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Altron CFO leaves to join Net1

Alex Smith, Altron CFO, will be leaving his role end February 2018, to instead fill the CFO role at Net1 UEPS Technologies

Bahrain launches largest regional FinTech hub

The new hub aims to further the development and acceleration of firms as well as the interaction between investors, entrepreneurs, government bodies and financial institutions

Airlink and Safair to merge

The independent companies have applied to the Competition Commission for approval to unite under the umbrella of the Airlink group of companies

Bidvest Bank to buy FinGlobal

Bidvest Group's banking unit has agreed to buy Hermanus-based FinGlobal for an as-yet-undisclosed sum.

Vivek Venkatkumar new BDS FD

Bytes Document Solutions (BDS) has appointed Vivek Venkatkumar CA(SA) as its new financial director.

Singapore FinTech Festival draws global interest

The second Singapore FinTech Festival began this week, featuring over 25 000 participants from over 100 countries and more than 160 leaders from central banks and regulatory agencies, financial institutions, venture capital firms and fintech companies taking to the podium.

Finance flash: the TOP-10 articles of week 45, 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.

Nigerian FinTech Amplify launches social media banking solution

Nigerian online payments provider Amplify has partnered with banks in the West African nation to let clients conduct transactions via WhatsApp, Facebook Messenger and other social messaging platforms through its innovative mTransfers solution. It will be launched before the end of 2017. Amplify helps businesses accept recurring payments online within minutes from customers in over 100 countries. It plans to bring banks closer to a new generation of social media-savvy clients and provide consumers with a more convenient way of banking. “Social and messaging apps are six of the 10 most popular mobile applications across platforms in Africa. We believe that vibrant and digitally savvy consumers want financial services to meet them where they are, in the channels and platforms they use,” said CEO Segun Adeyemi. “We have built mTransfers to empower banks and other financial institutions to blend their payment process into the everyday lives of their customers and provide an engaging user experience for them,” said Maxwell Obi, the startup’s chief technology officer.

CFOs must rethink their entire way of working, says Ray de Villiers of TomorrowToday Global

Any business that doesn’t make a shift towards digital is ultimately staring down the barrel of redundancy, says world-of-work guru Raymond de Villiers of TomorrowToday Global. CFOs are key enablers of the decisions that need to be made to make this change, Raymond said, before unpacking eight future-proof elements of successful business models.

Afrimat lists on A2X

Afrimat Limited this week listed on A2X Markets (A2X), South Africa’s newest stock exchange, which began trading on 6 October 2017. Afrimat joins African Rainbow Capital Investments, Peregrine Holdings, and Coronation Fund Managers, all of which are already listed on the exchange.

Batandwa Mdyesha new BAIC SA CFO

Chinese vehicle manufacturer, Beijing Automotive Group South Africa (BAIC SA) has appointed Batandwa Mdyesha (pictured) as CFO, effective immediately.

CA Sales Holdings Limited lists on 4AX

4 Africa Exchange Proprietary Limited (4AX), one of only two exchanges in South Africa with a full licence to trade across asset classes, has announced its first listing in the fast-moving consumer goods (FMCG) industry, CA Sales Holdings Limited.

WATCH: ThisIsMe at Finance Indaba 2017

Fica specialist ThisIsMe stormed to victory at the first time of asking in the Innovative Banking category at the African FinTech Awards 2017, hosted at the Finance Indaba Africa at the Sandton Convention Centre in October. The FinTech firm, which has experienced exponential growth over the past year and has already surpassed the notable milestone of one million verifications, also claimed the overall title along with reigning champion Easy Equities.

SA FinTech Jumo lands $24m fund injection

South African FinTech Jumo has secured $24 million in funding into Africa and Asia. London-based Gemcorp Capital and Finnish development finance company Finnfund were the loan providers.

Cabinet approves Minimum Wage Bill

Cabinet has approved the National Minimum Wage Bill, and draft legislation will now be referred to Parliament for further deliberation. Following this, President Zuma will be required to officially sign it into law.

The CFO must be a leading voice, says Sihlalo Jordan, Deloitte's deputy CE

“Every CFO is now a strategic partner to the organisation and has to be,” says Mgcinisihlalo Jordan, partner and deputy Chief Executive for Deloitte Africa. Better known as Sihlalo, the former leader of the firm’s financial services practice in Africa has an astute understanding of what should be expected of modern finance leaders. CFOs should champion the rise of disruptive technologies within their organisations, he said during an exclusive interview with CFO South Africa, where he also spoke about finance leaders’ responsibility to promote an aligned strategy, future-focussed technology and shining integrity.

Revitalising strategic planning - Decision Inc's Alistair Maxwell

In the current environment of global competition, sub-optimal growth, technology disruption, and political uncertainty, South African companies are finding it challenging to put an effective business strategy in place. But what can be done to address this need for planning that remains fundamental to success?

Sasfin CFO Lushen Pather accepts new job at Reserve Bank

Lushen Pather has been appointed as Divisional Head: Bank Supervision at the South African Reserve Bank (SARB), starting on 1 January 2018. He was Sasfin’s chief financial officer and as acting group FD was slated to take over the reins from his long-serving predecessor Tyrone Soondarjee.

Bigger and better: judging panel discusses African FinTech Awards 2018

After the incredible success of this year’s African FinTech Awards, the annual pitching and prize-giving extravaganza is expected to outdo itself yet again in 2018. Judges for the awards event gathered for a scrumptious breakfast on 7 November to discuss some of the event’s most exciting additions, tweaks and extras.

Navigate your future: CFOs flock to 'super summit' on 16 November

There is a lot at stake right now and your career and your business require that you make smart choices if you want to effectively navigate your way into 2018. And smart choices start with good information. The final CFO Summit of the year features boasts peer-to-peer learning and debates, plus exclusive insights on South Africa’s economic and political future from leading economist Goolam Ballim (Standard Bank), ZAR X CEO Etienne Nel and Deloitte's deputy CEO Mgcinisihlalo Jordan.

Former KPMG chairman Ahmed Jaffer joins family firm as CFO

Former KPMG chairman Ahmed Jaffer, who resigned amidst the Gupta-linked upheaval at the firm, has been appointed as group CFO of Crestar Printers and Publishers, a Centurion-based business run by his children Ikraam and Salahhuddeen.

Finance flash: the TOP-10 articles of week 44, 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.

Village Capital and PayPal get behind African FinTechs

Venture capital firm Village Capital has partnered with US payment platform PayPal to launch a three-month investment readiness programme Village Capital FinTech Africa, which will see two early-stage African startups walking away with $50 000 in investment funding. Applications to the programme opened last week and will close on 24 November.

The future of Africa is trade, says Standard Bank's Group Head of Trade, Vinod Madhavan

The responsibility of Group Head of Trade is both humbling and exciting, says Vinod Madhavan, whose career has taken him across Africa and Asia (living and working in India, Singapore and South Africa). “It affords an opportunity to work in the intersection of my passion and desire to contribute to achieving Standard Bank’s social, economic and environmental (SEE) outcomes.” Vinod says his experience of engaging customers across 25 countries has afforded him the opportunity to learn from the experiences in offering trade and working capital financing solutions to clients in institutional, corporate, commercial and business banking client segments.

Claudelle von Eck joins SAICA's KPMG enquiry panel

Leading governance expert Claudelle von Eck will be one of five members of SAICA's independent inquiry into allegations that former or current employees of KPMG have engaged in conduct which is in contravention of the SAICA Code of Professional Conduct.

TFG enjoys record turnover

Diversified retail group TFG has announced a record turnover of R12,5 billion (interim results to end-September), reflecting 9.2% growth. This despite difficult economic and political conditions in South Africa and the United Kingdom, two of the three major economies in which it trades.

MiX Telematics sees great results

According to Stefan Joselowitz (pictured), CEO of MiX Telematics, a leading global provider of fleet and mobile asset management solutions delivered as Software-as-a-Service (SaaS), the company has seen good results in the second quarter and first half of fiscal 2018.

Gates Foundation launches open-source financial inclusion software

The Bill & Melinda Gates Foundation has released a new open-source software for creating payment platforms that will help unbanked people around the world access digital financial services. The software is designed to provide a reference model for payment interoperability between banks and other providers across a country’s economy. It is available now, free-of-cost, for software developers to adapt and banks, financial service providers and companies to implement. Information on the code can be found at

Investec triumphs as SA's best private bank

For the fifth year in a row, Investec has been named the best private bank and wealth manager in South Africa at the Global Private Banking Awards in the UK.

Black-owned FinTechs score R4m windfall

Four black-owned South African financial services start-ups each won R1 million on Monday night at a pitching event hosted by AlphaCode, a club for next-generation FinTech entrepreneurs backed by RMI Holdings.

WATCH: The Sun Exchange's Abe Cambridge at Finance Indaba 2017

The Sun Exchange, a revolutionary online solar power marketplace, retained its Blockchain & Bitcoin title at the African FinTech Awards 2017 at the Finance Indaba Africa in October, with founding CEO Abe Cambridge calling on attendees to sign up on its online platform and begin earning money from solar power generation.

Denel gets new CFO and CEO

The Department of Public Enterprises recently announced two executive-level appointments at state arms company Denel: Odwa Mhlwana as the new group CFO and Zwelakhe Ntshepe (pictured) as the new group CEO.

Finance flash: the TOP-10 articles of week 43, 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.

Yoco, Mastercard partner to spread cashless payments to SMEs

Local FinTech Yoco and Mastercard have announced a collaboration that will see the rolling out of 15,000 mobile Point of Sale (mPOS) devices to small and medium-sized businesses by the end of the year, while educating them on the benefits of going cashless.

Wasting data? Then listen up.

“Information maturity defines the difference between a good and a great business,” says Nick Bell, CEO of Decision Inc. “Proper use of data is not about impressing during board presentations with clever-looking graphs,” he says. “It’s about using information to improve important parts of the business, like logistics or preventive maintenance.”

Standard Chartered PE sells stake in Kamoso

Standard Chartered Private Equity has sold its stake in Kamoso Distribution, a Botswana retail and consumer goods company, to a consortium led by Investec Asset Management Private Equity, RMB Ventures, local partners and senior management.

Mama Money simplifies Fica registration

South African FinTech Mama Money, which offers affordable cross-border money transfers across Africa, has introduced a groundbreaking Fica registration process using photos and its app.

Pieter Kleingeld appointed new NWK CFO

Agricultural products and services provider NWK has appointed Pieter Kleingeld as its new CFO, effective 1 November. Kleingeld joined NWK in 2015 as group manager for asset management and risk services.

5 tips for CFOs managing workforce worries

No CFO will admit to enjoying a stress-free working life and one of the biggest sources of angst is tension within the finance team. Economic and political conditions, demographics, and culture shape the challenges CFOs encounter with team members and this is true no matter where they find themselves.

CFO Awards received by Anoj Singh suspended

The organisation of the CFO Awards in South Africa, CFO South Africa, has suspended all awards received by Anoj Singh, until further notice. This has happened in close consultation with the current panel of judges.

WATCH: EasyEquities' Carly Barnes at Finance Indaba 2017

EasyEquities, which offers a revolutionary fractional trading platform that has broadened access to stock market investment, retained its title of overall winner of the African FinTech Awards at the Finance Indaba Africa in October. The winner of the InvesTech category, the groundbreaking firm, headed by CEO Charles Savage, this time shared the honours with Fica-focused FinTech ThisIsMe.

Rolfes CFO, Richard Buttle, new CEO

JSE-listed Rolfes, a chemical group, has announced that its current acting CFO Richard Buttle (pictured) will replace current but outgoing CEO, Lizette Lynch.

Digitisation take centre stage in African banking strategy

Africa presents the ideal environment in which to evolve a new cash and payments services architecture – by linking rapidly changing customer expectations with new technologies. This puts banks squarely at the centre of mediating the creative clash of trends and technology – as Africa’s financial institutions harness disruption for innovation and growth.

I wanted to serve, says Ramasela Ganda, Public Sector CFO of the Year 2017

Earlier this year, Ramasela Ganda won the Public Sector CFO of the Year Award for her incredible accomplishments at Ekurhuleni Municipality. She dedicated the prize to “all public servants that serve us diligently and with honesty” and referred specifically to public sector CFOs who have “lost their lives because they said no to corruption”. Long eschewing a CFO role in the private sector, she left Ekurhuleni at the end of last year and started as CFO: rental and corporate service at Barloworld, which had been courting her for quite a while.

Finance flash: the TOP-10 articles of week 42, 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.

Ghanian FinTech Bloom Impact attracts Canadian investment

Ghana’s Bloom Impact, a machine learning loans marketplace accessible from smartphones has raised undisclosed funding from Engineers Without Borders Canada, EWB Ventures, an early-stage investor in innovative Africa-based social enterprises.

CFOs can expect continued volatility in our markets, says CIB's Sun? Brugman

“At Standard Bank, we focus on business opportunities that help our clients grow financially and socially, in all the countries in which we operate,” says Sun? Brugman, chief risk officer for Corporate and Investment Banking (CIB) at Standard Bank. “Equally, we aim to bring new business and investment into Africa by connecting the major markets outside of Africa to the continent.”

Don't be afraid of iXBRL, says Ince's Linda Buchler

iXBRL is a scary word right now, Linda Buchler, regional managing director at Ince, said at last week’s Finance Indaba Africa 2017, held at the Sandton Convention Centre. She went on to unpack what iXBRL means.

Managers, take bullets for your teams

Building a culture of trust is an integral part of team building and ensuring that you have a thriving work environment, conference attendees were told during a discussion at last week’s Finance Indaba Africa 2017, held at the Sandton Convention Centre, between the financial director of Curro Holdings, Bernardt van der Linde, and Sasfin Bank Limited CFO, Lushen Pather.

SAICA took money from Gupta-linked firm

The South African Institute of Chartered Accountants (SAICA) accepted a R1.2 million donation by Trillian in March of this year. It also thanked the Gupta-linked company for the role it played in nation building and furthering its efforts for the chartered accountancy brand in South Africa. This was reported first by EWN reporter Gia Nicolaides.

Things are looking up for SSA

The economy of Sub-Saharan Africa (SSA) is expected to grow a moderate 2.4 percent in 2017 before gaining steam next year, says FocusEconomics.

Show confidence, be brave, advise top CFOs at #findaba17

“When you work in a multinational you’re up against some seriously smart people,” said Zaf Mahomed, CFO for McDonald’s South Africa, speaking as part of a panel at last week’s Finance Indaba Africa 2017. Expectations are much higher in terms of accuracy and deadlines with the spotlight firmly focused on CFOs, he added.

Anglogold Ashanti sells mines, raises $307 million

Anglogold Ashanti has announced that it will sell its newest gold mine, the Moab Khotsong mine, to Harmony Gold for $300 million, along with another mine, the Kopanang mine, to China’s Heaven-Sent SA Sunshine Investment Company, for $7.4 million.

FedGroup acquires controlling stake in Emergent Energy

Financial services provider FedGroup has announced its acquisition of a controlling stake in Emergent Energy, the largest provider of installed solar photovoltaic (PV) commercial projects in South Africa.

Brian Riley, African Bank CEO, steps down

African Bank has announced that its CEO, Brian Riley, intends to step down at the end of March next year. He will, however, remain on the board as a director from 1 April 2018.

Take care of your people, says Vodacom's Matimba Mbungela

"Sometimes I think we overemphasize the success of a business in relation to the numbers and the commercial propositions, instead of the person behind,” said Vodacom CHRO Matimba Mbungela, speaking last week at Finance Indaba Africa 2017, in a session about what CHROs wish accounts knew.

UK CFO optimism rebounds - Deloitte

Optimism among UK-based CFOs has recovered from its post-election low and is close to levels seen at the end of last year, according to Deloitte’s latest CFO Survey.

Africa is perfectly positioned for digitisation: Kerushan Govender at #findaba17

The First World must destroy heavy machinery in order to make room for new technological developments, but because Africa was never highly developed, digitisation can happen faster, Kerushan Govender of Blacfox told technology enthusiasts last week at Finance Indaba Africa 2017, held at the Sandton Convention Centre.

Stadio to buy Milpark Education

Stadio, the JSE-listed investment firm with links to Curro, which recently announced its plans to develop private higher education institutions in South Africa, has announced that it will be buying the 20-year-old educational institution, Milpark Education, for R320 million

6 greatest pitches of the African FinTech Awards 2017

The African FinTech Awards 2017 ended in a historic tie between ThisIsMe and reigning champion EasyEquities for the title of overall winner, but there were many fascinating pitches during an intense two days at the Finance Indaba Africa at the Sandton Convention Centre on 12 and 13 October.

Is robotic automation a given, asks Blackline's Josh May?

Robotic process automation will not replace accountants. In fact, automation can only make life easier, believes Josh May, senior solutions consultant and product manager at Blackline, who spoke last week at Finance Indaba Africa 2017, held at the Sandton Convention Centre.

The tech-savvy CFO holds the power

It is vitally important for today’s CFO to be tech-savvy, though they should resist the urge to purchase technology for technology’s sake and instead respond to the needs of the business. This was the advice of Christine Ramon, CFO of AngloGold Ashanti, and Wayne Koonin, CFO of Omnia Holdings and winner of the Finance & Technology Award at this year's CFO Awards, during last week’s Finance Indaba Africa 2017, held at the Sandton Convention Centre.

Delta acquires stake in National Breweries of Zambia

The Zimbabwe-based associate of AB InBev, Delta Corporation, is finalising a deal to acquire a controlling stake in National Breweries of Zambia, the leading sorghum beer producer in Zambia.