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Eskom edges closer to meeting load shedding target

Location: News

Eskom edges closer to meeting load shedding target

Eskom Group Executive for Generation, Bheki Nxumalo, says eyes at the power utility are now firmly fixed on reaching a year without implementing load shedding - a target that is just slightly more than two months away.

This as Eskom reached 300 days without implementing the scheduled rolling black outs today.

“Credit goes to all our 40 000 dedicated and skilled Eskom employees, who are committed to serving South Africa. Our sights are now firmly focused on delivering one year without load shedding at midnight on 26 March 2025.

“These 300 days without load shedding have been characterised by a significant reduction in unplanned outages, which have long been one of the biggest challenges, a notable improvement in the energy availability factor of approximately 7%, and savings in diesel expenditure of R16.42 billion,” Nxumalo said.

The State-owned entity’s Group Chief Executive, Dan Marokane, said the performance is putting the power utility on a “path to profitability”.

Eskom’s performance has been on a steady upward trajectory since the implementation of the Energy Action Plan introduced by President Cyril Ramaphosa in July 2022, as well as the implementation of the power utility’s own Generation Recovery Plan.

“Public sentiment is shifting. Business leaders, who once had to invest precious capex in self-generation, have enquired whether they should revert to investing in Eskom for their power needs.

“The savings we are making in diesel spend are invested in the business to drive efficiencies further and place Eskom on a path to profitability and long-term operational and financial sustainability,” Marokane said.

Eskom said it will continue to focus on implementing plans to further improve performance.

“Eskom expresses gratitude to all stakeholders, including the Minister of Electricity and Energy, the Eskom Board, government and the National Energy Crisis Committee, for the collaborative effort in addressing the country’s electricity challenges.

“Eskom will continue to focus on implementing generation recovery, strengthening governance, and tackling crime and corruption, while future-proofing the organisation to enable energy security, growth and long-term sustainability to the benefit of South Africa and sub-Saharan Africa,” the power utility said. – SAnews.gov.za

NeoB
Tue, 01/21/2025 - 10:24

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Eskom to reach 300 days of no load shedding at midnight

Location: News

Eskom to reach 300 days of no load shedding at midnight

At midnight tonight, Eskom will reach 300 days without implementing load shedding – a milestone not seen since June 2018.

Eskom has shown vast improvement since the implementation of the Energy Action Plan introduced by President Cyril Ramaphosa in July 2022, as well as the implementation of the power utility’s own Generation Recovery Plan.

“This performance has also resulted in year-to-date diesel savings of R16.42 billion [year-on-year], which is about 62.9% less than the R26.09 billion spent during the same period last year, as a result of the continued execution of the Generation Operational Recovery plan.

“In August, Eskom shared its summer outlook for the period from 1 September 2024 to 31 March 2025, predicting a likely scenario of a load shedding free summer due to structural generation improvements. This outlook remains unchanged,” Eskom said.

The power utility listed the following as its key performance highlights:

  • Year-to-date unplanned outages average 12 040MW, remaining below the summer base case of 13 000MW by 960MW.
  • As of Friday, unplanned outages stand at 12 566MW, while available generation capacity is 28 145MW.
  • The Unplanned Capacity Loss Factor (UCLF) is at 25.22% for the financial year-to-date (1 April 2024 to 16 January 2025), improving from 32.78% in the corresponding period last year. This represents a 7.6% improvement.
  • Ongoing planned maintenance at 6799MW aligns with our summer maintenance strategy to further improve reliability in preparation for winter 2025 and beyond.
  • Strategic use of peaking stations, including pumped storage and OCGTs, remains available to manage electricity demand during peak times, particularly during evening peaks (5pm to 10pm).

Meanwhile, the power utility has appointed Dr Candice Hartley as Chief People Officer and Rivoningo Mnisi as Group Executive for Renewables.

Eskom Group Chief Executive, Dan Marokane, said: “In the last ten months, we have focussed on strengthening our executive team not only to bring in specialist skills to drive the delivery of our strategy in a fast-moving and increasingly competitive marketplace, but to also drive interventions to address the legacy management control issues that have characterised our recent audit findings”.

Hartley, who boasts two decades of experience in Human Resources, served as Executive Partner and Head of People at KPMG South Africa before joining Eskom.

Mnisi also brings to Eskom some two decades of experience in digitalisation, innovation, and sustainability and was Chief Strategy Officer at Exxaro before joining the power utility.

“A key area of [Hartley’s] focus will be to ensure Eskom has the skills the organisation requires to operate in a competitive marketplace. She will also transition Eskom’s human capital practices and workforce plans to align with the strategy and ensure the wider adoption of technology across the organisation.

“[Mnisi’s] focus will be on delivering an Eskom renewable energy business that will become a significant player in this segment, focussing on work already in progress for an executable initial pipeline of at least 2GW of clean energy projects by 2026. He will also lead the advancement of Eskom’s pipeline of more than 20GW of clean energy projects to diversify its energy mix as part of the emissions reduction strategy,” Eskom said in a statement. – SAnews.gov.za

NeoB
Mon, 01/20/2025 - 10:56

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Read moreEskom to reach 300 days of no load shedding at midnight

Mukuru Launches Mobile Wallet in Zimbabwe to Bolster Financial Inclusion

Location: News
MukuruNext-generation financial services platform Mukuru (www.Mukuru.com) has launched a mobile wallet in Zimbabwe called Mukuru Wallet. The secure digital store of value follows Mukuru's award of a Deposit-Taking Microfinance Institution (DTMFI) licence in Zimbabwe by the Reserve Bank of Zimbabwe.

Building on Mukuru's trusted capabilities, which support more than three-million Zimbabwean customers, the wallet has several benefits, including its standout features: two pockets that allow users to send and receive money locally and internationally from mobile phones, safe storage of funds as well as a free cashout on international transfers.

Marc Carrie-Wilson, Send Money Home Zimbabwe CEO says: “The Mukuru Wallet is a significant development in the country because we have built a reputable brand by consistently ensuring cash availability when needed. To avoid disappointing people who travel long distances to receive their remittances which they use for food, school fees and other essential services, we now have 250 of our own service points. With a network stretching across urban and rural areas, we can reach more people than ever, providing constant cash availability and valuable digital solutions, such as the Mukuru Wallet, to the underserved communities.”

Mukuru Zimbabwe Financial Services CEO, Doug Tait-Knight, says: “Mukuru takes its role as a fintech driving financial inclusion seriously. With this wallet, we tap into our strength which lies in our robust network and technology, as well as our crispy notes that are always available, making this an exciting moment in our evolution in Zimbabwe.

“The wallet environment enables us to start providing additional value such as allowing more affordable domestic money transfers, supporting safety by eliminating the need for customers to walk around with large sums of money, and providing convenience and cost savings, such as paying for electricity, buying airtime, settling DSTV bills and paying for insurance from their couch. Our use of multiple channels also ensures accessibility for our customers,” explains Tait-Knight.

While currently focusing on private end users, soon organisations will be able to partner with Mukuru to make use of its local capabilities and global footprint to facilitate payments, such as distributing money to farmers, supporting payroll for small businesses and securing traceable aid distributions. Various organisations such as Cottco and the United Nations, through the World Food Programme, and the United Nations Children's Fund (UNICEF) already partner with Mukuru.

Kevin Nyakotyo, Mukuru's Enterprise Sales Manager for Zimbabwe and Zambia, added, “Our success in the end-user sector has enabled us to set in motion plans to enter the business sector. Whether it is for tobacco or cotton, payments made to farmers are often large sums of money. The Mukuru Wallet will make receiving these large sums of money far safer because beneficiaries won't need to draw all their cash at the same time.

“We have a mandate to educate the market based on trends we see, and with this wallet, we are reaching out to both organisations and individuals and giving them peace of mind to know their funds will be safe and can be collected at any time. They can draw an amount that suits them with full confidence the cash will be available wherever they are, whenever they need it,” says Nyakotyo.

Distributed by APO Group on behalf of Mukuru.

Notes to Editor: 
Mukuru is a leading next generation financial services platform in Southern Africa that offers affordable and reliable financial services to a customer base of over 17 million+  across Africa, Asia and Europe.

With over 100 million transactions to date, our core was built providing international money transfers and from this base, we've developed a set of services to address the broader financial needs of our customers. We now operate in over 60 countries and across over 500 remittance corridors.

We are a business that puts the customer at the centre of everything we do, and for that reason, we serve clients across physical and digital channels, by various payment methods (cash, card, wallet) as well as a range of engagement platforms including WhatsApp, USSD, contact centre, App, website, agents and a branch and booth network.

Mukuru has, for the fifth consecutive year, been listed as one of the top 100 Cross Border Payments businesses in the world in the 2024 FXC Intelligence Top 100 Cross-Border Payment Companies (https://apo-opa.co/3PCjAkY), one of only six African companies to receive this accolade.

In 2023, Mukuru officially ranked sixth on the LinkedIn Top Companies List in South Africa.

Mukuru was celebrated for innovation and excellence at the 2023 Africa Tech Festival Awards, receiving the Fintech Innovation of the Year Award - an acknowledgment of the transformative power of financial technology in driving economic growth, financial inclusion, and digital transformation. Visit www.Mukuru.com to learn more.

Media Enquiries:
Ammaarah Kootbodien
ammaarah@duomarketing.co.za
(+27) 071 529 6449

Kgomotso Hlakudi 
kgomotso.hlakudi@mukuru.com
(+27) 073 333 1672

Mthokozisi Dube
mtho.dube@lalataucomms.co.za
(+27) 81 790 2070

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No load shedding implemented for nine months

Location: News

No load shedding implemented for nine months

Eskom has now reached more than nine months without having to implement load shedding.

This, the energy utility said, marks a significant milestone in its “commitment to providing reliable electricity to South Africa”.

“As of [Friday] Eskom has successfully completed over…275 consecutive days...without implementing load shedding since 26 March 2024. This achievement underscores Eskom’s dedication to addressing the country’s energy challenges through its investment in the Generation Recovery Plan and enhanced maintenance protocols.

“Eskom continues to utilise the December summer break to increase planned maintenance activities to further improve the reliability of its generation fleet as many industries have shut down for this period, with maintenance averaging at ~8 000MW,” the power utility said.

Eskom explained that its Generation Recovery Plan has made significant improvements in performance “particularly by reducing unplanned outages by ~8.1% compared to the same period last year.”

“Additionally, there was a year-on-year diesel savings of R16.20 billion, which is about 65.1% less than the R24.89 billion spent during the same period last year. Diesel usage remains below the year-to-date budget.

“In August, Eskom shared its summer outlook for the period from 01 September 2024 to 31 March 2025, predicting a likely scenario of a load shedding-free summer, including the festive season, due to structural generation improvements. This outlook remains unchanged,” Eskom said. – SAnews.gov.za

 

NeoB
Mon, 12/30/2024 - 10:07

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Read moreNo load shedding implemented for nine months

‘There’s no turning back’ – Minister Ramokgopa on Eskom

Location: News

'There's no turning back' - Minister Ramokgopa on Eskom

The financial year ending March 2024 was an inflection point for Eskom, signifying the turnaround of the energy utility.

This according to Electricity and Energy Minister, Dr Kgosientsho Ramokgopa, who addressed the media at the utility's annual results announcement for the Financial Year 2024.

“The 2024 financial year is a point of inflection. There’s no turning back [and] we’ll only improve from here and that’s the assurance we are giving to the country,” Ramokgopa said on Thursday.

The financial year ending in March was a challenging one for the power utility.

The country experienced at least 329 days of load shedding (between April last year and end of March 2024), there was a decline in plant availability; distribution energy losses amounted to some 13.9TWh as well as worsened emissions performance.

Eskom also recorded a net loss before tax of some R25.5 billion – an improvement from the previous financial year’s R34.6 billion.

The separation of the National Transmission Company has triggered a once-off accounting adjustment – leading to loss after tax of R55 billion.

The National Transmission Company South Africa (NTCSA) officially commenced trading earlier in the year, marking the company’s establishment as a distinct and wholly owned subsidiary of Eskom. At the time, it was said that the NTCSA will own and operate the country’s national transmission system.

The Minister acknowledged the issues faced by Eskom over the last financial year. 

He reminded South Africans, however, that the electricity producer has upped its performance – resulting in more than 260 days of no load shedding, improved plant performance and billions of Rands in diesel cost savings.

“We are taking responsibility of what happened, and the numbers don’t look good. We carry that responsibility and take the good with the bad. The projection outlook going forward is very positive, but we are responsibility for that record. 

“[But] we are able to illustrate to the country that we are moving in the right direction. We can simply improve from here,” he said.
Eskom Group Chief Executive, Dan Marokane, explained that although the year was a “painful year” for the electricity provider, it was also a “building year in terms of our path towards recovery”. 

This was the year in which the Generation Recovery Plan was instituted. A lot of effort went into investing into both maintenance expenditure and human resources that was critically required to enable execution.

“It’s also a year where we started seeing the government debt relief programme kicking into action. The certainty that arises from that gave us the ability to plan better and to do the deep maintenance that was required in that financial year,” he said.

Marokane, reiterated the Minister’s sentiments – calling the tough results a part of the state-owned entity’s recovery.

“We own [the results]. They are our results. They are part of our story. They are part of our journey, and we hope that in due course as we add more points, you will begin to see the recovery path unfolding,” Marokane said. – SAnews.gov.za

 

NeoB
Thu, 12/19/2024 - 14:21

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Read more‘There’s no turning back’ – Minister Ramokgopa on Eskom

Big investment needed to drive sustainable development

Location: News

Big investment needed to drive sustainable development

National Treasury Director-General (DG), Dr Duncan Pieterse, has called for large scale and sustainable investments to ensure the global community meets its commitments to end poverty, protect the planet and build prosperous societies.

“Financing gaps for sustainable development are large and growing. The estimates by our international organisations indicate that around $4 trillion in additional investments is needed annually for developing countries,” Pieterse said on Wednesday in Johannesburg.

He was speaking during the two-day Group of Twenty (G20) Joint Sherpa and Finance Track meeting.

According to the United Nations (UN), the world may miss many of the Sustainable Development Goals (SDGs) targets by 2030 due to the delay in development progress, which may even be reversed under the combined weight of climate disasters, conflict, economic downturn and the lingering aftermath of the COVID-19 pandemic.

The Sustainable Development Goals are a universal call to action to end poverty, protect the planet and improve the lives and prospects of everyone, everywhere. 

“To achieve the SDGs by the 2030 deadline, an urgent large scale and sustainable investments push is needed,” Pieterse said.

The DG said South Africa’s G20 Presidency will strongly focus on the challenges facing emerging markets and developing countries, especially those on the African continent.

“We will also focus our attention on policies and mechanisms that support sustainable development. Many developing countries, including those in Africa experience growth that is insufficient to reduce poverty, as well as tough financing conditions and high levels of public debt that crowd out resources or development spending

“During our Presidency, there will be a very strong focus on enhancing debt sustainability through a comprehensive approach, which will include... finding ways to improve debt structuring, supporting countries with liquidity challenges and encouraging the development of local currency markets to attract domestic savings and improve debt transparency,” Pieterse said.

South Africa will also continue to obtain borrower country perspectives on debt, including through an African outreach event, with broad participation of the borrower countries.

On 1 December 2024, South Africa assumed the Presidency of the G20 group of countries, which comprises many of the world's largest developing and developed economies.

“The global economy has been put to the test over the last four years, marked by an unprecedented pandemic, escalation in geopolitical conflict and extreme weather events that have disrupted supply chains. 

“The latest assessment by the International Monetary Fund that global growth is expected to remain stable, yet underwhelming, remains a concern. Higher growth is essential to improve prosperity and living standards to reduce debt, and create policy space to tackle our spending pressures,” Pieterse said.

In 2025, South Africa’s G20 Presidency will focus on strengthening macroeconomic fundamentals, accelerating climate transition and boosting productivity growth.

This week's discussion under the South Africa G20 Presidency takes place ahead of two very important events -- the 5th Finance in Common Summit (FiCS), taking place in Cape Town in February 2025, and the Fourth International Conference on Financing for Development (FfD), which will take place in Spain in June 2025.

“We see these events as very important opportunities to strengthen the development finance ecosystem, scale up and redirect financing to meet our global sustainable challenges, and bring impactful changes in relation to climate and biodiversity needs.

“As we prepare to submit our Nationally Determined Contribution (NDC) in 2025, it is clear that our very ambitious climate action goals cannot be achieved without unlocking a similarly ambitious set of climate instruments.

“The G20 must continue to play a leading role to address the critical issues of our age, so that we can achieve both global sustainable development and development that is inclusive, equitable and leaves no one behind,” Pieterse said.

South Africa's G20 Presidency is the fourth consecutive emerging market Presidency, and it is also the first African Presidency, followed by the admission of the African Union (AU) as the second permanent African member. 

The G20 was established to tackle pressing global economic and financial issues. Together, G20 members account for around 85% of global GDP and 75% of international trade. 

The G20 comprises 19 countries including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, United Kingdom, and United States and two regional bodies, namely the European Union and the African Union.

The grouping therefore plays a critical role in influencing global policy making and fostering global economic stability. - SAnews.gov.za

nosihle
Wed, 12/11/2024 - 11:19

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Read moreBig investment needed to drive sustainable development

Over 250 days without load shedding

Location: News

Over 250 days without load shedding

Eskom has now reached more than 250 days without implementing load shedding – resulting in year-on-year diesel cost savings of nearly R17 billion.

“The investment in the Generation Recovery Plan continues to yield consistent results, with load shedding suspended for 254 consecutive days since 26 March 2024. 

“This achievement reflects the ongoing success of comprehensive structural improvements within the coal-fired fleet, reinforcing Eskom’s commitment to providing a reliable energy supply, enabling economic growth, and promoting long-term sustainability,” Eskom said.

The power utility said as industry begins to shutdown for the December holidays, it will be gradually increasing its maintenance activities to “further improve the reliability of its generation fleet”.

“Over the past week, the average total unplanned outages have been at 11 038MW, a significant improvement from the 14 475MW recorded during the same period last year, representing a reduction of 3 437MW. [Friday’s] unplanned outages [were] at 11 834MW, which is 1 166MW lower than the summer 2024 base case, indicating consistently improved operational efficiency week after week.

“Eskom’s EAF [Energy Availability Factor] was at an average of 59.4% over the past week and 62.8% year-to-date, with top-performing stations — including Majuba, Medupi, and peaking stations — achieving an average EAF of 70% and above. Four other power stations recorded EAFs above 60%,” Eskom said.

Furthermore, the power utility said it expects an additional 2 600MW to return online by Monday (tomorrow) evening.

“In August, Eskom shared its Summer Outlook for the period from 1 September 2024 to 31 March 2025, predicting a likely scenario of a loadshedding-free summer due to structural generation improvements. This outlook remains unchanged,” Eskom said. – SAnews.gov.za

NeoB
Sun, 12/08/2024 - 12:01

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Read moreOver 250 days without load shedding

S&P upgrades Eskom’s credit ratings from stable to positive

Location: News

S&P upgrades Eskom’s credit ratings from stable to positive

S&P Global Ratings Agency (S&P) has upgraded power utility Eskom's long-term global scale foreign and local currency ratings from stable to positive.

S&P affirmed Eskom’s ‘B’ issue rating on the group’s senior unsecured debt from ‘CCC+’ and the ‘BB-’ foreign currency issue rating on the government-guaranteed debt.

Furthermore, Eskom’s South Africa national scale issuer credit rating was upgraded to ‘zaBBB+’ from ‘zaBBB’, with the short-term national scale rating of ‘zaA-2’ reaffirmed.

Eskom's ratings are supported by government bailouts, including a R254 billion financial support package introduced through the Eskom Debt Relief Act, which was signed into law in 2023.

This package ensures Eskom can meet its debt servicing and repayment commitments through 2026, significantly reducing liquidity risks and bolstering its financial stability.

Eskom’s Group Chief Executive, Dan Marokane, said the upgrade clearly indicates the progress made in strengthening Eskom’s financial and operational foundation.

“It sends a positive message to investors and stakeholders, reinforcing trust in our ability to deliver energy security while driving long-term sustainability.

“Our success in improving generation performance and achieving over R16 billion in diesel savings highlights the efficiency gains we are driving. Sustaining this momentum will support Eskom’s path to profitability and reduce our reliance on fiscal support in the future,” Marokane said.

Meanwhile, the power utility said this credit rating upgrade underscored the progress in restoring Eskom’s financial health and operational reliability.

Eskom said it was committed to delivering on its mandate to power South Africa’s economic future while creating value for all stakeholders.

“Eskom will continue to focus on implementing generation recovery, strengthening governance, and tackling crime and corruption while futureproofing the organisation to enable energy security, growth, and long-term sustainability for the benefit of South Africa and sub-Saharan Africa.” – SAnews.gov.za

Gabisile
Wed, 11/27/2024 - 09:30

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Eskom reaches no load shedding milestone

Location: News

Eskom reaches no load shedding milestone

Eskom has reached a new milestone having recorded its longest stretch of not implementing load shedding in five years.

South Africa has not experienced planned rolling blackouts since 26 March this year.

Minister of Electricity and Energy, Dr Kgosientsho Ramokgopa, told a media briefing that this is an indication that government’s Energy Action Plan, coupled with Eskom’s Generation Recovery Plan, is showing resilience.

“This means two things: load shedding is still an area that requires intervention. I have said that at the right time, when we are meant to call it, we’ll [say] its over but I’m not in a position to make that firm pronouncement.

“The second message this conveys is that the interventions are resilient. By that I mean that even if you have a cluster of units failing, the system is able to carry itself without us having to resort to load shedding. That’s important because it means that we have built some degree head space to allow for incidents where clusters of units fail,” he said.

The Minister emphasised that although the interventions are bearing fruit, “we want to sustain this momentum”.

“The system is performing exceptionally well. It is exceeding our own expectations. 

“We have been able to drastically reduce the amount of megawatts that are not available at any given time. In the comparable period, we were sitting at about 16 400MW not available at any given time and now we are averaging about 11 235MW. 

“There’s an improvement of that 5000MW of the same period last year. From an Energy Availability Factor, this marks an improvement of about 7.3%,” he said.

Ramokgopa highlighted that Eskom has spent at least R15 billion less than last year.

“That’s significant going into the future because these savings are going to be factored into the cost of electricity supply. So going into the future we’ll know that the primary energy, we were able to reduce that cost by R15 billion. 

“We are doing this as we maintain the health of the system. We are not compromising on our planned maintenance so in terms of our summer outlook, we are at about 6900MW of planned maintenance,” he said.

Draft Integrated Resource Plan 2023 (IRP 2023)

Ramokgopa told the media briefing that in terms of the Draft IRP 2023 stakeholder engagements, some 4338 public comments have been received while three rounds of public consultations and at least 26 other virtual and in-person engagements with civil society, industry, academia and government entities took place.

“Of these 4000 plus comments, 136 of these were substantive. There are people who were challenging a number of aspects or making suggestions on how best we can improve this model,” he said.

The Draft IRP is described by the department as South Africa’s electricity generation plan which lays out plans to ensure security of electricity supply by balancing supply with demand, while taking into account the environment and total cost of supply.

“Then next step is that we are deepening that conversation. So we are not [re]starting the public consultation…we are going back to those people who made those substantive submissions having done some degree of revision on the back of the submissions that we have received.

“We will have a physical engagement some time next week and we will have the targeted engagements. We will then consolidate those inputs,” he said.

A report emanating from consolidated inputs will then be tabled before Cabinet which will make a final decision on the plan. – SAnews.gov.za

 

NeoB
Wed, 11/20/2024 - 14:19

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National Treasury calls for comments on policy proposals

Location: News

National Treasury calls for comments on policy proposals

The National Treasury has called on stakeholders to submit detailed written comments and proposals on the policy review of the taxation of alcoholic beverages, carbon tax and the tax treatment of collective investment schemes.

The policy review of the taxation of alcoholic beverages builds on the previous excise tax policy review in 2014 and proposes adjustments to the current policy framework.

The discussion document covers developments in the alcoholic beverages industry, including changes in the regulatory landscape, the prevalence of alcohol consumption, illicit trade in alcoholic beverages, international observations on alcohol taxation. 
It also covers the potential use of minimum unit pricing in the long term, and other administrative policy considerations in line with the concerns that have been raised by stakeholders.

“With this publication, the National Treasury requests stakeholders to submit detailed written comments and proposals to assist government to further develop an appropriate excise policy framework to reduce the harmful use of alcohol.

“After the public consultation process is concluded, the draft proposals will be revised to consider public comments and announcements will be made in the 2025 Budget,” National Treasury said on Wednesday.

Written comments can be forwarded to 2024Alcoholreview@treasury.gov.za by close of business on 13 December 2024.

Carbon tax

In addition, stakeholders are encouraged to submit detailed written comments on phase two of the carbon tax design.

In the 2024 Budget, government announced its intention to publish a carbon tax discussion paper for public comment.

This paper puts forward proposals on phase two of the carbon tax design from 2026 to 2035 for consultation, considering South Africa’s Nationally Determined Contributions (NDCs) commitments.

“South Africa has made commitments under the Paris Agreement to reduce emissions in the range of 398 to 510 million tonnes carbon dioxide equivalent (tCO2e) by 2025 and 350 to 420 million tCO2e by 2030, and to reach net zero emissions by 2050.

“The NDCs set out policies and measures to achieve these mitigation goals and adapt to climate change, and the finance requirements to support the transition to a lower carbon climate resilient economy.

“Carbon tax is an integral part of the package of policy measures aimed at addressing climate change as recommended in the 2011 National Climate Change Response Policy and the 2012 National Development Plan,” National Treasury explained.

The carbon tax discussion paper puts forward proposals on phase two of the carbon tax design from 2026 to 2035 for consultation, considering South Africa’s NDC commitments.

The discussion document includes proposed adjustments to the basic tax-free allowance, carbon offsets, the electricity levy, the renewable energy premium and the energy efficiency savings tax incentive.

Stakeholders are invited to submit written comments on the draft proposals contained in this paper to carbontax@treasury.gov.za.

“After the public consultation process is concluded, the draft proposals will be revised to consider public comments and announcements will be made in the 2025 Budget. The closing date for comments is close of business on 13 December 2024,” treasury said.
 

Tax treatment of collective investment schemes

In addition, National Treasury is also requesting the public to submit written comments on the draft proposals contained in the income tax treatment of amounts received by portfolios of collective investment schemes.

This discussion document stems from a statement in the 2020 Budget Review that indicated that National Treasury would undertake a review on the matter.

“In 2018, amendments were proposed in the Taxation Laws Amendment Bill to provide certainty on when these amounts should be treated as revenue instead of capital, which would impact the tax treatment of those amounts.

“After consultations, government opted to withdraw the proposed amendments to allow additional time to engage with industry to find solutions that will not negatively affect role-players.

“This document investigates the policy considerations of the taxation of collective investment schemes under section 25BA of the Income Tax Act, 1962- and puts forward various policy options,” National Treasury said.

Stakeholders are invited to submit written comments on the draft proposals contained in this paper to CIS-Tax@treasury.gov.za.

After the public consultation process is concluded, the draft proposals will be revised to consider public comments and announcements will be made in the 2025 Budget.

The closing date for comments is close of business on 13 December 2024. -SAnews.gov.za
 

nosihle
Wed, 11/13/2024 - 12:35

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Read moreNational Treasury calls for comments on policy proposals

Multichoice Group Maintains Strategic Momentum Despite Macroeconomic Challenges

Location: Business

MultiChoice Group
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  • Unprecedented foreign exchange pressures and economic challenges in key African markets impacted earnings and dampens subscriber growth
  • On track to right-size cost base and grow new revenue streams to drive future growth as streaming gains traction at the expense of traditional pay-tv
  • Cost-cutting measures delivered R1.3bn in permanent savings, on track to reach increased full-year target of R2.5 billion
  • Showmax customer base grew 50% YoY as a leading streaming service in sub-Saharan Africa
  • Strong revenue growth in new products: DStv Steam +71%, DStv Internet +85%, DStv Insurance +31%, KingMakers +53%
  • Strong liquidity of R10 billion provides solid financial base to support growth
  • Negative equity position on track to be resolved in November 2024.

MultiChoice Group (MCG or The Group) (www.MultiChoice.com) continued to deliver exceptional video entertainment and execute on core strategic initiatives during the first six months ended 30 September 2024 (1H FY25). However, unprecedented foreign exchange volatility severely impacted the Group's interim financial results, while ongoing macroeconomic challenges weighed on customer growth and moderated overall performance.

Facing the most challenging operating conditions in almost 40 years and to generate desired returns, the Group has been proactive in its focus to ”right-size” the business for the current economic realities and industry changes. Although operating across Africa typically subjects the group to currency moves, abnormal currency weakness over the past 18 months have reduced the group's profits by close to R7 billion. Combined with the impact of a weak macro environment on consumers' disposable income and therefore on subscriber growth, it required the Group to fundamentally adjust its cost base - which is exactly what has been done. The normal cost savings program was accelerated, resulting in permanent savings of R1.3bn in over the past six months and an increased target of ZAR2.5bn for the full year.

“We are making good progress in addressing the technical insolvency that resulted from non-cash accounting entries at the end of the last financial year. We expect to return to a positive net equity position by the end of November this year, supported by a number of developments and initiatives. The Group's liquidity position remains strong, with over ZAR10bn in total available funds,” says Calvo Mawela, MultiChoice Group CEO.

The Group is also adjusting to global pay-TV challenges as streaming services, the rise of social media and changing consumer preference impact the traditional broadcast business. Showmax, which reported 50% growth YoY in its paying customer base, strategically positions the business to actively participate in the streaming revolution as it gains momentum across Africa. To create sufficient capacity and drive growth, the group stepped-up its investment in this business by an incremental ZAR1.6 billion during the interim period.

“We have successfully been implementing our strategy over the past few years, achieving key milestones such as our investment in KingMakers, returning the Rest of Africa business to profitability in FY23 and FY24, concluding the Showmax partnership with Comcast and investing in Moment. While we've made huge inroads to reduce our cost base, there's still more work to be done”.

“However, our focus extends beyond cost efficiency—we are equally committed to grow the business. We remain committed to driving new revenue streams and see significant medium to long-term opportunities in video entertainment, particularly in streaming, and in our adjacent new businesses,” says Mawela

The Group reported strong momentum in its new products and services, which all delivered robust   YoY revenue growth, i.e. DStv Stream +71%, DStv Internet +85% and DStv Insurance + 31%. KingMakers reported a healthy 27% increase in its online monthly active users in Nigeria and grew its revenue in Naira by 53%, while newly-launched SuperSportBet is showing good early traction in South Africa.

Financial Results Overview

Subscriber base: The pressure on the linear pay-TV subscriber base was lower than the previous six-months, reflecting a 5% decline (0.8m) compared to 6% reported (1.0m) in 2H FY24. This reflects an improving sequential trend. On a YoY basis, the linear subscriber base declined by 11% or 1.8m subscribers to 14.9m active subscribers, impacted by the challenging macroeconomic conditions that negatively impacted discretionary consumer spend.

Group revenues: Revenues increased by 4% YoY to ZAR25.4bn on an organic basis, due to disciplined inflationary pricing and revenue growth of new products. On a reported basis, revenues declined by 10%, impacted by foreign exchange pressures on the Rest of Africa business and a stronger Rand against the US Dollar.

Group trading profit: The Group's ongoing cost optimisation drive delivered ZAR1.3bn in savings, and together with other improvements in the business, it resulted in a 33% increase in trading profit before incorporating the Showmax costs. A ZAR1.6bn step-up in the investment behind Showmax to create capacity for growth, trimmed the organic trading profit to ZAR5.0, a decline of only 1% YoY. Foreign exchange losses in the Rest of Africa business amounting to ZAR2.3bn reduced reported trading profit to ZAR2.7bn.

Adjusted core headline earnings, the board's measure of the underlying performance of the business, amounted to ZAR7m, impacted by foreign exchange losses and the investment in Showmax.

Cash flow and liquidity: The Group free cash flow remained positive at ZAR0.6bn, with ZAR5.7bn retained in cash and cash equivalents. Despite the increase in net interest costs and a higher average debt balance, the Group remains well-positioned to navigate current challenges with access to ZAR4.4bn in undrawn facilities.

Operational update

General entertainment and sport

Delivering content that customers love remains the Group's core focus— whether it is the best of local or international general entertainment or the most exciting sport events.

In the past six months, the Group produced 2,763 hours of local content, bringing its local content library to 86,215 hours.

SuperSport reinforced its reputation as a global leader in sport broadcasting with extensive coverage of the Paris 2024 Olympic Games, EURO 2024, and the ICC T20 Men's World Cup. Over the past six months, SuperSport has broadcast 10,240 live events and provided a total of 21,540 hours of live coverage, a 22% increase YoY. 

SuperSport Schools doubled its user base and crossed a milestone of one million registered users on its app, delivering over 35,000 hours of content over the past six months.

Business segments

As a mature business, MultiChoice South Africa is focused on subscriber retention and reconnections, identifying remaining growth opportunities, as well as optimising processes and systems to improve customer experience and operational efficiency.

In the Rest of Africa business, the Group is implementing several initiatives to support improved financials, including price adjustments to counter the impact of inflation, renegotiating content deals where feasible, restructuring select packages to enhance ARPU, optimising the DTT network, and intensifying anti-piracy initiatives.

In FY25, Showmax is focussed on enhancing its content line-up, bedding down distribution partnerships, expanding payment channel integrations and refining its go-to-market strategy.

Irdeto delivered encouraging revenue growth, after securing a major customer in Asian and expanding managed services with a key customer in Australasia.

KingMakers continued to gain strong momentum in Nigeria, where BetKing Nigeria has secured the second position in the online betting market. SuperSportBet, the South African business launched late last year, is showing early signs of success and reported a remarkable tenfold increase in net gaming revenue over the past nine months.

Moment, now live in 40 African countries, has shown rapid growth since its launch last year, with total payment volumes (TPV) growing to USD242m. It is already processing almost 30% of the Group's payments.

Looking Ahead

The Group continues to invest in its long-term future, focusing on the following strategic priorities:

  • Improving profitability and cash generation in the South African business.
  • Streamlining the cost base in the Rest of Africa to return this business to profitability.
  • Investing in Showmax to establish it as the leading streaming platform on the continent.
  • Supporting KingMakers, Moment and DStv Insurance to drive scale.

By executing well on these objectives, the Group will be well positioned to deliver future growth and create value as Africa's leading video entertainment platform and most-loved storyteller.

Distributed by APO Group on behalf of MultiChoice Group.

Read moreMultichoice Group Maintains Strategic Momentum Despite Macroeconomic Challenges

Eskom spending less on diesel

Location: News

Eskom spending less on diesel

Eskom has spent at least 70% less year-on-year on diesel compared to the same period last year - equating to savings of more than R14 billion.

This as the power utility has maintained no load shedding for more than seven months.

“Load shedding has been suspended for over seven months (226 consecutive days) since 26 March 2024. Eskom continues to focus on maximising efficiencies from the investments made in the Generation Recovery Plan. 

“This has resulted in year-on-year diesel savings of R14.6 billion, approximately 70.3% less than the R20.8 billion spent during the same period last year. Further savings are expected in the coming weeks and months due to the improved performance of the coal fleet,” the power utility said.

Furthermore, Eskom has recorded a “significant decrease” in unplanned outages at power stations – allowing the power utility to do planned maintenance.

“Over the past seven days, the average total unplanned outages have been 10 127MW, a significant decrease from 16 892MW during the same period last year, representing a reduction of 6 765MW. 

“This ongoing improvement in reducing unplanned outages enables Eskom to carry out more planned maintenance activities and ensures that more generation capacity is available to meet the country’s electricity demand,” Eskom said.

The Energy Availability Factor (EAF) has also seen an increase to 63.1% for the year to date, with at least four power stations reaching an EAF of over 70%

“Eskom is well-capacitated to meet the electricity demand. 

“By Monday evening, an additional 4 050MW is expected to return online, with four units on cold reserve this weekend to manage the supply and demand balance,” the power utility said.

Eskom said although it continues to produce sustained improvements, there are overloading challenges in certain areas.

“Eskom continues to face network overloading issues in certain local areas due to illegal connections, vandalism, meter tampering, unauthorised network operations, theft of network equipment, and purchasing electricity from unlicensed vendors.

“To prevent public safety hazards and the risk of network overloading, which can lead to load reduction measures and extended unplanned power outages, Eskom strongly urges customers to avoid illegal connections, as this can negatively impact the entire local community. 

“It is also essential for customers to ensure they purchase electricity only from authorised vendors,” the power utility explained.

Consumers are urged to report any illegal activities to the Eskom Crime Line at 0800 112 722 or via WhatsApp at 081 333 3323. – SAnews.gov.za

NeoB
Sun, 11/10/2024 - 11:54

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Eskom saves R13.7 billion on diesel

Location: News

Eskom saves R13.7 billion on diesel

Due to load shedding being suspended for over seven months, Eskom’s diesel savings have reached R13.7 billion year-on-year.

In a statement on Friday, Eskom said load shedding has remained suspended for over seven months (219 consecutive days) since 26 March 2024.

“Investments in the Generation Recovery Plan have been instrumental in maintaining a stable power supply across South Africa, driving efficiencies, and achieving R13.7 billion in year-on-year diesel savings.

“On Monday, 28 October 2024, Eskom achieved a significant milestone in operational efficiency, moving closer to its goal of a 70% Energy Availability Factor (EAF) by end March 2025.

“This achievement is marked by a reduction in unplanned outages, which are measured by the Unplanned Capacity Loss Factor (UCLF) and Other Capacity Loss Factors (OCLF), to 7 299MW. The last time Eskom reached a comparable UCLF milestone was four years ago,” the power utility said.

This achievement follows Eskom’s recent milestone of delivering the longest stretch of uninterrupted power supply in five years, reaching Day 206 of loadshedding suspension on Saturday, 19 October 2024.

“The reduction in unplanned outages means that more generation capacity is available to meet the country’s electricity demand. Additionally, it provides Eskom with the necessary capacity to conduct more planned maintenance activities, which are crucial for further improving the reliability and stability of the generation fleet,” Eskom said.

Eskom’s EAF increased to an average of 65 % over the past week and 63.1% year-to-date, with top-performing stations — including Grootvlei, Camden, Medupi, Lethabo, and peaking facilities — achieving over 70% EAF.

Five other power stations recorded EAFs above 60%.

“By Monday evening, an additional 4 030MW is expected to return online, with six units on cold reserve this weekend to manage supply and demand balance,” Eskom said.

In August, Eskom shared its Summer Outlook for the period from 1 September 2024 to 31 March 2025, predicting a likely scenario of a load shedding-free summer due to structural generation improvements. This outlook remains unchanged.

Illegal connections

While load shedding remains suspended, Eskom continues to face network overloading issues in certain local areas due to illegal connections, vandalism, meter tampering, unauthorised network operations, theft of network equipment, and purchasing electricity from unlicensed vendors.

“To prevent public safety hazards and the risk of network overloading which can lead to load reduction measures and extended unplanned power outages, Eskom strongly urges customers to avoid illegal connections, as this can negatively impact the entire local community. It is also essential for customers to ensure they purchase electricity only from authorised vendors,” the power utility said.

Eskom urged the public to help protect the integrity of the power network by reporting any illegal activities to the Eskom Crime Line at 0800 112 722 or via WhatsApp at 081 333 3323.

Meter updates

In addition, as the 24 November 2024 deadline approaches, Eskom has reminded customers to update their pre-paid meters to avoid them expiring and losing electricity. 

READ | Eskom calls on prepaid customers to update meters before 24 November deadline

The simple, DIY process involves buying credit tokens from authorised vendors. Customers will receive two 20-digit codes to enter into their meters for the update. -SAnews.gov.za

nosihle
Sun, 11/03/2024 - 11:40

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Passion breeds Tswakae Styles & Design

Location: News

Passion breeds Tswakae Styles & Design

By Keneilwe Velaphi

Anna Moriti from Sebokeng in Gauteng is an example of what it means to start again after suffering the plight of unemployment. 

In 2018, Moriti was left jobless after the company that she worked for closed down. Armed with a passion for designing clothes she soldiered on.

Today, the 35-year-old owns Tswakae Styles & Design (PTY) Ltd. Her business specialises in making and designing traditional clothing. 

She said her love for design started while employed. Moriti explains that while employed, she enjoyed her craft and would sometimes find herself sleeping on the premises of the company she worked for, just to make sure that deadlines were met. 

“When the company closed, it almost destroyed my life. I had plans to buy it and make it mine. I decided that I should start my own business.” 

With an eagerness to succeed, in 2019 Moriti attended a design course at Sedibeng College and Skills Development where she obtained her design certificate. 

In 2021 she opened the doors of Tswakae Styles & Design (PTY) Ltd using her savings as start-up capital. 

"Starting a business was not easy. I had to take all my savings to start afresh, as we were struggling financially as a family.” 
In 2022, she visited the National Youth Development Agency (NYDA) looking for financial assistance. 

“I requested financial assistance from the NYDA and the agency granted me R34 000. I purchased sewing machines, material, and iron, and constructed a small shack for my business.” 

Because of the financial backing from the NYDA, Moriti’s business began to flourish. 
She adds that she attracted customers that needed to sew and design clothing such as traditional garments, school uniforms, bridal gowns, and casual attire. 
“Schools, churches, and brand shops began to trust me and started purchasing various types of clothing.” 

Moriti expressed her desire to expand her business, generate more job opportunities for the community and establish a school to educate young people about design and sewing. 

For more information on Tswakae Styles & Design (PTY)Ltd visit the Facebook page: Annah Tswakae or WhatsApp: 074 432 0694.

The NYDA can be reached at www.nyda.gov.za.

*This article first appeared in Vuk’uzenzele

 

Janine
Fri, 10/25/2024 - 10:38

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Vantage Capital Concludes a €66M Deal With Camusat

Location: Business
Vantage Capital Group

Vantage Capital (www.VantageCapital.co), Africa's largest mezzanine fund manager, announced today that it had closed a €66 million mezzanine investment in Camusat Holding S.A.S, the proceeds of which will be used to refinance debt and fund the capital expenditure required for expansion of the group's AktivCo division. Vantage Capital's investment is part of a global financing package of €81m provided in consortium with Eurazeo, a leading European investment group. 

Camusat is a leading telecommunications player managing fully integrated and sustainable business models for the deployment and management of telecom infrastructure whilst championing the decarbonization of mobile network operators (MNOs). Partnering with major investment funds that support green investments, Camusat is pursuing its ambition to become the leading “Infra as a Service”  partner for the mobile telecom industry, with a broad presence in emerging markets, especially in Africa. The group operates across twenty countries (including fifteen on the African continent) and through two synergistic divisions, AktivCo and OpCo: 

  • AktivCo is the Infrastructure as a Service business structuring and financing complex transactions under long-term contracts to transform the telecom infrastructure by applying sustainable business models. With a strong focus on low carbon footprint solutions and digitalization of operations, AktivCo accelerates the expansion and modernization of MNOs' infrastructure and reshapes the telecom world for cleaner communications; and  
  • OpCo is a telecom service partner that combines technical expertise with operational excellence to design, build, and manage  telecom infrastructure. 

Since inception, Camusat has been capitalizing on the rapid expansion of the telecom industry, but most importantly the ever-growing need of MNOs to outsource non-core operations to specialized service providers. This trend is observed worldwide but is more prevalent in emerging markets, especially Africa. As network coverage remains relatively low, MNOs are being pushed by regulators to ramp up their infrastructure investment especially to increase coverage in rural areas, where most of the population lives. MNOs therefore need to contract with service providers like Camusat to support the rapid and viable roll-out and management of their tower infrastructure. 

In this context, Camusat has established itself as the key strategic partner for telecom operators such as Orange, Moov Africa (Maroc Telecom group), MTN, Vodafone, Airtel and others. The group's comprehensive offering drives long-term performance for mobile networks and inclusive connectivity, digitalization and sustainable access to technology, making it a one-stop-shop for MNOs. Its multi-decade experience and track record attest to the quality of its performance. 

Mr. Richard Thomas, CEO of Camusat, commented, “we are very pleased to have concluded the transaction with Vantage Capital. This financial and strategic partnership comes at a time when we are further expanding our presence in Africa, and we are confident that Vantage Capital's extensive network and expertise on the continent will be a great support in achieving our objectives.” 

Mr. Luc Albinski, Executive Chairman at Vantage Capital, added, “we are proud to partner with such a leading and dynamic group as Camusat. Throughout the process, we have been impressed by management's deep knowledge of the telecom industry, but also their firm commitment to help increase connectivity in parts of Africa where network coverage remains underdeveloped.” 

Mr. Thibaut de Rodellec, Deputy CEO of Camusat, said, “we were convinced from our very first discussions that Vantage Capital and Camusat would be a great fit. We always look beyond the financial aspect when forming new partnerships, and we were glad to discover that our firms share common ethics, vision and dedication. We will ensure this partnership is a success for all stakeholders.” 

Mr. Driss Benabdeslam, Partner at Vantage Capital, concluded, “by investing in Camusat, we are backing a group that is engaged in a vital and buoyant industry and constantly strives for operational and corporate excellence. Camusat has incorporated best-in-class ESG practices and implemented various CSR measures directed at supporting local communities and minimizing greenhouse gas emissions from the telecom sector. We are thrilled to support the group in creating more value and generating an even greater positive social impact over the years to come.”  

This transaction represents Vantage Capital's 39th investment across four generations of funds with its portfolio of investments spread across eleven African countries.   

Vantage Capital was advised by Clifford Chance (in Morocco) who acted as its legal counsel. KPMG (in France) and Webber Wentzel (in South Africa) provided tax advice, KPMG (in France) was the financial advisor, Emerton (in France) provided commercial advice, and Ibis Consulting (in France) reviewed the environmental impact. 

Camusat was advised by Goodwin Procter (in France) who acted as their legal counsel and Marlborough Partners (in France) who acted as financial advisor. 

Distributed by APO Group on behalf of Vantage Capital Group.

For more information contact: 
Luc Albinski
Executive Chairman 
luc@vantagecapital.co.za  
Driss Benabdeslam 
Partner
driss@vantagemezzanine.com  

About Vantage Capital: 
Founded in 2001, Vantage Capital is an Africa-focused fund manager that has raised funds of over $1.6 billion. 

Since 2006, Vantage Capital's Mezzanine division has made 39 investments across four successive funds into 11 African countries, making it the largest and most experienced independent mezzanine funder on the continent. In addition, Vantage Capital's GreenX division has made 15 senior debt investments into South African solar and wind energy projects across three funds. Vantage Capital launched Vantage Best in Class in 2022 to provide long-term financial and strategic support to education businesses operating in Europe, the Middle East and Africa. As a first step, Vantage Best in Class has partnered with Maple Bear Global Schools, the largest and fastest growing franchise of K-12 bilingual schools in the world in a €100 million investment programme for the Central & Eastern European region. 

Vantage Capital targets mezzanine debt opportunities of $10-50m across more than a dozen key African markets. 

Mezzanine debt is an intermediate form of risk capital, which is situated between senior debt, the least risky tranche of the capital structure, and equity, the riskiest tranche of the capital structure. It combines elements of both debt and equity thereby providing companies with long-term funding on terms which are less dilutive to shareholders than pure equity. 

Website: www.VantageCapital.co.za  

About Camusat:  
Headquartered in Paris, Camusat is a global group operating in the telecommunications industry across Africa, Europe, the Middle East, and Latin America.  

Over almost five decades of existence, it has established itself as leading player and a key partner for telecom operators, thanks to a comprehensive offering and best-in-class capabilities. With the launch of its AktivCo division in 2017, the group pioneered the ESCO (Energy as a Service) and TWESCO (Tower & Energy as a Service) models in Africa, enabling clients to achieve significant cost-savings and streamline their cash outflows, while ensuring a positive environmental impact with the use of renewable energies, low environmental solutions and smart technologies to support the deployment, extension and management of telecom infrastructure. The group has been able to secure infrastructure debt funding from major development finance institutions, including FEI (Facility for Energy Inclusion), Africa Go Green Fund, Proparco, and Norfund. 

Camusat employs more than 2,000 people and is guided by a highly dedicated and experienced management team with deep industry expertise and firm commitment to financial, operational, and environmental excellence.  

Since 2016, the group has been majority-owned by Equistone, a leading mid-cap private equity fund in Europe with 12 billion euros of assets under management since inception. Camusat's management owns the remaining share capital. 

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Milken-Motsepe Prize in Fintech Announces 10 Semifinalists

Location: Business

The Milken-Motsepe Innovation Prize Program
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The Milken Institute and the Motsepe Foundation announced the 10 teams advancing to the Semifinalist Round of the Milken-Motsepe Prize in FinTech (https://apo-opa.co/3Y0GSEY), with each team receiving $100,000 in funding.

Responding to a global call for applications, this prize supports innovative solutions to expand access to tools necessary for financial inclusion across emerging and frontier markets.

The Semifinalists will participate in an Innovation Showcase at the Milken Institute's Middle East and Africa Summit December 5-6, 2024, in Abu Dhabi, UAE. During this event, the 10 teams will pitch their innovations to a panel of expert judges and investors, and three teams will be selected to move on to the final round of the prize. The judges will evaluate the pitches based on the teams' ability to deliver solutions that improve financial inclusion for under-resourced groups in emerging and frontier markets.

The prize will ultimately award $2 million in total prizes, including a $1 million Grand Prize. Following the December showcase, the Grand Prize will be awarded at the Milken Institute's Global Conference in Los Angeles, in May.

“By supporting these pioneering teams, we aim to foster financial inclusion and empower entrepreneurs who drive economic growth and opportunities in their communities,” said Emily Musil, senior director, Milken Institute. “Our prizes help identify, support, and celebrate talent to ignite the entrepreneurial spirit and empower visionaries to turn their ideas for a better future into reality.”

These teams operate in nearly 30 countries across three continents, and their innovations hold the potential for significant breakthroughs in financial inclusion for underserved communities on a global scale. Over the next four months, the Semifinalist teams will test and scale their solutions, which will be evaluated for impact, scalability, and sustainability.

The 10 Semifinalists:

AZA Finance (https://AZAFinance.com), Kenya

Team lead: Caroline Shiku Njathi

AZA Finance is a B2B FinTech company offering businesses low-cost, efficient, and secure financial services, including payments, currency exchange, and treasury, across all major currencies.

Chapa (https://Chapa.co), Ethiopia

Team lead: Nael Teklehaimanot

Chapa is an online payment gateway company with a developer-friendly API that simplifies integrating payment processing into websites and applications for Ethiopian businesses.

Chumz (https://Chumz.io) Kenya

Team lead: Sam Njuguna

Chumz is a gamified savings product that leverages behavioral psychology to help individuals save at low cost.

Farmpawa (www.Farmpawa.com), Uganda

Team lead: Moses Eteku

Farmpawa is a crowd farming platform that connects investors with real farming assets, empowering farmers and driving sustainable agricultural growth.

Flow Global (www.FlowGlobal.net), United Kingdom

Team lead: Michael Rothe

Flow Global is a liquidity engine that helps retail merchants grow in the digital economy by addressing all of their working capital needs.

Paycloud by Lipa Later (https://LipaLater.com/), Kenya

Team lead: Eric Muli

Paycloud is a digital banking platform that addresses late payments in Africa by offering seamless payment processing, payment splitting, automated invoicing, and financial tools.

Nyla Bank (www.NylaBank.com), Ghana

Team lead: Mubarak Sumaila

Nyla Bank is building Africa's first digital Islamic bank with a goal of empowering 1 billion people with innovative, Shariah-compliant products and services that align with ethical principles.

Oze (https://GetOze.com), Ghana

Team lead: Meghan McCormick

Oze is a digital lending platform that bridges Africa's credit gap by providing banks with a small and medium-sized enterprise- (SME) focused app that digitizes financial data, enabling risk assessment and lending to small businesses.

Trade Lenda (https://TradeLenda.com), Nigeria

Team lead: Adeshina Adewumi

Trade Lenda is a banking platform tailored to SMEs, where loans can be accessed within one to six hours, and micro-savings can be achieved for business goals.

Verto (www.VertoFX.com), United Kingdom

Team lead: Rachel Coombs

Verto is a business-to-business cross-border payments platform for businesses in emerging markets, powered by a unified network that eliminates intermediary fees, handles 49 currencies, and settles transactions faster.

Learn more about the Milken-Motsepe Prize by navigating to https://MilkenMotsepePrize.org/. Contact Mala Persaud at mpersaud@milkeninstitute.org for more information.

https://apo-opa.co/3Y0GSEY

Distributed by APO Group on behalf of The Milken-Motsepe Innovation Prize Program.

Notes to Editors:
For further information or to request interviews with the semi-finalists, please send requests or queries to the media contact below.

Media Contact:
Ima Peter 
+27 11 268 6388
ima.peter@razorpr.co.za

About the Milken Institute:
The Milken Institute is a nonprofit, nonpartisan think tank focused on accelerating measurable progress on the path to a meaningful life. With a focus on financial, physical, mental, and environmental health, we bring together the best ideas and innovative resourcing to develop blueprints for tackling some of our most critical global issues through the lens of what's pressing now and what's coming next. For more information visit https://MilkenInstitute.org.

About the Motsepe Foundation:
The Motsepe Foundation was founded in 1999 by Dr. Patrice Motsepe and his wife, Dr. Precious Moloi-Motsepe. The goal of the Motsepe Foundation is to contribute towards eradicating poverty and to sustainably improve the living conditions and standards of living of poor, unemployed, and marginalized people in South Africa, Africa, and the world. In January 2013, Dr. Patrice Motsepe and Dr. Precious Moloi-Motsepe joined the Giving Pledge, which was started by Warren Buffet and Bill and Melinda Gates. Dr. Patrice Motsepe and his wife committed to give half of their wealth to the poor and for philanthropic purposes during their lifetime and beyond.

Read moreMilken-Motsepe Prize in Fintech Announces 10 Semifinalists

Two-pot system withdrawals hit R21 billion

Location: News

Two-pot system withdrawals hit R21 billion

The South African Revenue Service (SARS) says a total gross lump sum of some R21.4 billion has been paid out to taxpayers, who have applied to utilise their Savings Withdrawals Benefit of the two-pot retirement system.

More than 1.2 million South Africans applied for the tax directive, with at least 1.14 million approved.

According to the revenue service, the remainder were “declined for a variety of reasons, including incorrect identity numbers and incorrect tax numbers, amongst others”.

“SARS reminds taxpayers, who want to apply for a withdrawal to make sure that they verify their tax numbers, have supplied the correct identity numbers, and that they do not have any outstanding debt with SARS.

“After a registered taxpayer has applied, a successful tax directive informs the fund management how much tax to deduct from a withdrawal. Directive applications are accepted by SARS 24/7 and processed within an hour 365 days a year from 8am to 7pm. Unless a directive application is submitted outside of these hours, the response if the taxpayer is compliant be sent to the fund within an hour,” the revenue service said.

SARS explained that taxpayers with debt owed to it may be deducted if the taxpayer does not have a payment agreement in place.

“Before a final amount is paid to the applicant, the pension fund will be informed to also deduct any outstanding debt on behalf of SARS before any payout is made to the member. If a person has a debt arrangement with SARS, the withdrawal will not be affected. 

“If there is debt owed to SARS, it will be deducted in terms of such arrangement,” SARS said.

Furthermore, tax is imposed on the withdrawal at a rate ranging from 18% - 45%, depending on their scales.

SARS Commissioner Edward Kieswetter warned that taxpayers, wilfully understating their income, are dodging their obligation to the revenue service.

“SARS is deeply concerned that 213 654 taxpayers have been identified, where they have declared incorrect taxable income, with the view to have a more favourable tax rate. 

“If a taxpayer understates their income, they are intentionally involved in evading their tax obligation. A penalty will be imposed on taxpayers who have understated income. Finally, I wish to caution taxpayers to refrain from this conduct that borders on criminality as there are real consequences for this behaviour,” Kieswetter said.

The revenue service encourages taxpayers to use its digital services.

“In line with SARS’ intent for taxpayers to use digital channels, SARS is happy to announce that the simulated WhatsApp calculator was used 51 547 times since the implementation of the process.

“The simulated calculator on the SARS website, which forms part of the SARS Online Query System, has been used 655 801 times. SARS has also received 53 519 queries through the voice channel, and 8 655 at branches.

“Taxpayers are encouraged to continue to use the digital channels, which are simple, easy and user-friendly. Using these channels means taxpayers do not have to leave their homes or places of employment to stand in queues,” SARS said. – SAnews.gov.za 

NeoB
Sun, 10/13/2024 - 08:30

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Protect Your Interiors With Window Tinting: The Hidden Benefits Unveiled by Window Art

Location: MyPR

Cape Town, Gauteng, and Lowveld — Window Art, South Africa’s leading vinyl frosting and window tinting company, is raising awareness of an often-overlooked solution that enhances interiors and protects valuable assets: professional window tinting. With more than 18 years of experience, Window Art serves businesses and homeowners, helping them improve privacy, save on energy costs, …

Read moreProtect Your Interiors With Window Tinting: The Hidden Benefits Unveiled by Window Art

Understanding Forklift Solutions: Rental, Sales, and Hire Options

Location: MyPR

Forklifts are essential in a wide range of industries, including manufacturing, warehousing, and construction. They are used for moving heavy materials over short distances and play a crucial role in improving operational efficiency. Whether you’re looking for a forklift for short-term use or a long-term investment, there are several options to consider, including rentals, sales, …

Read moreUnderstanding Forklift Solutions: Rental, Sales, and Hire Options

Parts on Call Expands Its Reach for Used Nissan Spares in South Africa

Location: MyPR

Parts On Call Expands: Now Offering Premium Nissan Parts Across South Africa At Parts On Call, we’re thrilled to share the news that we’ve expanded our product range to now include a full selection of premium, pre-owned Nissan parts. As one of the leading suppliers of used automotive parts in South Africa, our commitment to …

Read moreParts on Call Expands Its Reach for Used Nissan Spares in South Africa