017 for her sterling work at the Eskom Pension and Provident Fund (EPPF). The annual 'Oscars for South African CFOs', to be held on 11 May, recognises CFOs of listed companies, large corporations, state-owned entities and government institutions and awards them for outstanding performance and leadership.

UK lender Standard Chartered has announced that, in 2017, it intends to transfer its Thai retail banking business to Tisco Financial Group Pcl, saying that it lacked the scale to generate adequate returns. It will, however, continue to operate corporate, institutional and commercial banking businesses in Thailand.

Boloro, a New York-based technology company known for its globally patented, multifactor mobile authentication technology and mobile payment platform, has launched the first in a series of new, global products in South Africa to help eliminate fraud.

In the two years since he has been at the helm of the finance department, uShaka Marine World chief financial officer Jabulani Dlamuka has increased revenue by 20% and cut costs by 5% overall. He has implemented various new strategies and systems, and changed governance structures to make the department more efficient. To do all of this and keep the tourism entity successful, he’s had to be on his toes. “You cannot be relaxed. You need to be a creative thinker, innovative and flexible. At the same time, you need to understand the market you’re operating in. The industry is quite flexible, so if you’re not increasing your pace you’ll get left behind.”

The Coca-Cola Company and Anheuser-Busch InBev (AB InBev) have reached an agreement regarding the transition of AB InBev’s 54.5% equity stake in Coca-Cola Beverages Africa (CCBA) for $3.15 billion, after customary adjustments. In addition, the companies have reached an agreement in principle for The Coca-Cola Company to acquire AB InBev’s interest in bottling operations in Zambia, Zimbabwe, Botswana, Swaziland, Lesotho, El Salvador and Honduras for an undisclosed amount.

On-demand alcohol delivery app Bottles has successfully navigated the stringent demands of popular reality series Shark Tank SA and emerged with investment of R500 000, after The Creative Council co-CEO Gil Oved bought a 10% stake in the business.

Clifford Appel, a 2016 CFO Awards nominee in the public sector category, and finance head of the Department of Social Development, shared his thoughts on transformation and the role that finance plays, as part of a feature on the subject in CFO Magazine, contributed by Roy Clark.

Telkom has given its ICT subsidiary, Business Connexion (BCX), which it acquired in 2015 in an all-cash deal worth R2.7 billion, a monetary boost of R1 billion, so that the IT services company can meet its debt and working capital requirements.

Y-Combinator-backed Nigerian fintech Paystack has closed on $1.3-million in seed funding from the likes of Tencent, Comcast Ventures and M&S Partners.

SA’s Life Healthcare Group Holdings Ltd., which agreed in November to buy Alliance Medical Group Ltd. for $990 million, has said it intends to raise $756 million through a rights issue. This is in a bid to reduce debt following its UK expansion.

BMI Research, in its latest Africa Monitor, says that, in the absence of key structural reforms, the risk of a downgrade of SA’s foreign currency debt to junk status remains a threat.

Distell CFO Lucas Verwey has been nominated for a CFO Award in 2017. The annual 'Oscars for South African CFOs', to be held on 11 May, recognises CFOs of listed companies, large corporations, state-owned entities and government institutions and awards them for outstanding performance and leadership.

Ethiopian Airlines has taken a loan of $159 million from the African Development Bank (AfDB), which it will use to finance an expansion plan that includes doubling its fleet. The state-owned carrier currently has 80 planes, with a further 50 on order.