5 important things happening in South Africa today
·27 Feb 2019
Here’s what is happening in and affecting South Africa today:
- TymeBank CEO Sandile Shabalala says that the bank may start turning a profit far quicker than expected – and may break even by 2022. To achieve this, the bank would need to attract 2.2 million active customers and start lending to them. The group’s target market is SA’ 21 million unbanked/under banked population. [Reuters]
- Icasa says it will investigate Vodacom’s new plans to charge subscribers up to R50 to roll over data. The authority said it appears to be a plot to make taking advantage of the new laws as unappealing as possible – and it will engage with Vodacom and determine whether this violates the new laws. [MyBroadband]
- Voter registration has officially closed, with president Cyril Ramaphosa issuing a proclamation that sets the official day for the election on 8 May 2019. At last count at the close of registration weekends, almost 10 million eligible voters had not yet registered. [ENCA]
- Takealot CEO Kim Reid says that the online retailer has not yet started breaking even – despite being operating for over 8 years. He said that it takes a lot of money to build a business that can scale, and that going so long without breaking even is not unusual in the e-commerce space. [702]
- South Africa’s rand fell on Tuesday, ending a rally that had seen the currency breach a key technical mark, amid cooling demand for emerging-market currencies that had been fuelled by optimism over US-China trade talks. On Wednesday, the rand was at R13.85 to the dollar, R18.35 to the pound and R15.76 to the euro.
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