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Patrice Motsepe’s TymeBank signs up 3-millionth customer

Billionaire mining tycoon Patrice Motsepe has shown the diversity of his business savvy with TymeBank.

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Illustration: Africa — the future is yours. ©Billionaires.Africa

TymeBank has signed up its 3-millionth customer since its launch in February 2019, Tech Financials reported. TymeBank is a South African digital bank majority-owned by billionaire mining tycoon Patrice Motsepe.

The bank, which has no monthly charges and low transaction costs, said it onboarded between 100,000 and 120,000 customers per month, or 3,000 to 5,000 new customers each day.

“With our focus on lower transaction costs and giving value to our customers, we can proudly say that we have enabled 100 million free transactions to date, which is timely given the current climate. This, plus the fact that we have never asked a customer to complete any paperwork, saves our customers money and makes their banking experience quick and convenient, right from the start,” TymeBank CEO Tauriq Keraan said.

TymeBank is a fintech startup with no branches. Its core banking technology platform is hosted in the cloud. “Customers earn up to 8 percent with our GoalSave product, which is the highest interest rate they can earn with immediate access to their savings and without any penalties,” Keraan said.

In February, TymeBank raised $110 million in private capital to expand in South Africa and the Philippines in partnership with JG Summit, a leading Fillipino conglomerate. Reuters reported that the partnership enabled the bank to apply for a local digital bank license to expand into the Asian country.

Apis Partners, a private equity fund, was the funding round principal, alongside other investors, including JG Summit. 

TymeBank co-founder and Executive Chairman Coen Jonker said “the future of digital banking in emerging markets is multi-country, to actually build a banking group where there is enough critical mass of customers.”

The milestone is the latest feather in the cap of Motsepe, who was recently elected as the president of the Confederation of African Football.

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South African billionaire Johann Rupert-linked SEACOM partners with BT Group

Seacom is privately funded and 75 percent African-owned.

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Johann Rupert. ©Billionaires.Africa

SEACOM has announced a strategic alliance with UK telecommunications service provider BT Group as it prepares to enter the African enterprise cybersecurity market.

SEACOM is a leading pan-African telecom services provider linked to South Africa’s richest man Johann Rupert.

The partnership aligns with SEACOM’s plans to expand its portfolio of services targeting African businesses. By leveraging BT Group’s infrastructure and expertise, SEACOM hopes to secure its own infrastructure and deliver new networking and security solutions to African businesses.

“With SEACOM’s global network and local presence and BT’s global reach and expertise, we will be able to deliver a comprehensive portfolio of cloud, security, and connectivity services that are reliable, scalable, and at the cutting-edge of the industry,” Oliver Fortuin, CEO of SEACOM, said.

BT Group, which protects some of the world’s largest organizations from cyber threats through a dedicated network of security operations centers around the world, announced that SEACOM customers will gain access to BT Group’s Cloud Security Incident Event Management (SIEM) platform.

The SIEM platform provides real-time visibility and monitoring across an organization’s entire IT environment, acting as an additional layer of security to SEACOM’s existing ICT solutions.

Seacom, which bills itself as Africa’s most extensive ICT infrastructure provider, is privately funded and 75-percent African-owned, with Rupert’s investment holding Remgro owning 30 percent of the company.

South African mining magnate Patrice Motsepe owns a 15-percent stake in the pan-African telecom services provider through his financial services conglomerate, Sanlam.

Jubilee Holdings, a Kenyan investment holding backed by Aga Khan IV (Shah Karim al-Husayni), increased its stake in SEACOM from 8.8 to 18.8 percent earlier this year after acquiring an additional 10-percent stake in the company.

According to Nizar Juma, chairman of Jubilee Holdings, the transaction will strengthen the company’s ability to diversify its investment priorities across major sectors of the economy.

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South African tech tycoon Zak Calisto gains $166 million in four weeks

Calisto is one of Africa’s richest tech entrepreneurs.

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South African tech tycoon Zak Calisto.

As the frenzy returns to equity markets, shares in Karooooo Limited have risen recently by double digits due to sustained buying interest as investors bet on tech stocks trading at all-time lows.

Karooooo Limited is a mobility platform led by South African businessman Zak Calisto.

As a result of the recent market surge, the value of Calisto’s 74.7-percent stake in Karooooo has increased by $166 million in the past 27 days to well above $640 million.

Calisto, who founded Karooooo and grew it into an international provider of smart transportation management solutions, is one of South Africa’s wealthiest men and one of Africa’s richest tech entrepreneurs.

As of press time on Aug. 10, the company’s shares were trading at $27.85 per share, up from their opening price of $26.98 per share earlier this week. The Singapore-based mobility platform’s market capitalization is presently $860 million.

The company’s shares have increased from a price of $20.65 to $27.85 at the time of writing this report, representing a 34.87-percent gain for patient investors since July 14.

The market value of Calisto’s shareholding in Karooooo has increased from $477.6 million on July 14 to $644.1 million at the time of writing, representing a $166-million gain for the tech tycoon.

The renewed buying interest in Karooooo’s shares can be attributed to investor reactions to the company’s double-digit increase in earnings in the first quarter of its 2023 fiscal year.

According to its recently published first quarter results, the Singapore-based global mobility SaaS platform’s profit increased by 44 percent to R156 million ($9.37 million), up from R108 million ($6.48 million) in the first quarter of 2022.

Earnings increased by double digits due to the higher revenue generated during the period, as the company’s total subscriber base surpassed 1.5 million, up from less than 1.4 million a year ago.

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South African billionaire Patrice Motsepe’s net worth slumps by $400 million as rand tumbles

Despite his declining net worth, Motsepe remains one of South Africa’s richest men.

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Patrice Motsepe. ©Billionaires.Africa

South African billionaire businessman Patrice Motsepe’s net worth has plummeted by millions of dollars since the start of the year due to a decline in the value of the South African rand against the U.S. dollar.

The tumbling of South Africa’s national currency has significantly impacted the market value of Motsepe’s mining and financial services companies.

One of Africa’s richest businessmen and the wealthiest Black billionaire in Southern Africa, Motsepe has seen his net worth fall by $400 million since the year began — from $3.1 billion to $2.7 billion at the time of writing.

The majority of his net worth is derived from his 39.7-percent stake in African Rainbow Minerals (ARM), a South African mining company he founded in 1997. Motsepe also owns a substantial shareholding in Ubuntu-Botho Investments and African Rainbow Capital.

Motsepe’s stake in the mining firm, which has positions in a variety of mines including iron, coal, copper, gold, and other precious metals, was valued at $1.16 billion at the close of trading on the Johannesburg Stock Exchange on Tues., Aug. 9, significantly lower than its value of $1.3 billion at the start of this year.

His recent wealth loss puts him in the ranks of those African billionaires whose net worth has dropped by more than $300 million this year, including Ethiopia’s richest man Mohammed Al-Amoudi, South African billionaire Johann Rupert, Zimbabwean tech tycoon Strive Masiyiwa, and Swazi billionaire businessman Natie Kirsh.

The sharp depreciation of the rand, which has impacted the market valuation of his companies, most of which are based in South Africa, comes on the heels of a recent surge in demand for the U.S. dollar, as investors seek the safety of the greenback in an era of high economic uncertainty.

Despite his declining net worth, Motsepe remains not only one of South Africa’s richest men, but also one of the continent’s wealthiest billionaires.

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