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The founder's spirit: Investec CFO and Yuppiechef co-founder at CFO Summit 5

What is the secret sauce that founders bring to a business? And how can finance help facilitate keeping the spirit alive in a growing company? Those were some of the questions explored by award-winning Investec CFO Nishlan Samujh, Yuppiechef co-founder Paul Galatis and Oracle's Armin Moradi.

e4 signs up for Finance Indaba 2017

e4 has joined Finance Indaba 2017 as a silver partner and will make its debut at the event at the Sandton Convention Centre in October.

Finance Indaba 2017: Refocus on core competencies with New GX Advisory

"New GX Advisory enables businesses to refocus on core competencies and creating value to all stakeholders by freeing key staff members from the burden of IT infrastructure, systems and process management," says Anja Goosen, head of systems at New GX Advisory Services, a silver partner at the Finance Indaba Africa 2017 on 12 and 13 October 2017 at the Sandton Convention Centre in Johannesburg.

Getting to grips with the future of work at CFO Summit 5

Technology, Big Data and social networks are all having a massive impact on the workplace and how employees communicate, collaborate and go about their business. A new generation of workforces are more diverse than ever before and have ditched the traditional career model of remaining loyal to a single firm until the gold watch

Sasol disbands Inzalo BEE scheme, launches new scheme

Petrochemical giant Sasol has announced that it will be disbanding Sasol Inzalo, its BEE scheme, when it matures next year. Instead, it will be launching a replacement scheme, the R21-billion Khanyisa.

We're going at 100 km/h, says ZAR X CEO, Etienne Nel

This time last year, South Africa’s first new stock exchange in several decades got underway. The brainchild of Etienne Nel, Geoff Cook and Graeme Wellsted, ZAR X has given the industry a huge shake up, though it hasn’t all been smooth sailing. CEO, Etienne Nel, spoke to CFO South Africa about the highs and lows, what they’ve learnt and what they’ve accomplished, in the year that’s passed since they set up shop.

CFOs have a huge role to play in driving internal and external automation - CFO Summit 5

Business automation and robotic process automation (RPA) is no longer an experiment and will move ahead at a rate of knots in the years to come. Those companies that do not come onboard with automation processes will find themselves on an uneven footing with their competitors and will be unable to attract and develop top talent. At the same time, finance departments and executives have struggled to get a handle on it. How much efficiency and performance can you derive from automation and what skills are needed to take the next step?

InDox joins Finance Indaba 2017

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

Finance steaming into the cloud - survey

A major shift is taking place in how enterprises select their financial management applications, with a migration to cloud applications happening faster than expected, according to Gartner, Inc. A recent Gartner survey of senior finance executives found that by 2020, 36 percent of enterprises will use the cloud to support more than half of their transactional systems of record.

Discovery to open bank in 2018

Adrian Gore (pictured), Discovery CEO, has confirmed that the company is on track to open a bank next year. Gore was speaking at the group’s annual financial results presentation, where he described Discovery’s performance over the year as “robust”.

Electrum joins Gartner innovation programme

Payments provider Electrum, has been selected to participate in the Gartner Aspiring Innovators Programme, which aims to highlight innovative providers of enterprise technology to attendees of the Gartner Symposium/ITxpo Africa 2017, which is being held in Cape Town from 18 to 21 September 2017. The audience includes over 1 000 CIOs and senior IT executives from Africa and around the world who are actively looking for new partners and solutions.

Ensure the rationale behind an acquisition is sound, advises Telkom's Deon Fredericks

The industry in which Telkom operates is competitive; the environment fluid and prone to frequent change, says Deon Fredericks, the company’s group chief financial officer. Because of this, it considered BCX (then known as Business Connexion) twice, the smaller company first catching the eye of the telecoms behemoth in 2006/2007, and then again in 2012/2013. Eventually, the deal proved too good to be ignored: Telkom required an ICT company to provide end-to-end solutions to corporate customers and BCX was a complementary fit. Deon sat down with CFO South Africa to talk about the acquisition – a deal with a R2.7 billion price tag. “We are very focused on what we want to achieve with BCX in the market. We are starting to see some good wins through the venture.”

Pick n Pay now accepting Bitcoin

For a limited time, customers at Pick n Pay’s head office campus store will be able to use the cryptocurrency Bitcoin to pay for their purchases.

World-leading anti-money laundering expert at #findaba17

How can we build efficient compliance processes? What is the state of compliance globally? Facilitated by gold sponsor DocFox, one of the world’s leading compliance experts - Dominic Suszek - is coming to the Finance Indaba Africa to discuss these issues on 13 October at 11am in the Sandton Convention Centre.

Finance flash: the TOP-10 articles of week 37, 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.

Finance Indaba 2017: ACS-Embrace offers tailored ERP solutions

"Embrace empowers Finance professionals to adapt to and meet the challenges of a rapidly changing business and systems environment, so as to remain relevant and competitive within their industry," says Ian Foster, Sales & Marketing Director of ACS-Embrace, a silver partner at the Finance Indaba Africa 2017 on 12 and 13 October 2017 at the Sandton Convention Centre in Johannesburg.

In-house banking now within reach: Treasury Technologies CEO Rudolph Janse van Rensburg explains

An in-house bank may be simply defined as an internal organisation which assumes some of the functions traditionally performed by external commercial banks to provide enhanced performance, transparency and control. Traditionally, the operation of an in-house bank was regarded by most finance executives to be the preserve of the largest corporations. Despite the many benefits, these structures were thought to be too expensive and complicated to add cost effective value. As more efficient cloud solutions become available, the threshold barriers for justifying in-house bank adoption have been steadily lowered, and positive cost/benefit analyses are becoming more and more common.

CEOs must prioritise digital transformation to stay in business

New research by the Economist Intelligence Unit (EIU) has revealed that nearly 40 percent of CEOs currently have digital transformation at the very top of their boardroom agenda, with almost a quarter of them personally leading their company’s transformation programmes.

Deon Viljoen relishes new CFO job at Discovery

“Invigorating!” That is what CFO of the Year 2015 Deon Viljoen called his first few months as CFO of Discovery, where he started in May this year, following a tough but celebrated tenure as Alexander Forbes CFO. “It has been a lot of fun, it has been busy, it has certainly been no controlled arrival,” said Deon during a recent CFO Summit in Johannesburg.

KPMG CEO, Trevor Hoole, resigns in wake of Gupta scandal

KPMG South Africa has undertaken a serious board clean-up in the aftermath of its dealings with the Guptas and the South African Revenue Service (SARS). Trevor Hoole (pictured), KPMG CEO in SA, was caught in the cross-hairs, and has since resigned. This, following a review of work done by the South African branch of the audit farm, which was carried out by its international arm.

Finance Indaba 2017: Nexia SAB&T is your bespoke financial services partner

"Nexia SAB&T provides an extensive range of professional services that are tailored to the specific requirements of our clients," says Ndumi Medupe, Chairperson of Nexia SAB&T, a silver partner at the Finance Indaba Africa 2017 on 12 and 13 October 2017 at the Sandton Convention Centre in Johannesburg.

Disruption alert: will CAs be redundant in 2025?

“We are experiencing a period of radical change,” says Mandi Olivier (pictured), senior executive for professional development at the South African Institute of Chartered Accountants (SAICA), when asked about the Fourth Industrial Revolution.

Finance Indaba 2017: Futuresense ensures a bright financial future

"Futuresense exists to make complex company finance systems more efficient, reporting simpler and faster, and ultimately make the CFO’s life easier," says Steven Hyslop, Director of Futuresense, a silver partner at the Finance Indaba Africa 2017 on 12 and 13 October 2017 at the Sandton Convention Centre in Johannesburg.

Diverse staff and AI shaping workplace of the future - Deloitte

The future of work holds a myriad of possibilities for change that business needs to adapt to. In order to do so, we need to understand the interconnections between evolving technology, the demographics at play and what power dynamics are emerging as a result. The future of work is being shaped by two powerful forces, the first being the growing adoption of artificial intelligence in the workplace and the second, expansion of the workforce to include both on- and off-balance-sheet talent.

Comair profits up 54%

Comair Limited has released its annual financial results, reporting a 54 percent increase in profits, to R297 million, as well as a 28 percent increase in cash generated by its operations. Moreover, income generated by its non-airline brands now constitutes 20 percent of its earnings.

Clover dragged down by drought, weak rand

JSE-listed South African dairy and foods group Clover has announced a poor set of results brought on by a severe drought and a volatile local currency. Annual earnings fell 66% and diluted headline earnings per share fell to 63.2 cents per share for the year ended 30 June 2017, compared with 184.7 cents per share for the same period last year. In addition, Clover said it would not declare a final dividend due to the weak economic conditions and funding requirements.

Finance Indaba 2017: IIA SA creates value for business

"Internal auditors are an integral part of the governance processes within an organisation. They provide the ears, eyes and the internal evaluation of organisational activities to both the organisation executive and governing bodies," says Dr Claudelle von Eck, CEO of the Institute of Internal Auditors SA (IIA SA), a silver partner at the Finance Indaba Africa 2017 on 12 and 13 October 2017 at the Sandton Convention Centre in Johannesburg.

Sim Tshabalala sole Standard Bank CEO

Sim Tshabalala (pictured) has been appointed the sole CEO of Standard Bank Group, bringing to an end the dual role he shared with Ben Kruger. The appointment also makes Tshabalala the first black person to lead Africa’s largest lender independently.

Finance Indaba 2017: Broker success with AvaTrade

"We will outline the many advantages of trading with AvaTrade at Finance Indaba 2017, such as regulation, variety, technology, service and all the other great features we offer our clients," says Dáire Ferguson, CEO of AvaTrade, a silver partner at the Finance Indaba Africa 2017 on 12 and 13 October 2017 at the Sandton Convention Centre in Johannesburg.

Keeping up with the Kathans: Five siblings, four CAs, three CFOs

Five siblings, five exceptional professionals. This is the remarkable story of the Kathan family: one medical doctor, one Deloitte executive, and no less than three CFOs. We sat down with Veran, Christine, Justine, Mark, and Sunita to talk about the forces that shaped their lives, what motivates them, and their hopes for their children.

Auditor independence under the spotlight

“Professional skepticism is about auditing the time, mindset, attitude and related questions about how management has scouted the transactions and applied judgments and assessments within disclosures in the financial statements as well,” says Ken Siong, technical director of the International Ethics Standards Board for Accountants (IESBA). “It’s very critical [to have professional skepticism] to enable auditors to get to the bottom of issues to make sure they can be confident and evaluate critical issues, and whether those issues have been accounted for and presented in financial statements.”

Finance flash: the TOP-10 articles of week 36, 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.

Africa is a great source of growth, says Standard Bank CIB's Victor Williams

As the head of Corporate and Investment Banking (CIB) for Africa at Standard Bank, Victor Williams is responsible for corporate and investment banking in the 19 countries – excluding South Africa – that comprise the Africa Regions. He says the bank serves corporate, sovereign and institutional clients (local corporates and multinationals) in those markets, providing them with global markets, transactional banking and investment banking services. “In each of the markets in which we are present we are looking to build the leading corporate and investment banking franchise in that market,” he says.

Afrox H1 profits up

African Oxygen (Afrox) has announced that its half-year profits rose 22 percent, after earnings were boosted by increased volumes and effective cost management. Headline earnings per share rose to 93.3 cents per share, compared with 76.5 cents per share for the same period last year. This was in line with what the company had previously flagged to the market.

Manufacturing output down

South Africa’s manufacturing output fell 1.4 percent year-on-year in July, after contracting by a revised 2.2 percent in June, Statistics South Africa has said.

Capitec now SA's fourth-largest lender

Stellenbosch-based Capitec Bank Holdings has pipped Nedbank Group as South Africa’s fourth-largest lender by value, extending market-beating rally that has made it SA’s best-performing stock.

Finance Indaba 2017: Explore hidden data relationships with South Africa Qlik Master Reseller

"We are passionate about customers achieving real value from the use of Data Analytics and I believe the best way to support this is through sharing experiences and customer stories," says Simon Kirby, Director of Financial Services Industry Solutions at Qlik. South Africa Qlik Master Reseller is a gold partner at the Finance Indaba Africa 2017 on 12 and 13 October 2017 at the Sandton Convention Centre in Johannesburg.

Shareholders speaking out on auditor appointments

“What is clear is that the shareholders are beginning to make their voice heard at AGMs regarding the necessity for firm rotation to end excessively long relationships,” says Bernard Agulhas (pictured), CEO of the Independent Regulatory Board for Auditors (IRBA). “Where audit committees may feel a 20-year, 50-year or longer relationship might not impair auditor independence, shareholders are saying otherwise.”

Gen Z's future will be brighter than previous generations - EY survey

Gen Z is optimistic about their future as they begin to enter the workforce. In fact, nearly two-thirds (63 percent) of EY Gen Z interns surveyed by the firm at its 21st annual International Intern Leadership Conference (IILC), feel confident that they will be better off, both financially and in happiness at work, than their parents.

The impact of RPA across the finance value chain - Deloitte's Rieta de Villiers

From customer interface to back office support, automation has become an important issue that CFOs cannot afford to ignore. But will a failure to adopt automation mindset make your business extinct? Just how much efficiency and performance can you derive from automation and do you have the skills to take the next step?

Vodafone sells stake in Vodacom

Vodafone has announced that it has sold 90 million ordinary shares in Vodacom – some 5.2 percent – to institutional investors. The shares were sold at R165 apiece. It did this through an accelerated book-build process.

The leadership team should be on the front line, says Decision Inc.'s Nick Bell

Once a savvy boy-entrepreneur and then a sleepless 20-something who perhaps understood SAB’s business better than the brewer itself, young Nick Bell is now building the billion-rand professional services firm that every CFO should know about: Decision Inc.. “We help clients make the decisions they should be making and provide them with a platform to unleash their potential.”

DRDGold issues small dividend after trying year

JSE-listed dump recycling specialist DRDGold, which processes old gold tailings dumps to extract residual gold, declared a 5c per share final dividend for the year ended 30 June 2017 – a year CEO Niel Pretorius describes as having been challenging, but which involved steps to position the company well for FY2018 and beyond.

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.

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.

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.

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.

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.

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.

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’.

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.

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.

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%.

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.

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