Africa’s first Black billionaire and Southern Africa’s wealthiest Black individual, Patrice Motsepe, has witnessed a notable resurgence in his net worth, rebounding by $200 million. This financial upturn follows a recent dip that saw his net worth decline by a billion dollars.
Motsepe, who entered the history books as Africa’s first Black billionaire in 2008 thanks to the resounding success of his mining group, African Rainbow Minerals (ARM), currently boasts a net worth of $2.4 billion, up from $2.2 billion on Oct. 20.
Patrice Motsepe’s financial recovery aligns with ARM’s recent share rally
The financial turnaround mirrors ARM’s positive trajectory, with the company’s shares bouncing back from a record low of R149.94 ($8.2) in October to R166.3 ($9.1), showcasing the mining giant’s resilience in the face of market challenges.
The rebound in Motsepe’s net worth can be attributed to the surge in the market value of his 40.37-percent stake in ARM, a leading South African mining powerhouse with diverse mining projects involving iron, coal, copper, gold, platinum, and other precious metals.
Additionally, the South African billionaire has experienced a boost in his private investments, including indirect holdings in TymeBank, South Africa’s leading digital bank.
TymeBank’s meteoric rise and ambitious expansion
TymeBank, partially owned by ARC Financial Services Holding, an entity under Ubuntu-Botho Investments (UBI) founded by Motsepe, has recently achieved a significant milestone. Less than five years after its inception, TymeBank has surpassed 8 million customers, further solidifying its position in the financial industry.
This accomplishment follows the bank’s achievement of crossing the 7 million customer mark just four months ago, showcasing a meteoric rise in its customer base. Not content with its domestic success, TymeBank is now set on expanding into the promising Vietnamese market.
TymeBank’s unique ‘phygital’ model, which seamlessly combines a digital presence with kiosks in major retailers, has played a pivotal role in its rapid success. A key driver of this expansion has been its partnership with The Foschini Group (TFG), a leading retail clothing conglomerate boasting 28 million members.
