For the six months to December 2022, Sasfin’s total income increased by 12.62% to R705.203 million (2021: R626.179 million) mainly due to strong loan book growth. The strong income growth improved the cost-to-income ratio to 76.30% (2021: 80.40%) despite cost growth of 6.88% to R538.068 million (2021: R503.430 million). Headline earnings reduced by 20.74% to R67.706 million (2021: R85.424 million) as a result of an increase in the credit loss ratio to 130bps (2021: 23bps). Total assets increased 10.56% to R13.573 billion (2021: R12.277 billion) as a result of strong growth of 24.21% in net loans and advances to R8.963 billion (2021: R7.216 billion). Core funding increased by 5.17% to R9.492 billion (2021: R9.025 billion) as deposits from customers increased to R5.941 billion (2021: R5.560 billion). Total ordinary shareholders' equity increased by 7.66% to R1.713 billion (2021: R1.591 billion). “The Group has experienced strong growth in loans and advances,” said Harriet Heymans, Group Financial Director, Sasfin Holdings Limited. “The loan growth was primarily in well-secured loan portfolios. While we have seen an increase in Stage 3 loans, over 40% of these are covered by independently valued security in the form of property and yellow metal equipment and/or insurance held from blue chip counterparties.” Sasfin Wealth delivered excellent results driven by its distribution capability and solid investment performance. Asset Finance generated healthy loan and income growth as it continues to diversify and expand its offering, while investing in strengthening its core capabilities to support ongoing growth. While Business and Commercial Banking saw good income growth from Commercial Banking, higher impairments and rising costs negatively impacted this Pillar. During the period, Sasfin achieved a Level 1 B-BBEE contributor rating. Sasfin Asset Managers announced a partnership with the National Treasury’s Jobs Fund, enabling it to fund businesses that …
Mobile App Development Trends to Watch in 2023
With mobile apps being developed at the warp speed of innovation, it’s not the content they’re offering that will lead trends in 2023, but rather how they respond to users’ ever-increasing demands for convenience, efficiency, and privacy, that will sort the leaders from the pack. This means that the proliferation of mobile commerce (m-commerce) via in-app purchases is likely to drive growth, along with enriched user experiences and greater security at a time when threat actors are just as innovative and determined to succeed as legitimate platforms and brands. These trends are increasingly relevant to the South African market as app adoption has soared thanks to increased smartphone penetration as devices become more affordable, and the South African population becomes more connected than ever before. This is all at a time when consumers spent US$167 billion directly on premium app purchases and in-app extras across the world, while brands invested US$336 billion of advertising spend into the app market – which all means that the turnover of in-app commerce during 2022 exceeded a half a trillion dollars. Apps aren’t just for gaming and commerce. Of the app categories highlighted in the State of Mobile 2023 report, three app categories captured 50% of all mobile time spent, and they were all in video and social. TikTok is now one of only two non-game apps to pass $6 billion in all-time consumer spending, with more than 3.5 billion downloads – double those of much older YouTube! If that’s the context in which apps are being developed and marketed, what are the trends likely to be led by during the remainder of 2023? Click into m-commerce The mobile gaming sector is growing at an exponential rate, creating significant gaming commerce opportunities, with this industry pushing the boundaries of technology to create cutting-edge and highly immersive entertainment experiences. This gives brands significant commercial opportunities to draw on developers’ skills and …
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MySociaLife launches SA’s first ‘Digital Life Skills Summit’
Children face more risks and dangers online than ever before, yet they aren’t taught the relevant online safety skills in schools. Explains Dean McCoubrey, Founder of MySociaLife, "Porn 2.0, sextech, sextortion, a mental health crisis, distraction or focus issues, sleep disruption, ChatGPT, exposure to the news such as Ukraine war or local crimes, changing app settings and privacy concerns, cyberhacks, and gaming fraud - these are now regular challenges to face if you're an adolescent online." To inform schools of this reality, the social media educators have announced a first for South Africa - The MySociaLife 'Digital Life Skills Summit for Schools' — equipping teachers with the knowledge and skills they need to keep their students safer online, so they can explore and excel in a competitive decade. Taking place on Thursday, 16th Feb 2023, the 2-hour mini-summit shared five presentations on where students and schools currently find themselves, and how they can chart a new path towards 'digital citizenship'. Insights also stemmed from two GenZ speakers. Educators were provided with real insights on how not to get left behind which ultimately risks a school’s reputation. Teachers learnt how to shape a more aware digital culture that presents the spectrum of challenges that come with an explosive world of learning, messaging and communication, browsing, gaming and entertainment. "End result is the development of critical thinking online, greater online safety awareness and real digital empowerment for their students," adds McCoubrey. Kids are being exposed to more and more online, post-COVID. Recently, a video of a minor having sex with a female SA police officer was circulating on social media in South Africa. While the Film and Publication Board (FBP) has announced they’re trying to take the video down, it’s already entered schools through the phones of many South African children, exposing them to child pornography. Yet, according to a survey …
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MySociaLife announces world first video show to protect teens, OneLife
“Kids are receiving devices younger, staying online longer and are exposed to more content, more strangers and more risks than ever before. And yet the school system hasn’t equipped them for modern digital life. That had to change.” These are the words of an award-winning South African educator that has answered the call of school principals, teachers and parents globally to help bridge the technological and generational divide forged by social media platforms like TikTok, Instagram and Discord. MySociaLife, the leading digital life skills, online safety and media literacy program for teens and pre-teens in South Africa, originated a new teen current affairs video show, OneLife, which will play in schools, either in life orientation classes or computer or technology classes. But their scoop was to use Generation Z (GenZ) to teach students injecting relatability into the education equation. OneLife is a 22-minute social media current affairs video show with six short news segments, focused on recent flaming-hot issues like Fake News (a segment called ‘Outrageous Untruths’), Cybersecurity (‘Hacked Off’) or how to achieve digital potential (‘Explore and Excel’), among others. The show can either be played in class by teachers who download a lesson plan, or students will log in on their own devices and watch the show with a downloadable workbook, suited for grades 7-11. After five years of teaching digital citizenship to tens of thousands of students, parents, teachers, and counsellors, MySociaLife has witnessed the noticeable effects of social isolation and the shift to eLearning on adolescents. “Screen time is up dramatically. In the schools we have taught in, the number one lesson consistently requested by teens is mental health, and the second is attention and focus. What does that tell us? Students have been calling out for help from adults. It’s why we decided to create a show that would offer modern life skills but taught through the lens of social media,” …
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Effective investing now helps boost SMEs’ balance sheet for the future
While entrepreneurs need to keep a constant eye on their cashflow and the factors that influence its ebb and flow, it’s equally important to invest in long-term financial health to build buffers, save for Capex projects, or even just to rest easy in the peace of mind that comes with having funds set aside. The past year has been a stressful one, with individuals and businesses alike having had to navigate rising inflation and interest rates along with the unexpected costs of staying in business through various stages of load shedding. While responding to short-term pressures, many may have lost sight of the long game made possible by saving money in a long-term account. “Building financial health for your business takes time, careful planning, and a clear strategy as you balance your business’s daily needs with its long-term financial goals,” explains Natisha Lazarus, Head of Business Banking at Sasfin. “There are several products available to entrepreneurs, offering parameters to suit each situation. However, the overriding rule is to be sure that you understand the terms and conditions of the savings or investment product you choose so that there are no complications when your business needs access to those funds.” Notice Deposit Accounts Opening a notice deposit account gives account holders the flexibility they need to access their funds while being rewarded with a higher interest rate for saving their funds for longer. For example, a 32-day notice account offers a nominal interest rate of 7.50% while a 120-day notice account offers a nominal interest rate of 8.05%, with notice periods of varying lengths available to suit each entrepreneur’s business needs. Interest rates are linked to the prime interest rate – which means that interest earned increases if that rate is raised by the Reserve Bank – and capital is guaranteed. Being able to add extra funds to these accounts at any time allows for ongoing saving, and because interest is paid at …
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SA Cybersecurity Experts, IronTree, recognised on a global stage
South Africa may be ranked 6th in the world on the list of countries most affected by cybercrime, but one local company is making great strides to reduce these statistics. Cybersecurity experts, IronTree, received The Acronis #CyberFit Loyalty Award in the United States, given to partners for working and continuously growing with Acronis for over five years to recognise their loyalty and commitment to promoting our solutions. Acronis is a leading global data protection software vendor with headquarters in Switzerland and Singapore. Established almost twenty years ago, Acronis currently protects the data, applications, systems, and productivity of 750, 000 businesses in more than 150 countries, safeguarding them against cyberattacks, hardware failures, natural disasters, and human errors. This was the second year in a row that IronTree was recognised at the annual Acronis Cyberfit Summit in Miami. “IronTree has been exemplary partners. Last year, they won Best Service Provider in the Middle East and Africa Region, and now, with this award, they are an excellent example of what it takes to keep clients secure; tireless energy and a deep commitment to service,” explained Peter French, Acronis General Manager for the Middle East and Africa region. Steve Porter, Managing Director of IronTree, added, “From 16,000 partners around the world, this accolade demonstrates the solid foundation we have built for consistency. It is so important to us that a South African company has been acknowledged again. We’re a proudly African organisation.” Acquired by Metrofile in 2021, IronTree has been expanding its SecureIT product suite to outpace the evolving cybersecurity landscape. In July, they announced a partnership with Sendmarc, offering the best cybersecurity package on the market to help businesses tackle email impersonation. Pfungwa Serima, Group CEO of Metrofile, concluded, “With our holistic suite of services, we provide customers with an end-to-end …
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The impact of sharing on e-commerce and digital payments
The Covid-19 pandemic forced organisations to shift their focus to digital and e-commerce environments. Those that already had a digital presence and e-commerce capabilities have had an advantage over those laggards struggling to play catch up. Supporting the growth of e-commerce are new market entrants and solutions which are actively shaping the digital payments space. South Africa’s payment ecosystem has adopted the current real-time gross settlement (RTGS) system, which both reforms and modernises domestic and regional payment settlement services. According to the South African Reserve Bank, the new global messaging system facilitates wider access to the payment system, improves payment efficiencies by leveraging new technology and provides better security against cyber threats. Reserve Bank Governor, Lesetja Kganyago says the migration to the new system paves the way for faster payments through the introduction of the Rapid Payments Programme which is due to be launched in 2023. “There is no question that the ongoing modernisation and developments in digital payment technologies are disrupting the sector. Customer have become increasingly comfortable with making digital payments which is helping to fuel the growth of e-commerce,” says Arunabh Madhur, regional vice president and head of business for EMEA at SHAREit, a file and app sharing, gaming and content streaming platform which aims to democratize digital content. The SHAREit app – the “airdrop” of the Android system – currently has 40 million active users in Sub-Saharan and South Africa. It allows users to share games, content and files with family and friends via peer-to-peer sharing without the need for internet or mobile data. In emerging markets, content discovery begins with referrals from friends and family. SHAREit Country Director for South Africa, Chanel Hardman, explains that SHAREit helps to facilitate this by making sharing easy, seamless, unlimited and without constraints. In …
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Montfort enters South African energy market with New Age Energy acquisition
Montfort Group has entered the South African energy market by acquiring 49 per cent of New Age Energy, a B-BBEE (Broad-based Black Economic Empowerment) company that focuses on the reliable import, export, and distribution of safe and high-quality energy products. Montfort opened its first office in South Africa in early 2022. This new partnership is a key step towards Montfort’s goal of strengthening and expanding its supply capabilities into the South African market. The company will introduce its brand, products, and services to the market, in order to help meet the future energy needs of the growing South African economy. Rashad Kussad, CEO of Montfort Group, said: “We are delighted to partner with New Age Energy, and expand our presence to the South African energy markets. Our B-BBEE partners possess a significant amount of market knowledge and expertise which, combined with our trading capabilities and financial support, will enable us to enhance product and service offerings to our valued customers. We firmly believe in the continuing growth of the South African economy and look forward to playing our part in supporting the growing energy demands of the market.” Esrick Bull, Managing Director of New Age, said: “Today marks a significant milestone in the history of our company. We are excited to form this strategic alliance with a global energy company such as Montfort. Their expertise in supply and trading, together with their commitment to invest in the logistics and supply chain in South Africa, will enable us to have a strong presence in the market, and further strengthen our capabilities to supply the best fuels at the maximum value.” Montfort is a global commodity trading and related-asset investment company with a diverse portfolio of assets and innovative services in trading, shipping, retail, upstream and downstream, with operations in 10 countries across Europe, Africa, the Middle East, and Asia. New Age Energy is a B-BBEE energy …
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Authorities Wanted Home Education Scrapped: Drama At The BELA Bill Hearing
The second round of public oral submissions on the controversial Basic Education Laws Amendment Bill (BELA Bill) took a dramatic turn on Tuesday when the Pestalozzi Trust, a civil rights organisation that supports the right to home educate, revealed that it had documents in its possession that proved that education authorities wanted to scrap home education. Home education was illegal prior to 1994 and families faced the threat of jail time if they taught their children at home. In 1993, parents Bokkie & André Meintjes were convicted for home schooling and refusing to send their children to school. Their three children were placed in an orphanage while the parents served their jail terms. The Meintjes were released as part of the general amnesty, and following the adoption of the Bill of Rights, home education was formally recognised in the South African Schools Act in 1996. Karin van Oostrum, current CEO of the Trust, and a veteran home schooler, explains that the new Schools Act ushered in a golden age of home education. With limited state interference home education grew exponentially. However, after the 2011 census revealed that home education was a significant movement, storm clouds started gathering as the state sought to crack down on the freedom homeschoolers enjoyed. She believes that the BELA Bill and the planned regulations that will flow from it are aimed at establishing a stranglehold on home education. Van Oostrum said that the number of homeschoolers increased markedly during the past few years. After COVID many families have been opting for homeschooling, to ensure that their children do receive an education, since school education or online education simply was beyond their budget. Unfortunately, many home schoolers have been struggling to get registered, with many waiting for over a year to get an answer from provincial education departments. She explained that the Pestalozzi Trust has lately been receiving an ever-increasing number of …
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PayU shares Black Friday and Cyber Monday insights
Big ticket items and new payment methods deliver surprising data Black Friday and Cyber Monday came and went with a positive bang and a bag full of surprises, despite the concerns of pressure exerted by inflation and loadshedding. Chairperson of the ECommerce Forum of South Africa (EFSA) and PayU CEO, Karen Nadasen, shared, “Following trends from last year, the current economic climate and indicators from other PayU markets, we expected conservative growth of between 10-20% for Black Friday 2022. This year, however, we saw the biggest growth and midnight shopping trends from previous years return to centre stage. More than 58% more money was spent this year during Black Friday and 37% more during Cyber Monday as compared to last year. Consumers are always looking for bargains on luxury items such as beauty and fashion, but, interestingly, it was furniture that saw the highest increase this year in the retail category, up a staggering 74%.” She added, “Driven by the pandemic, last year we saw a huge leap in the number of people shopping online, however, we also witnessed the lowest overall basket sizes during Black Friday and Cyber Monday. This year we witnessed that this growth (new shoppers online) has been sustained and that consumers are more experienced with a much higher level of comfort with online shopping. Basket sizes increased by 54% in comparison to last year. Bigger ticket items were the main shift, with consumer spending skyrocketing to increase 208% at the midnight hour, in comparison to last year on Black Friday. While a few payment processors struggled to keep up with the high volume, it is apparent that consumers have got a great handle on searching for the best deals online and opted for seamless payment processing to grab their deals. “We saw a 408% increase in the usage of tokenized cards compared to last year, indicating the rising importance of easy checkout flow with regard to speed, trust and comfort.” Unpacking PayU’s Black …