Finance Focus Q3 2022

IN THIS ISSUE:

EDITOR Joe Forshaw  joe@finance-focus.net

SENIOR PROJECT MANAGER Sam Hendricks  sam@finance-focus.net

SENIOR PROJECT MANAGER James Davey  jamesd@finance-focus.net

PROJECT MANAGER Ekwa Bikaka  ekwa@finance-focus.net

PROJECT MANAGER Eleanor Sarbutt-King  eleanor@finance-focus.net

PROJECT MANAGER Jamie Waters  jamie@finance-focus.net

LEAD DESIGNER Aaron Protheroe  aaron@finance-focus.net

FINANCE MANAGER Isabel Murphy  isabel@finance-focus.net

CONTRIBUTOR Manelesi Dumasi

CONTRIBUTOR Timothy Reeder

CONTRIBUTOR Benjamin Southwold

CONTRIBUTOR William Denstone

Finance Focus is written and produced by a team of journalists with a collective experience of over 35 years in business to business journalism. Every month we bring stories, from across the industry, of companies striving to make a positive difference to the sectors they serve, be it through innovative cutting edge technology, entrepreneurial individuals influencing the industrial landscape, ground breaking projects and developments as well as many other inspirational pieces.

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Our readership is made up of business professionals across every finance industry sector in Europe, the Middle East and Africa. Typically decision makers such as CEO’s, directors, and senior managers read the publication regularly and with a subscriber base of over 110,000 individuals the coverage that Finance Focus offers is perfect for any business with a story to tell or a product to promote.

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Fuel Studios, Kiln House, Pottergate, Norwich NR2 1DX +44 (0) 1603 855 161 www.cmb-media.co.uk

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© CMB Media Group Ltd 2022

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KAGISO TISO HOLDINGS

Driven by Impact

HOLLARD MOZAMBIQUE

Securing Better Futures Through Pioneering Agri Insurance Scheme

PAY@

Simplifying Life for Bill Issuers and Bill Payers

IMAS FINANCE

Financial Wellness Reimagined and Rebranded

14

DRIVEN BY IMPACT

Leading investment holdings company, Kagiso Tiso Holdings, is providing its investee companies with everything needed to make a difference in the communities in which they operate. Investing for the long-term, this is an organisation creating sustainable value for shareholders. Group CEO Paballo Makosholo tells Finance Focus more about growth opportunities.

PRODUCTION: Joe Forshaw

INDUSTRY FOCUS: INVESTMENT

Leading investment holdings business, Kagiso Tiso Holdings (KTH) – based in Sandton – is eyeing growth after a challenging period. The economic environment of 2020 and 2021 has seen portfolio value challenged for all, but planning for the long-term and building sustainability into the organisation as a cornerstone of success is helping KTH to prepare for future success.

KTH was established in 2011 when Kagiso Trust Investments and Tiso Group merged to form a powerful black-owned investment company with a strong and diversified portfolio. KTI was built by Eric Molobi, JJ Njeke and Tiso founded by David Adomakoh, Nkululeko Sowazi and Fani Titi.

Today, the organisation is led by Group CEO Paballo Makosholo – a Chartered Accountant, former non-executive Director of KTH and Chairman of the Investment Committee, as well as former COO of Kagiso Capital and non-executive Director of FirstRand amongst many board seats. His current responsibility amongst others involves chairing

the boards of Juta, Future Managers, Urban Brew Studios, Mediamark and Kagiso Media Radio. He is a board member of MMH and he is passionate about development, serving on the board of Graça Machel Trust.

His vision is to grow the portfolio of investments through increasing exposure to existing assets while exploring new opportunities within the worlds in which the group is already strong and exploring new growing sectors: Media, financial services, education, food, and technology.

“We do not have a massive team and we are driven by the impact we would like to have,” he tells Enterprise Africa. “We want to focus on strategic worlds. It is not about having 10 or 15 small stakes, it’s more about having fewer assets with significant exposure. We also recognise that there may be other businesses that are attractive but given their size we may not be able to get the level of stake we want. As long as those investments are within the worlds we look at, we believe we can achieve great growth. For example, in the connectivity space with a Telco -

because of their sheer size our holding will be relatively small, however we will receive great exposure in terms of growth. We would be happy to invest there, understanding the limitations.”

Currently, KTH boasts stakes in Kagiso Media, Servest, and Momentum Metropolitan to name just a few. These organisations employ thousands of people and contribute significantly to South Africa’s wider economy as well as the communities in which they operate. Any growth and expansion will always be centred around this mantra.

“Eric Molobi said our purpose is clear Kagiso must outgrow us as individuals. Years from now when we are qualified ancestors, it must still be here. It must still be serving people. He

“WE VIEW OURSELVES AS PEOPLE THAT MANAGEMENT CAN TAP INTO THE ENHANCE VALUE”

Paballo Makosholo, CEO

sadly passed away in 2006 but today, in 2022, we are talking about a KTH that is thriving. The key is how can we continue to be sustainable,” says Makosholo.

INVESTMENT STRATEGY

KTH aims to be the BBBEE investor of choice in South Africa through a clear and concise investment strategy. Simply, KTH aims for significant influence across a smaller range of large assets. There is a desire to drive pan-African exposure while developing a mix of cash generative and growth assets in both listed and unlisted investments. To date, this strategy has built the company into a shareholder of reference and Makosholo is keen on continuity.

“We are not a passive investor. We do not want to invest and stand back to watch money grow,” he says adding that KTH likes to get into businesses at board level, influencing strategy and managing investments hands on.

“What drives us is that it must be a good business with good management. We are not interested in replacing management,” he continues. “We like to give strategic direction where we can as

INDUSTRY FOCUS: INVESTMENT

we are primarily a financial investor and locator of capital. There may be a listed business where your active role is sitting on the board, or you may be in an unlisted business where governance structures are slightly different where you are on the board and management may use you more to further enhance value. We view ourselves as people that management can tap into to enhance value.”

He says relationships with investee companies are extremely strong and the active management strategy pays off in this regard.

“I have great relationships with all of the leaders where we have investments as that is our balance sheet. Where we have 100% ownership, I get quite involved in the business while allowing

management space to run the business and operate effectively.”

When it comes to expanding further in Africa, KTH is not set to acquire or invest in assets in other African nations at this stage. The strategy is about assisting companies within the portfolio to grow in Africa and organically develop reach on the continent. Servest is keen to achieve a larger continental presence and KTH will back this ambition through collaboration.

“We are looking more at how the investments we have as KTH can grow into the continent so that the management can deliver on expansion opportunities. Any of the investments that we have are capable of growing on the continent and that is something we fully support.”

Already active in Nigeria through investment in Me Cure – a leading healthcare business – KTH was delighted to deliver materially on the continent as the first and the only hospital or centre in the entire West Africa to have in-house production of a medical radioactive isotope to stage all cancers using a PET-CT.

“That is something we are very proud of,” highlights Makosholo.

Currently, new investments are funded through the KTH balance sheet and recycled capital. The result is no pressure to exit investments quickly and a long-term focus around sustainability can be installed – provided assets meet the KTH investment case. Of course, this is a challenging strategy to follow and can limit opportunistic transactions but the company is open and flexible and will invest where clear prospects are present. “We will invest in businesses that may not fit into our current worlds but create good value this will assist us to grow our capital base so that we can fund our core business,” explains Makosholo.

GROWTH OPPORTUNITIES

Asked about new investments and opportunities, Makosholo explains that the focus will always be on the worlds in which the company is active and, as such, an exciting new venture is soon to be launched in the financial services space to aid in the educational sphere, speaking to the core values KTH was founded on.

“Currently, we are looking at finalising our financial year and we are looking at a number of

“ WE ARE PROVIDING AN ECOSYSTEM WHICH RESULTS IN A PRODUCT FOR LIFE AND NOT A PRODUCT FOR DEATH”

opportunities for the next financial year. Some are in financial services where we already have a presence.

“We have aspirations to grow in that world and to that end we are launching a new business in October. FutureWise is purpose driven educational-insurance business and its core is to secure the future of bright young minds.”

The concept is around life insurance and should a risk event take place - whether that is retrenchment or disability or death - individuals could receive a benefit that would cover school fees of children until the age of 23. This will be paid directly to the relevant educational institution, this is a product that will provide true peace of mind for many.

“We are providing an ecosystem which results in a product for life and not a product for death. You are able to enjoy that ecosystem while still alive and if a risk event has not taken place you have a savings pot which will help you and your child when they go to varsity. We have been busy with this product for some time and we are excited about its launch,” says Makosholo.

Away from financial services, the media world remains highly appealing and Makosholo is expecting growth here.

Studios is telling authentic stories in Netflix and this is a deliberate strategy to participate in new media through provision of world-class content.”

WINNER COMMERCIAL STATION OF THE YEAR 2021

empowerment while making a sustainable difference in communities. To do this, the company must look beyond short-term challenges and plan for long-term impact.

The longer-term strategy across the portfolio is to enhance each world – diversifying in media, innovating in financial services, growing into new areas of education and professional development, and exploring new avenues in healthcare and technology, especially connectivity. “We can see that as an obvious aspect of growth,” details Makosholo. “We have a pillar around connectivity and we are constantly talking to people about opportunities to invest in that world.”

LONG TERM INVESTOR

The core focus in all business activity for KTH is meaningful transformation and black economic

Right now, both macro and microeconomic conditions hamper business and investor confidence and so the organisation must promote the image of trust and wealth in the form of knowledge, like the Ndoro symbol that adorns KTH branding.

“In the South African landscape, we see the issue of power constraining businesses before you add the inflationary pressures and rising interest rates. There is also flight of capital and that adds pressure to the economy. This does impact our portfolio and we are not the

“We are aiming to get into new media through the existing media that we have. We are looking at opportunities in that space because we want to grow those assets. Within Kagiso Media we have a number of businesses in the radio, content, and publishing space. The way we think about media in the radio space is looking at how we can acquire audience and increase our share of audience. We understand that the advertising spend is highly competitive and in order to enhance market share, you have to grow your audience by being diverse and engaging. We are busy looking at our position in the media space. Our business Urban Brew Continues on page 13

Impacting People, Perceptions, Productivity and Profits

Level 1 BBBEE contributor, Servest, boasts a partnership with KTH which has created the leading majority blackowned facilities management company on the African continent.

Servest leads the way in South Africa’s facilities management sector, established in 1997 and delivering an unrivalled service portfolio to more than 6500 clients. In 2015, when Kagiso Tiso Holdings took a 51% stake in the business, Servest became the continent’s first black-owned facilities manager.

Growth is on the agenda for this expert business as it targets expansion across the investment portfolio of KTH and partners.

“We have a great relationship,” says Servest CEO and Co-Founder, Dennis Zietsman, of the relationship with KTH. “We find that the team we work with is very collaborative, very helpful and they play to their strengths. Whether it’s finance or funding, they are keen to get involved and that is very useful, adding a lot of value.”

Currently, KTH is invested in eight organisations across various sectors, and those companies have many subsidiaries and operating units. KTH itself is part of the Remgro portfolio and this opens up many opportunities for Servest.

“We are trying to sell an integrated service where we can offer a basket that includes everything from technical services around looking after a facility including energy management, air conditioning, maintenance, through to the soft services such as security, cleaning, landscaping etc,” details Zietsman.

Longer-term, the ambition for Servest is to grow on the continent alongside a partner with significant exposure. These aspirations are well-matched with KTH which has long sought pan-African coverage.

“In 2015, we only had our South African operation alongside work in the UK and a couple of other African countries. We hope to work together to develop markets in certain countries for our services – we know there is a big investment in Ghana and we would like to grow there side by side,” suggests Zietsman.

Already strong in education, mining, industrial, and more, Servest is driven by values, and for Zietsman, this is mirrored at KTH and will allow the pair to flourish together. “We have a strong brand and our priorities are our colleagues and clients. We get everyone working together on the same page, and everyone knows what needs to be done. We have large, complex contracts across a diverse range of customers and they run from 12 months to 28 years.

“We are hoping for more of the same and we are keen on collaborating with KTH to build our network of new clients,” he concludes.

For 25 years, Servest has created a foundation for sustainable growth, and cooperation with KTH is set to further advance prospects for a company that goes beyond conventional facilities management.

Landscaping

Security

Property Services

Catering

Washroom Deep Cleaning Solutions

Kitchens Deep Cleaning Solutions

Cleaning Solutions

Pest Control Solutions

Air Sanitation Solutions

Water Solutions

Parking Management

Continued from page 11

only ones experiencing these challenges,” admits Makosholo.

“We are aware that you must invest through the different economic cycles. We understand that there will be different cycles within the investment journey as long-term investors. The cycle we are in currently has been challenging, starting off with Covid and now geopolitical challenges stemming from Russia and Ukraine which impacts input costs for some of our businesses.

“We operate in South Africa and Africa – we are a black-owned business and that is our nature. Not all transactions that we do will be linked to BEE but we have credentials that we are very proud of and we fundamentally believe in the continual transformation of the South African economy. This

continent must be a place where everyone can thrive and benefit from economic activity and we see ourselves continuing as a majority owned black investment company,” he says of the aim over the coming decades.

In terms of tangible, measurable targets, Makosholo is highly ambitious. Using the investments within the portfolio to create endless opportunity and achieve the vision of the founders, KTH can become a true African powerhouse, he says.

“When people look at an

organisation like KTH they should see it in its various facets, positively impacting societies in which we operate. Whatever we do must be driven by our purpose and it must provide impact on society. I would be a happy man if this group becomes a R30 billion business – that would be, financially, a great outcome.”

“WE UNDERSTAND THAT YOU MUST INVEST THROUGH THE CYCLE. WE UNDERSTAND THAT WE ARE LONG-TERM INVESTORS AND THERE WILL BE DIFFERENT CYCLES WITHIN THE INVESTMENT JOURNEY”

HOLLARD MOZAMBIQUE

SECURING BETTER FUTURES THROUGH PIONEERING AGRI INSURANCE SCHEME

For Hollard Mozambique, the fact that smallholder farmers – totally reliant on their crops – are exposed to significant risk from extreme climatic events is unacceptable. For the past five years, the company has been pioneering models which will see smallholders able to take advantage of risk mitigation products so that they can protect livelihoods that support so many. Managing Director –Life & Agriculture, Israel Muchena is passionate about this sector and is certain that it’s better to be safe than sorry - É melhor estar seguro do que pesaroso.

PRODUCTION: Joe Forshaw

INDUSTRY FOCUS: INSURANCE

Manica province, Mozambique – around 62,000km2 centrally located within the country, home to almost two million people – has rich agricultural opportunity. Good rainfall, mild climate, large open spaces, fertile soil, and an abundant workforce make for an attractive offering, but there has never been real growth or expansion in the area. Some put this down to lacking investment and slow uptake of technology, others cite an absence of organisation with most farmers being small scale operations with little cooperation. Whatever the reason for slow development, smallholder famers in the area remain challenged. The story is similar throughout the country.

However, 90% of Mozambique’s food is sourced through informal smallholders. 70% of the country’s

population is employed in the agricultural industry. There is little or no finance or credit available, and the majority of attempts by large foreign investors to scale in Manica have failed. Researchers are often surprised that thousands of smallholder farmers succeed. Clearly, an understanding of local conditions is essential here, and a carefully considered route to market is critical.

Alongside lacking finance, credit, infrastructure, marketing, and government support, the agricultural space across Manica - and further afield through almost all of Mozambique - continues working every year unprotected. Until 2018, insurance was not an option. There was simply no market for risk management in an area also recognised as highly exposed to natural disasters. Drought,

floods, landslides, and cyclones are real threats here. In fact, a report from Germanwatch, commissioned after the killer cyclones Idai and Kenneth, highlighted Mozambique as the world’s most vulnerable country to extreme climatic shocks.

For Hollard Mozambique – a company known for its commitment to the country and upliftment wherever possible – this situation was troubling.

“We looked at all of this and we said we must propose something,” says Israel Muchena, Managing Director – Life & Agriculture.

AGRI MOZAMBIQUE

In 2018, Hollard Mozambique rolled out its first pilot project in the agricultural space – the Agri Mozambique initiative, an innovative concept which sees the company partner with a local

Israel Muchena, Managing Director – Life & Agriculture

seed provider to bring insurance to the traditionally unreachable smallholder farmers in Mozambique.

Using deep knowledge of the local market - developed over 20 years in business in Mozambique, and 42 years as a group – Hollard managed to come up with costings for the industry, and is using ambitious measurement methods to assist in supporting claims. However, its delivery mechanism is the highly impressive differentiator and is pioneering agricultural insurance in the country and region.

“When we came up with the idea of climatic risks and remote satellite sensing, we realised that they could

be effective solutions to identify which areas have been affected and how much we need to pay. Our problem was how we distribute the product to the target population - there are no insurance brokers in the rural areas and there are no financial services,” explains Muchena.

Most smallholder farmers are self employed individuals farming on small sites – often around one hectare, using little or no technology, often without access to basics such as electricity and water. These farmers rarely have bank accounts or formal financial arrangements. They are rural and isolated – not

connected to Mozambique’s main infrastructure. Cotton, maize, cassava, and sorghum are just some of the commonly grown crops.

“The average smallholder is producing 500-600kg of maize per hectare in Mozambique,” details Muchena. “The same crop in Malawi or Zimbabwe is getting 2000kg per hectare. In South Africa, it’s closer to 10,000kg per hectare. We have low levels of productivity and low application of technology. Less than 10% of smallholder farmers use certified seeds, according to the most recent national agricultural survey. When there is drought, they lose produce

“OUR PROBLEM WAS HOW WE DISTRIBUTE THE PRODUCT TO THE TARGET POPULATION - THERE ARE NO INSURANCE BROKERS IN THE RURAL AREAS AND THERE ARE NO FINANCIAL SERVICES”

INDUSTRY FOCUS: INSURANCE

- the conditions are harsh, difficult, and exposed to elements of nature.”

The joint study alongside the University of California, Davis helped Hollard to learn that seed providers are probably an ideal element in the value chain to work with in order to reach smallholder farmers. They already have a distribution network in rural areas and there is also a preexisting relationship of longstanding trust with the smallholder farmers.

“The most exciting initiative we have at this stage is a partnership with Phoenix Seeds in the central province of Manica where highquality seeds are sold to the target beneficiaries with basic climate risk protection,” says Muchena.

The initiative sees Hollard provide much-needed cover to those active in agriculture, promising the supply of new seeds for replanting should a crop fail for a range of climate-based issues. This support for farmers is invaluable and is something they have never experienced before.

GROWING PARTNERSHIP

Hollard’s offering for smallholder farmers is still being refined and, after initial challenges, the product is beginning to be accepted and demanded. It helps that in the first year of trial, the company ended up paying significantly more than it gained in premium, but for Muchena, this is all part of marketing a good

product and proving its worth.

“We felt pressure originally when we conducted a pilot study in 2012 alongside the World Bank,” he says, adding that the initial rollout was to cover 40,000 smallholder cotton producers, earning $100,000 in premium.

“By the end of the season, we paid out $270,000. This doesn’t happen normally with insurance,” he smiles. “We thought it was terrible and we started off with a bad experience, but what better marketing. We were excited and we thought that people would see we paid $2.70 for every $1 paid in premium and they would come to buy.”

But again, the challenges faced by the country’s smallholders presented hurdles. Farmers have limited capacity to store and preserve quality of their produce throughout the year. To protect themselves from post-harvest losses, they try to sell off their excess

Continues on page 20

“WE HAVE MANAGED TO CONVINCE PHOENIX SEEDS TO ENHANCE THE VALUE OF THEIR PRODUCT BY INCLUDING INSURANCE AS PART OF THE COST OF THE SEED”

INDUSTRY FOCUS: INSURANCE

Continued from page 18

production as soon as they harvest. As farmers try to sell their produce at the same period at the end of the season, the excessive supply leads to low prices. By the time that the next rainfall season is beginning, their meagre storage would have been exhausted and, in some cases, they do not have enough to feed themselves. The same commodities that they sold off cheaply at the end of the last season, cost much more by the time that they are preparing for the next season. One of the research studies of this phenomenon in the local agricultural sector referred to this period at the beginning of the agricultural season as the ‘hunger period’. The farmers have barely enough to feed themselves let alone to buy inputs for the next season.

“How can we go to a smallholder farmer then and ask them to pay for insurance? In our view, because of the way the agricultural value chain operates at the beginning of the season, the farmer does not have resources,” Muchena highlights.

“We would love to market to farmers and explain about the protection we can offer, but we are aware of the financial capacity where farmers don’t have enough to feed themselves. We have managed to convince Phoenix Seeds to enhance the value of their product by including insurance as a value added benefit for their seed.”

The result? A single client for Hollard Mozambique to manage, but access to a large base of beneficiaries quickly and easily. Crucially, this arrangement allows

for the company to effectively satisfy challenging regulatory requirements when onboarding clients, as Muchena explains.

“By partnering with Phoenix Seeds, we have been able to achieve the inclusion of basic climate risk insurance alongside their seeds, meaning we only take them through the process of KYC as they are an established company with all the necessary documentation. Phoenix Seeds becomes the policyholder and the smallholder farmers become the beneficiary of insurance.”

This innovative scheme makes for a simple delivery mechanism that brings much needed protection to those who are vulnerable. The purpose of Hollard Mozambique is all about securing prosperous futures, and this concept talks directly to that ethos.

WE WILL CONTINUE

In its infancy in Mozambique, insurance for the agricultural sector looks set to boom. A sector responsible for 32% of the country’s GDP, continuing to operate unprotected, is not sustainable. Hollard Mozambique is gaining first mover advantage and is part of change in the country through which smallholder famers will be able to secure better futures. The challenge now is to present positive market figures and reach more and more smallholder farmers through inventive models, developing the market with each interaction.

“When the percentage of claims exceed 50% of received premiums, insurers start getting stressed,” smiles Muchena. “The financial contribution in terms of group revenue is still small when looking at premium income.

When you look at the expenses we incur in terms of marketing and resources that are deployed, we are spending more than we collect.

“We will continue as we believe what we have achieved so far offers a prototype that could be used to set up schemes at a larger scale. We believe that agriculture will become a major source of growth for the insurance sector and, for now, instead of counting the dollars or talking about the bottom line, we prefer to look at headcount and how much of a social impact we are having.” he concludes.

As the largest insurer in Mozambique, following the acquisition of ICE Seguros in March 2022, Hollard continues to display its pioneering nature, and its ambition for partnership, as it provides a fundamental financial structure for the principal economic

Israel Muchena has authored the only book about the development of the insurance industry in Mozambique.

activity in the country. Alongside its strong offerings across other disciplines, agriculture will continue to receive focus from Hollard as the company develops restorative insurance solutions in Africa, by Africans, for Africans.

Content sponsored by Hollard Mozambique

SIMPLIFYING LIFE FOR BILL ISSUERS AND BILL PAYERS

James Davey

By offering a vast range of different payment capabilities, Pay@ - South Africa’s largest payment systems provider – allows for fast and effective bill presentment, reconciliation and settlement. In demand like never before, this is a growing business achieving great things including improved financial inclusion.

PRODUCTION:

INDUSTRY FOCUS: TECHNOLOGY

In September 2021, despite rough economic conditions brought about by the Covid pandemic, Pay@ was experiencing a strong period. This South African payment aggregator and partner of bill issuers around the continent was realising revenue growth and new opportunities in new geographies as news spread of the company’s problem-solving nature.

Backed by the largest independent network of collection points, Pay@ assists in one of Africa’s key challenges – financial inclusion. With more than 9000 retail points around South Africa, anyone with a bill to pay could easily go to any small town, in the middle of any province, no matter how remote, and walk into a store to settle their bill.

“We are super excited about the next three years,” said CEO Andrew Hardie in 2021.

This innovator has continued to drive success, nurturing relationships with bill issuers and retailers around the country, while simplifying the process for end-consumers. With a focus on digitisation and being part

of the global financial transition, in a country that is traditionally a cashbased society, Pay@ is working hard to continue adapting for its clients.

This nimble strategy has allowed the company to once again achieve strong revenue growth.

“Things are definitely still looking good and that is probably because of where we play. We give access to the unbanked or under-banked and that is critical,” reiterates Barry Williams, Head of Sales, Marketing and Retail Relations at Pay@.

While some business models were choked by the restrictions on movement through 2020 and 2021, Pay@’s unique service allowed for the continued flow of money – the lifeblood of any economy.

“With lockdowns, people still

needed to pay bills and send money across borders,” says Williams. “Our payment channels allowed for the flow of cash from client to biller and from client to family, and that helped us. Because we have a leg in both physical and digital payments - it allowed customers to partake in financial services in their preferred channel.”

Clinton Leask, Business Development Lead for Digital Payments at Pay@, highlights the company’s broad portfolio of payment options as a key element in its success.

“We are extremely excited about where Pay@ is going,” he agrees.

“There is no other payment provider in South Africa that has the amount of payment capabilities that we have, covering both retail and digital. Even if we had to just look at our digital

“THERE IS NO OTHER PAYMENT PROVIDER IN SOUTH AFRICA THAT HAS THE AMOUNT OF PAYMENT CAPABILITIES THAT WE HAVE, COVERING BOTH RETAIL AND DIGITAL”

suite alone against e-commerce players, we have far more capability built over the last year compared to other players in the market.”

OPEN BANKING

Changing consumer behaviour that comes as part of the pandemic legacy has seen banks and other institutions utilising modern digital solutions that make payments easier than ever. Application Programming Interfaces (APIs) allow intermediaries to communicate with different applications that are being rolled out by banks in South Africa, and their popularity is growing in 2022 as developers drive innovation and collaboration. For Pay@ the open banking model offers many opportunities for bill presentment and settlement.

“On the digital side, we are progressing well with integrating into the open banking APIs and facilitating payment notifications to billers; we are also doing cool things with the Telcos

in terms of digital payments, and the company is in a very good space with many opportunities,” says Leask.

“We are working with the banks and leveraging their capabilities,” he adds. “We were the first payment processor to get access to the Capitec Pay API which is their open banking API. We have been supporting the banks in open banking APIs where we integrate into their flows, and crafting customer journeys with each bank having a different way of working.

“We are currently live in the Nedbank Money and FNB Banking Apps for bill payments and very close to piloting with Capitec - for example, some of our billers like DStv can now allow customers to open their banking app, select DStv and process the payment and have the bill amount directly populated into the app.

“We have a well-established API – the network API – and banks can integrate into us to process bill payments in App and

on other banking channels.”

Importantly, this ongoing cooperation alongside the country’s banks gives bill issuers and bill payers more options, speaking directly to the core offering of Pay@. As a leading payment solutions provider, the company must have options for all, and must do more to ensure payments happen as quickly as possible. Because of its success here, Pay@ remains a partner of choice for commercial bills, enabling money transfers, municipal and utility bills, insurance payments, medical bills, education payments, gaming, travel, debt collection and loan repayment, among others. Williams says the key to nurturing relationships with bill issuers and retailers lays in simplicity and excellence around service delivery.

“It’s all about simplifying their lives,” he states. “We take away a lot of their pain from a reconciliation and settlement point of view. That is where the aggregating comes into its own. If there are hundreds

INDUSTRY FOCUS: TECHNOLOGY

just activating the new biller. That is what nurtures the long relationships that we enjoy – we solve problems.”

PAYMENT RELEVANCE

further into other Africa territories.

billers, they don’t have to worry about hundreds of integrations generating hundreds of different recon and settlement processes. It’s one recon, one settlement.

“We are also always contactable,” he furthers. “If a retailer picks up the phone, they will always get hold of someone at Pay@ and that is very important if there is a crisis. With that, we build trust. We find that our retailers bring customers to us because of the simplified ecosystem. They don’t have to think about anything,

By helping money move between accounts quicker and safer than ever before – whether in cash or digital form – Pay@, through strategic partnerships, has the ability to provide the best possible service to clients and predict the next trends in the payment industry. QR codes, retailer or service provider apps, ecommerce – hosted payment pages, super apps, mobile money wallets, contactless payments are all rails that Pay@ has products for and is utilising to present bills in relevant ways for clients.

“We are also excited about the opportunities that will be opened through the Rapid Payments solution being introduced by the Payments Association of South Africa (PASA) and BankservAfrica,” notes Leask.

Because of this superior level of convenience, Pay@ service continues to be demanded by players across Africa. Already active in a number of southern African nations, the company is keen to grow its footprint even

“We are 99% complete with technical integration with one of our service providers in Africa. The integration will open up Zambia specifically, and allow us to open up in more stores in Botswana, Namibia, Lesotho, and eSwatini. Progress has been made, contracts have been signed, and it’s just the technical stuff that we are trying to conclude so that we can open up those territories,” says Williams.

“Zambia is definitely a focus, we are getting a lot of requests from Mozambique, and we are also receiving requests from Angola. Zambia and Mozambique will be quicker, and Angola will be slightly more challenging and require more attention. We are also launching a new channel in Zimbabwe shortly and that will take in-country payments rather than having someone to pay for DStv in South Africa.”

Leask adds: “There are international opportunities that are definitely worth reviewing. We are currently engaging with a partner in Latin America - a global organisation looking to deploy locally in South Africa. Off the back of that we will look to expand in Latin America off the back of some of their services.”

Here, Pay@ will offer softwareas-a-service and presentment-asa-service with a Latin American party operating the system.

YAP

In the SME space at home in South Africa, Pay@ has built Yap, a multiplatform solution designed to remove hassle of generating invoices and collecting payments for small businesses. Through this product, users can issue invoices and payment requests which are delivered directly to clients with a simple payment link. This function also takes advantage of QR codes for in-person payments. The concept is simple, easy, and convenient, but most importantly, security is built in as the backbone of the product. In 2022, Yap will be overhauled and improved to be even

“IT’S ALL ABOUT SIMPLIFYING THEIR LIVES. WE TAKE AWAY A LOT OF THEIR PAIN FROM A RECONCILIATION AND SETTLEMENT POINT OF VIEW. THAT IS WHERE THE AGGREGATING COMES INTO ITS OWN”

better for bill issuers and bill payers.

“It’s nice and easy to use and you don’t need an ERP or accounting package, it manages your cashflow for payments and you get access to all the payment methods that our big billers have, whether it’s through a retailer or online,” details Leask. “We are enhancing that product currently and we are adding APIs to leverage that as their own. If a bank or retailer or another organisation wanted to offer this capability to their own customers to run their businesses, they could do that through this concept.”

Yap is yet another tool that drives inclusion and simplicity. Pay@ remains at the forefront of innovation in this space and continues to champion transparency and efficiency in its solutions.

UNDER PRESSURE

In 2021, key challenges for Pay@ came in the form of uncertainty and lack of knowledge around the quickly changing circumstances with lockdowns and unpredictable regulatory changes. With these conditions (hopefully) now a thing of the past, the new challenges for the company are wider macroeconomic issues as Williams explains.

“It’s about the current economic state,” he says. “The end user who actually pays the bills is under pressure and their cashflow is set to become a challenge. During the pandemic, many creditors provided payment holidays or similar and they are starting to call in those debts. With fuel prices going up,

AVBOB’s not talking shared value,

sharing value.

For AVBOB, shared value starts with sharing.

As a mutual society, AVBOB has no shareholders, and therefore our profits are shared with our policyholders in the form of bonuses and improved FREE funeral benefits*. Value starts with a better, simpler experience all-round –from premium payment to policy pay-out.

Did you know you can pay your AVBOB premiums at Pick n Pay, Boxer, Shoprite, Checkers, PEP or Usave stores throughout South Africa, through the Pay@ in-store payment service?

inflation, and cost of living increases, this will be the next challenge. We notice that the average value of payments is dropping – customers are making more frequent payments but in smaller values so that they can manage their cashflow on a daily basis.”

Those preferring tech-based means are following a similar pattern: “On the digital side we see exactly the same thing. We see average value coming down with more frequent payments,” says Leask.

“We currently have many opportunities and are hiring on the tech side to bolster our capacity that is a good space to be but also something we have to be careful in managing client and partner expectations,” Leask adds.

Williams is excited about the future, again highlighting one of the core pillars of the company’s

vision as a driver of growth.

“We are growing on two fronts by giving customers a choice in the payment mechanism they are most comfortable with. The balance shifts each month, but digital and cash payments are both extremely important for us.”

The future, while hectic and busy, will see Pay@ continue to achieve further growth by becoming more important in the lives of its clients. To do this, Leask says the company will follow its tried and tested tactic: “Expanding payment methods and supporting our billers,” he concludes.

they’re

“WE ARE GROWING ON TWO FRONTS BY GIVING CUSTOMERS A CHOICE IN THE PAYMENT MECHANISM THEY ARE MOST COMFORTABLE WITH”

IMAS FINANCE

FINANCIAL WELLNESS REIMAGINED AND REBRANDED

iMasFinance is South Africa’s largest credited financial services co-operative, in existence for over 80 years and delivering its products and services to the employees of more than 600 companies. Formerly Iemas Financial Services Cooperative, its evolution is much more than just a fresh moniker, as it accelerates digital enablement and revamps its branches to offer the very best of both worlds.

PRODUCTION: James Davey

INDUSTRY FOCUS: WELLNESS

The iMasFinance offering entails its entering into agreements with supportive, progressive companies - “those wanting to invest in their greatest assets, their employees,” the business asserts - by providing financial wellness solutions: complimentary financial wellness training, short-term financial advisory services, housing solutions, personal loans, purchase cards and vehicle finance are all part of the offering.

Customers then become members and, as a financial co-operative, iMasFinance enables each to share in profits through the iMasRewards programme. “They become a part of our organisation through our membership,” iMasFinance explains. “At iMasFinance the core of our existence is shared value,” and, with

over R1 billion in benefit rewards having been allocated over just the past decade, this assertion is inarguable.

“We exist to empower our members to live financially well while creating shared value for them, and in so doing be the most rewarding workplace financial services provider, enabling our members to benefit from shared value through providing innovative financial solutions. We are driven by the unique philosophy of putting our members first, and not profits.”

CO-OPERATIVE SPIRIT

The co-operative business model makes iMasFinance unique, in the sense that it holds agreements with corporates spanning the length and breadth of South Africa, allowing it to reach the widest spread of employees

with these solutions; the company’s national footprint currently numbers 27 branches across the country.

One point on which probably every senior manager everywhere would agree is that the last two years have placed inordinate strain on organisations in every sector, and across the board. As Eddie Brandt, National Manager: Group Brand Ambassador at iMasFinance details, the company’s own staff compliment is subject to heavy investment itself through employee wellness initiatives as well as workshops designed to empower staff with skills applicable to both their professional and personal settings.

“These workshops focus on worklife balance, emotional and physical wellbeing,” Brandt says, “as well as assisting employees with setting and

reaching their goals. We also offer financial wellness workshops at our employer partners and to our own staff,” he expands. “I would encourage employers to invest in the personal wellbeing of their employees as this affects all areas of their lives, including their work performance.”

iMasFinance’s financial wellness workshops are on offer free-of-charge to all employees at corporates with whom it partners, aimed at empowering people to live financially well by applying basic financial principles such as budgeting, managing debt responsibly and saving on a monthly basis. Its famed iMasRewards loyalty programme is, in addition, designed to financially benefit members through quarterly pay-outs as well as a reserve

fund on which annual interest is earned.

“Our slogan ‘Your caring financial wellness partner’ speaks to exactly that – we care about our members and their communities, and that is why we focus on providing financial solutions that meets their unique needs,” Brandt continues.

“Not only do our members become part of our organisation through our profit share model, giving them the opportunity to become a part of something bigger, but our products

IMAS FINANCE

are designed in such a way that we are accessible to all income groups, whilst delivering on our promise of being a responsible financial lender which is also why we invest in financial wellness – to empower South Africans to live financially well.”

BEST OF BOTH WORLDS

Brandt is unwavering when questioned on what he feels to be the primary, and most impactful, developments in local financial services in terms

“OUR SLOGAN ‘YOUR CARING FINANCIAL WELLNESS PARTNER’ SPEAK TO EXACTLY THAT – WE CARE ABOUT OUR MEMBERS AND THEIR COMMUNITIES”

INDUSTRY FOCUS: WELLNESS

of the future of the sector on the content: digital enablement and financial inclusion. “Managing your finances at anytime from anywhere has become the norm,” he stresses.

“However, financial services have to be accessible in rural areas as well, and that is why we have recently invested in the revamping of our regional offices and national branch network so that we can service our members better in the areas where they work and live.” iMasFinance’s recent commitment over the coming 12 to 18 months to undertake an extensive upgrade programme represents a concerted effort to create enhanced customer experiences, while offering a greater breadth of automated capabilities including access to digital services.

“We often reflect on our current propositions, constantly taking stock of

our offerings and look at opportunities to continuously improve to meet our customer’s ever-changing needs,’ agrees Joey Govindasami, Managing Executive at iMasFinance. “Although we live in a digital era, we must still invest in our branches in line with our channel-of-choice strategy, hence our upgrading our branches where customers can personally interact with us and easily access our digital channels.

“In the iMasFinance context value re-imaged means bringing our distinct shared value, in the form of

iMasRewards which is underpinned by financial wellness solutions, to our members. We are very excited about the branch revamp in Phalaborwa, which we believe will give our members the opportunity to experience our renewed brand through face-to-face interaction supported by financial education and promotion of digital channels to enable them to easily manage their iMasFinance portfolios.

“This is a significant aspect on their journey to financial security and health.”

Behind the financial co-

“OUR REFRESHED IMAS FINANCE BRAND STRIVES TO GET CLOSER TO OUR MEMBERS THROUGH DIGITAL SOLUTIONS AND FULFIL THEIR FINANCIAL NEEDS”

TIMES CHANGE, WHAT MATTERS NEVER WILL

LoveOurCustomers MadAboutOurBrokers

IMAS FINANCE

operative’s rebranding late last year and evolving into iMasFinance was the aim to both expand its reach and enhance its value proposition, epitomising its accelerating digital capabilities. With repositioning and progress the order of the day, iMasFinance’s commitment to its members and employer affiliates remains the central priority and a key strategic focus, the company was at pains to state.

“With a rich legacy spanning over 84 years, iMasFinance has been helping employers with affordable employee benefits by providing solutions that promote financial inclusion,” unpacked Banie van Vollenhoven, Group CEO. “Our business excellence model prides itself in offering solutions that are almost unmatched when it comes to affordability and personal financial services offered in the work environment.”

iMasFinance submits that the new visual identity, consisting of a shield to represent financial security and wellness backed by a striking purple still the prominent colour, relates to their diverse customer base and better expresses the co-operative’s purpose. “The reputation and equity created under our brand is a valuable asset; we are building on this as we pursue new segment opportunities, digitisation and future business growth for the benefit of our members,” added van Vollenhoven.

“The rebranding strategy reflects the Co-operative’s purpose which is to both empower and protect members to live financially well while creating shared value,” he finished. “Our refreshed iMasFinance brand strives to get closer to our members through digital solutions and fulfil their financial needs. We will also continue to empower them with financial health while creating the kind of shared value proposition that is relevant for the African market, and our stakeholders can look forward to enhanced customer journeys experiences.”

INDUSTRY FOCUS: INVESTMENTS

OMIGNAM is the largest asset manager in Namibia, where a specialist team is responsible for delivering sustainable, long-term investment returns to institutional, corporate and retail clients. A variety of solutions are on offer, ranging from core equity portfolios and alternative investments to unit trusts for individual investors, which in turn span conservative to aggressive in their delivery of returns and afford access to the growth potential of shares and other investment vehicles.

Managing funds in excess of N$40 billion on behalf of a large and diverse customer base, OMIGNAM sets out to provide a comprehensive, flexible and customised suite of investment management services to the Namibian market. “We believe in a multifaceted approach to investments favouring fundamentals,” OMIGNAM remarks. “Our approach is that of a blended top-down bottom-up fundamental approach.

“We strive to be consistent with the vision of long-term wealth creation and combine unique

methodologies to manage risk in a portfolio context. This in turn results in benefits of diversification and the ability to optimise risk and return.

“We believe that asset allocation works and that history forms a good understanding of the future. Delivering consistent results is the key to future investment success.”

TUNGA FUND DEVELOPMENTS

The Tunga Real Estate Fund is an unlisted property and housing fund managed by OMIGNAM which, in the same way as all its alternative investment funds, has the objective of supporting socio-economic development in Namibia whilst generating market-related returns for investors. “In addition to the return objective,” OMIGNAM expounds, “investments must contribute to the economic empowerment and social upliftment of disadvantaged communities in Namibia.”

OMIGNAM has just revealed that the Tunga Real Estate Fund has made available funding to develop an initial 224 serviced plots of land, or ‘erven’, and build affordable houses in Mariental, a city of 10,000 inhabitants in south-central Namibia. The first phase of land servicing for 56 residential erven has been completed, and sales have commenced as a further sub-division is underway which will produce 105 additional plots with

Continues on page 38

“WE STRIVE TO BE CONSISTENT WITH THE VISION OF LONG-TERM WEALTH CREATION AND COMBINE UNIQUE METHODOLOGIES TO MANAGE RISK IN A PORTFOLIO CONTEXT”

INDUSTRY FOCUS: INVESTMENTS

Continued from page 36

more affordable serviced land available at lower overall purchase prices.

Future phases and development will include walk-ups, offices and retail outlets, a solar farm, a school, and a clinic, OMIGNAM reports. In development by Dynamo Property Developers, another proudly Namibian company with a record of accomplishment in project unlocking, the investment forms part of Old Mutual Namibia’s unlisted property strategy; this is targeted at the deployment of institutional funds in housing development projects to address the widespread shortage of affordable housing opportunities across the country.

“This project is a testament to our ability to raise institutional funds from some of Namibia’s leading institutional

investors for deployment in projects that address Namibia’s most critical developmental needs, while still delivering commensurate returns for investors,” said Lionel Kannemeyer, Old Mutual Investment Group MD.

“Investors, principally representing pension fund members and policyholders, will benefit from positive returns and tangible investments in communities across the country.”

This development comes after March saw N$30 million invested towards the development of 307 serviced ervens and affordable houses in Kaisosi, Rundu, in the Kavango East region of north-eastern Namibia. Of this, Kannemeyer said the listed insurer was committed to reducing the country’s housing backlog by developing quality and low-cost houses.

“The project is currently being rolled out in phases and will grow

organically as the demand for houses increases in its target market,” he furthered. “Our hope is to play a role in addressing the housing shortage our country is facing. Through our various funds and projects, we hope to assist Namibians in the country by creating quality housing opportunities at affordable prices.”

MEANINGFUL DOMESTIC INVESTMENTS

Through its domestic investment portfolio, OMIGNAM is totally committed to addressing the critical development challenges it has identified as being faced throughout the country, an ethos at the heart of its alternative investments arm.

“Domestic investments can ensure that Namibian savings are effectively utilised to stimulate development by making a meaningful contribution to the economy,” OMIGNAM explains, “and the developmental needs of communities through funds managed by Old Mutual’s Alternative Investment function.

“This unique investment capability is committed to making a positive difference, with a passion to achieve

“THROUGH OUR VARIOUS FUNDS AND PROJECTS, WE HOPE TO ASSIST NAMIBIANS IN THE COUNTRY BY CREATING QUALITY HOUSING OPPORTUNITIES AT AFFORDABLE PRICES”

strong investment returns while facilitating economic growth and job creation. The alternative investment team has the longest track record at managing alternative investments, having managed funds on behalf of the Old Mutual and third-party institutional investors since 2004.”

Through the funds it manages Old Mutual Namibia has been able to make considerable differences within the spheres of housing, renewable energy, education, and health, not least in its various housing development projects. On top of the investments in Otjiwarongo, Rundu and Mariental, previous land delivery initiatives were successfully delivered in Walvis Bay and Windhoek; commercial properties of over N$650 million were deployed in various towns including Windhoek, Rehoboth, Keetmanshoop, Arandis, Grootfontein, Ondangwa and Oshikango.

“Our investments in a myriad of bankable projects, particularly in the housing and infrastructural

development space, seek to balance commercial returns with a positive social impact,” said Kannemeyer. “Our track record is testament to the fact that attractive returns and a positive impact are not mutually exclusive,” he added, as he went on to note the success of alternative investments within the renewable energy sector.

“We are cognisant of the need for additional power generation to service the needs of both communities and industry, and currently invested in six renewable assets with a combined power generation capacity in excess of 25 MW which feed into the national power grid. These are located from Rosh Pinah in the far south, Keetmanshoop, Rehoboth, Grootfontein, to Otavi and Okatope in the far north of Namibia,” he detailed.

“Human capital investment is another critical component of any country’s socio-economic growth and future; therefore, we have endeavoured to invest in various schools and institutions of learning to the tune of

approximately N$70 million for projects which are located in Windhoek, Walvis Bay, and even as far as Nkurenkuru.”

Healthcare’s critical importance has not escaped OMIGNAM’s attention, either, and it has funded medical infrastructure to the value of some N$30 million developed and invested in Rehoboth and Ondangwa. “We have developed investment structures which are flexible enough to fit local circumstances and evolve over time as the local market circumstance develops,” Kannemeyer finished.

“Old Mutual therefore values the importance of local domestic investment and continues to raise funds from pension funds to support and fund developments which would not only improve the socio-economic development of the country but also to ensure sustainable Return on Investment (ROI) goals are met.”

VISA

INNOVATION, RELIABILITY AND SECURITY DRIVES FINANCIAL INCLUSION

Visa is on a profound and tireless mission to open doors around the globe, connecting three billion account holders to more than 60 million merchants, 15,500 financial institutions and governments in more than 200 countries worldwide. At the vanguard of the digital banking transformation sweeping across Africa, it is enabling individuals, businesses and economies to thrive and using innovation to catalyse the rapid growth of connected commerce.

PRODUCTION: William Denstone

INDUSTRY FOCUS: FINTECH

Since the dawn of Visa’s history in 1958, the year that Bank of America launched the first consumer credit card programme for middleclass consumers and SMEs in the U.S, innovation and growth have been two operative words that have defined its rapid rise to prominence.

International expansion came in 1974, before the introduction of the debit card in 1975 and the rebranding to Visa the following year, “a simple name that sounds the same in every

language, identified by a blue and gold flag.” In 2007, its various regional businesses around the world were merged to form Visa Inc and in 2008 the company went public, the subject of one of the largest IPOs in history.

In 2016, Visa completed the

acquisition of Visa Europe and today operates in more than 200 countries and territories, with products and services available on a litany of devices including cards, laptops, tablets and mobile devices. “We continue to evolve, but we have a simple and unwavering

“OUR TECHNOLOGY AND INNOVATION MAKE DIGITAL PAYMENTS A REALITY FOR CONSUMERS, BUSINESSES, BANKS AND GOVERNMENTS”

vision that can be traced back to our beginnings in 1958,” Visa sets out, “to be the best way to pay and be paid, for everyone, everywhere.”

“We know that every Visa transaction is a promise, and we want to provide the most secure and seamless payment experience possible.”

INNOVATION BEHIND TRANSFORMATION

South Africa remains a cash-dominated economy, accounting for more than

half of overall payment transactions, but card use is growing apace supported by an increasing banked population, due to financial inclusion programs, the availability of basic bank accounts and reduced interchange fees.

A growing e-commerce market, the adoption of alternative payment methods, the introduction of mobileonly banks and the rising popularity of contactless payments will only further drive this perceptible shift towards electronic payments in the

country, and Visa has been a pioneer of this facility for nearly 70 years. “Our technology and innovation make digital payments a reality for consumers, businesses, banks and governments,” the company relays, as it once again transforms the online checkout experience in Sub-Saharan Africa.

The global digital payments master has introduced its fast, easy and secure ‘Click to Pay’ checkout option, allowing all consumers who choose to shop via web, mobile, app

INDUSTRY FOCUS: FINTECH

ICPS - OFFERING A DIFFERENT TYPE OF SOLUTION

ICPS addresses all the challenges faced by all players in the secure electronic transactions industry with its open platform and modular architecture.

ICPS was founded in 2008 as a subsidiary of MCB Group in partnership with HPS. Based in Mauritius, ICPS has a rich portfolio of more than 30 clients in 22 countries across Africa and Asia.

The relationship between ICPS with Visa dates back from well before the inception of ICPS, that is, from the relationship with its anchor customers.

ICPS provides payment-processing services for banks and other financial institutions as well as telecom operators. The company’s activity covers hosting of more than six million cards, driving of more than 600 ATMs and 11,000 POS, and processes more than 10 million transactions per month.

ICPS also proposes to deliver its solutions and services on-premise, for greater flexibility, often imposed by local regulations on data sovereignty.

ICPS accompanies its clients along the value chain, from deciding on product positioning to maximising profits on the cards P&L; from issuing products to card personalisation of CCD (Common Core Definition), and biometric products.

HPS became sole owner of ICPS in 2021, after acquiring 80% of the shares.

HPS provides the invisible technology and human expertise that will maximise the chance of any transaction happening, via any channel.

HPS is an innovative payment solutions company at the forefront of the international payment industry providing payment solutions for issuers, acquirers, card processors, independent sales organisations’ (ISOs), retailers, and national and regional switches around the world.

PowerCARD is HPS’ comprehensive suite of solutions that covers the entire payment value chain by enabling innovative payments through its omnichannel solution that allows the processing of any transaction coming from any channel initiated by any means of payment. Today, more than 450 institutions in over 90 countries use PowerCARD. Learn more about the full ICPS portfolio: www.icps.mu/en

or connected device to pay with confidence. More consumers than ever are shopping online since the outbreak of the COVID-19 pandemic, and the digital-first explosion has ushered in the next generation of commerce, which demands an online checkout experience that is seamless and consistent across all types of channels.

“Click to pay uses advanced technology and authentication methods, including device binding and biometrics to protect transactions,” Visa says, with consumers now able

enjoy a secure checkout experience, all without having to remember a password, confident in the knowledge that Visa uses advanced technologies and multiple layers of payment security to help protect cards against unauthorised use.

“While the increasingly high numbers of digital shopping continue to rise in the wake of COVID-19, we are committed to providing solutions that lay the groundwork for the next generation of simple, secure and better ways to pay,” says Hadi Raad,

VP and head of digital solutions for Central and Eastern Europe, Middle East and Africa at Visa.

“This is truly a winning solution that will help merchants reduce shopping cart abandonment while providing a single integration for participating card brands – meaning a simpler and smoother overall digital checkout experience. The vision for the future is that click to pay will provide consumers a streamlined experience across any

Continues on page 46

“WE BELIEVE THAT PARTNERSHIP, COLLABORATION AND INVESTMENT ARE KEY TO CREATING NEW AND INNOVATIVE PAYMENT SOLUTIONS”

ON-PREMISE OR SAAS, ENJOY THE HIGHEST LEVELS OF FLEXIBILITY

Part of HPS Group, a multinational company and a leading provider of payment solutions and services. PowerCARD is HPS’ comprehensive suite of solutions that covers the entire payment value chain by enabling innovative payments through its open platform that allows the processing of any transaction coming from any channel initiated by any means of payment.

30+ CLIENTS IN 22 COUNTRIES

6M+ CARDS

10M+ TRANSACTIONS PER MONTH

14M+ AUTHORISATIONS PER MONTH

We are committed to a culture of innovation and creative thinking.

INDUSTRY FOCUS: FINTECH

Continued from page 44

digital checkout environment or network, mirroring the consistent, interoperable checkout experience that exists today in physical stores.”

“Now more than ever we are pleased to launch innovative products in partnership with Visa,

which empower our merchants to get more value out of every transaction,” added Sebastian Reis, EVP for global e-commerce at Checkout.com. “Visa’s click to pay will provide a seamless interface for consumers and we are excited to bring it to our merchants first.”

PUSHING FINANCE FORWARD

Continuing the onward march into the future of payments and accelerating new ways to transact, Visa’s Fintech Fast Track program is designed to enable the next generation of fintechs to join its network and build innovative digital commerce experiences for consumers and merchants alike. “We believe that partnership, collaboration and investment are key to creating new and innovative payment solutions. With Visa Fast Track, we’re making it easy and fast for fintechs to apply to work with Visa.”

Fast Track participation has grown 360% globally year-on-year, and Visa has welcomed hundreds of fintechs who are actively engaged in the programme. “It’s thrilling to see fintech partners utilise our programmes and network to digitise financial services and improve the lives of the consumers and businesses they touch,” said Jana Lvova, Head of Fintech, Europe, Visa.

Recognising the dire need of support and encouragement of female micro-and small-business owners, as they fund, run and grow their businesses across the continent, Visa has launched She’s Next, Empowered by Visa in Africa. “As a brand and global citizen, Visa is committed to ensuring that these small and micro enterprises are able to benefit from global trade,” said Visa’s Global Head of Government Engagement,

“OUR TECHNOLOGY AND INNOVATION MAKE DIGITAL PAYMENTS A REALITY FOR CONSUMERS, BUSINESSES, BANKS AND GOVERNMENTS”

Ambassador Demetrios Marantis.

Identifying and activating opportunities for women-led business is at the heart of this partnership, and Visa and The International Trade Centre (ITC) will work together to find solutions for overcoming the distinct cultural, regulatory and financial impediments to

the success of women-led enterprises.

“Women entrepreneurs are the backbone of local economies, and the need for support is real. Closing the gender gap requires persistent hard work and support,” said Aida Diarra, senior vice president and group country manager, Visa Sub Saharan Africa. “That is why Visa is using its voice to shine a light on the contributions and economic potential of female-owned micro-and small-businesses around the world.”

The world’s leader in digital payments has also recently announced plans to establish localised processing infrastructure in South Africa, to supplement the company’s global processing network VisaNet and serve both domestic and international payments for South African clients. One of the world’s most advanced processing networks, VisaNet facilitates

the rapid innovation required for Visa’s clients and partners to compete in the payments industry globally.

“Visa is committed to the growth and continued development of the South African market in addition to bringing global best practise to the local industry,” concluded Aida Diarra, Senior Vice President, Sub-Saharan Africa Group Country Manager Visa. “We are excited to bring our network capabilities on-shore and will continue to deliver a wide range of products, platforms and globally scaled value-added services.”

“WE CONTINUE TO EVOLVE, BUT OUR FOCUS REMAINS THE SAME – TO BE THE BEST WAY TO PAY AND BE PAID, FOR EVERYONE, EVERYWHERE”

From ingenious public transport payment, tracking and safety solutions to mPOS, cashless and tokenized ecommerce payment integration, Mobitill provides everyone in Africa the benefits of fast, modern, and secured payment solutions. And now, Mobitill is also a

NAMIBIA’S

BEST PIONEERS SUSTAINABLE TRANSFORMATION

FNB Namibia presents an all-encompassing range of products and services to suit personal and business financial needs across the vast territory it serves. Keeping the customer at the centre while deploying world-class technology and digital innovations is helping to propel transformation in the country, building a future of shared prosperity through enriching the lives of its customers, employees and the societies it serves.

FNB NAMIBIA

PRODUCTION: Joe Forshaw

INDUSTRY FOCUS: BANKING

Operating throughout Africa, FNB is universally recognised as one of the most respected and most powerful brands on the continent, making available the best financial services in line with international standards. Not limited to financial services, but across all of society, this powerhouse helps drive economic development, financial inclusion, innovation, and improvement of lives.

As the oldest bank in South Africa, FNB’s roots stretch back to Grahamstown in 1838 when the Eastern Province Bank was formed to serve the local people. More than 180 years later and FNB - now owned by FirstRand Bank and servicing clients across all of SubSaharan Africa and beyond - is doing all it can to bring modern, efficient services to customers everywhere through a seamless and smooth strategy.

“With our broad-based Namibian shareholding, our comprehensive range of financial products and

services, our deep understanding of the local financial environment and our countrywide network of branches and agencies, we provide a fully integrated package of financial solutions to every Namibian - and to every corner of our beautiful land,” the institution opens.

EMBRACING DIGITISATION AND TRANSFORMATION

The past two decades have seen banks and financial institutions take up and disseminate digital solutions like almost no other industry. Internet banking, app-based operations, video conferencing, self-serve desks, transformational security systems,

mobile money, and much more have helped banks to further integrate into everyday life and exponentially increase banking power and access. FNB has been one of the most forward in its adoption of technology, offering clients in both business and personal categories industryleading innovative services.

In Namibia, FNB enjoys the largest physical presence of any bank in the country, with delivery channels including 27 branches, 17 agencies, 85 full-service ATMs and 110 mini ATMs, a comprehensive national network for all Namibians markedly improving access to banking products. Now, the

“WE PROVIDE A FULLY INTEGRATED PACKAGE OF FINANCIAL SOLUTIONS TO EVERY NAMIBIAN - AND TO EVERY CORNER OF OUR BEAUTIFUL LAND”

company has launched a digital hub at its head office in Windhoek, which offers all FNB’s digital platforms and integrates new world-class technologies to heighten and streamline the customer experience in a safe and convenient one-stop space.

According to Rodney Forbes, executive officer for points of presence, “the launch of the Digital Hub is consistent with our digital platform journey, which is geared to provide personalised help and solutions across all our channels. A major part of our strategy is to provide reliable, trusted and customer-centric channels to help our customers manage their money.” The Digital Hub extends free wi-fi, access to online banking and a step-by-step guide for customers requiring assistance with any of the FNB digital channels in beautifully futuristic environs.

“We are excited to roll out the latest in digital innovation to enhance our customer experience even further,” Forbes enthused. “This new and fresh concept embraces the efficiencies of our digital platform journey, and we are excited to consistently provide a superior experience to all our customers.” Digitisation is completely transforming the African banking sector, and developments such as

“THE LAUNCH OF THE DIGITAL HUB IS CONSISTENT WITH OUR DIGITAL PLATFORM JOURNEY, WHICH IS GEARED TO PROVIDE PERSONALISED HELP AND SOLUTIONS ACROSS ALL OUR CHANNELS”

INDUSTRY FOCUS: BANKING

this are vital to surmounting the various barriers historically hindering the speed of that transformation.

“Some hindrances to banks accelerating their adoption of digital include regulation, the price of mobile phones, the high cost of internet access in most parts of Africa, digital illiteracy and fear of the unknown,” noted, the African Digital Banking Transformation Report 2022, compiled by engagement banking platform Backbase in collaboration with African Banker magazine accessible, making comprehensible facilities like FNB Namibia’s hub invaluable to the seamless implementation of what is a monumental metamorphosis.

“FNB Namibia, recognised for providing customers with an innovative, contextual and agile banking experience, invests a lot of time and resources in understanding

what customers require from us, and we are diligent in ensuring that we deliver to their needs,” summarises this most forward-thinking of groups.

SUSTAINABLE FUTURE FOR BEST BANK

Globally, the market for green bondsfixed-income instruments specifically earmarked to raise money for climate and environmental projects - has grown exponentially, and by at least 15% in 2021. But the African market contributes only 0.4%, and FNB Namibia argues vehemently that it is currently under-utilised in Africa, given its ability to propel a just transition while driving national sustainability commitments.

It is taking hold in Namibia now, however, with April bringing the country’s second transaction as Rand Merchant Bank (RMB) was tasked with arranging FNB Namibia’s

inaugural green bond issuance, to raise funds on the capital market to finance green projects in Namibia resulting in N$353 million ($24.3 million) in three- and five-year bonds.

“This inaugural green bond issuance shows that we are at the forefront and committed to unlocking sustainable finance opportunities that benefit our clients, communities, and environment at large,” Selma Kapeng, FirstRand Namibia Group Treasurer, asserted.

“Further, through the adoption of the group’s sustainability bond framework, our approach supports transparent, comparable disclosures in the context of environmental, social and corporate governance issues.”

In the context of unprecedented economic stress, which has had a profound and far-reaching impact on the economy, across the board in

March at the release of annual results the recurring theme was a resounding return to profitability. Many had witnessed their operations and books ripped apart by Covid-19, while 2021 marked the year that Africa’s biggest

players returned to near normalcy as the easing of pandemic restrictions and increased access to vaccines fuelled an economic resurgence.

Crowned Namibia’s best bank for the third consecutive year, and these accomplishments translated to a bumper crop of highlights and a sea of upward arrows in FNB Namibia’s own results. Pre-provision profit stood at N$997 million and headline earnings were N$618 million, up 5% and 11% respectively on the preceding year, while return of equity, dividend per share and marker capitalisation all witnessed significant increases.

“Our response to the Covid-19 pandemic was determined by our customer-centricity which remained in the forefront,” FNB Namibia condensed. “We could achieve this because of improved collaboration with our

stakeholders and the continuous digital investment that resulted in encompassing benefits. We also created a durable drive to support our strategic plans, with a good delivery against all the FirstRand Promises – be deeply invested, value our differences, build trust not territory, have courage, stay curious and always do the right thing.”

“The group is proud to see how our business is standing strong in our purpose of being a trusted partner helping to create a better world. We help by keeping businesses open, people in their homes, distributing relief efforts, keeping our doors open and our systems operational to enable customers to continue trading.”

“THE GROUP IS PROUD TO SEE HOW OUR BUSINESS IS STANDING STRONG IN OUR PURPOSE OF BEING A TRUSTED PARTNER HELPING TO CREATE A BETTER WORLD”

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