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Riding the Wave: South Africa’s Financial Digital Revolution

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GITEX Africa

GITEX Africa 2024: Fostering Digital Finance and Economic Empowerment

CAPE TOWN, South Africa, May 13, 2024/APO Group/ — 

GITEX Africa 2024 (www.GITEXAfrica.com), the continent’s largest tech and startup exhibition scheduled from 29-31 May in Marrakech, Morocco, emerges as a pivotal platform for exploring the intersections of digital transformation, financial inclusion, and economic empowerment. As South Africa’s banking of finance sector takes center stage in this global dialogue, the event promises to be a catalyst for innovation, collaboration, and growth.

In South Africa, digital transformation has become imperative across industries, and the financial sector is no exception. From the convenience of online banking to mobile payment solutions, banks are leveraging digital technologies to enhance efficiency, improve customer experience, and expand access to financial services.

With a growing youth population favoring digital banking, financial institutions are investing in user-friendly mobile apps and online platforms to meet evolving customer preferences.

Banks Face Competition from Fintech and Innovative Platforms

These digital banking platforms provide users with convenient access to a wide range of financial services, including account management, payments, and lending, all through intuitive user-friendly mobile and online interfaces.

However, amidst this digital transformation, banks face stiff competition from a diverse array of players, including agile fintech startups and innovative tech-driven platforms. These disruptors offer innovative solutions that challenge traditional norms and cater to evolving customer needs.

South African fintech startups, recognized locally and globally, provide convenient digital banking services, investment platforms, and innovative lending solutions, drawing customers away from traditional banks with their agility and customer-centric approach. In 2021, South Africa boasted the highest number of fintech startups in the African region with 154 companies (https://apo-opa.co/3KjmVTL). As of May 2022, fintech startups in South Africa secured close to $US77 million (https://apo-opa.co/3ys79ms).

The fintech value chain encompasses a wide range of services including banking, infrastructure, crowdfunding, digital currencies, lending, payment, and regulation technology.

By facilitating dialogue, collaboration, and knowledge sharing, GITEX Africa accelerates the pace of digital transformation in the financial services sector, driving inclusive growth and economic empowerment across the African continent. Among the more than 35 esteemed speakers from South Africa include Lillian Barnard, President at Microsoft Africa; Zondwa Mandela from Mandela Legacy; and Chipo Mushwana, Executive of Emerging Innovation and Payments, Nedbank.

Major South African investment funds, unicorns, and start-ups fast-forwarding cross-continental progress at GITEX AFRICA 2024 include SAVANT, Zindi, and go1.

Lillian Barnard, President of Microsoft Africa, said: “Africa has long been recognised for its formidable growth prospects and AI is the long-awaited key to help unlock that potential.”

Africa has long been recognised for its formidable growth prospects and AI is the long-awaited key to help unlock that potential

“The AI-powered innovation we’re seeing today is poised to reinvent every aspect of society from healthcare to financial services, manufacturing and beyond. If Africa is to benefit from the paradigm shift currently sweeping the globe, we must make the promise of AI real for people and organisations across the continent – and do so responsibly.”

Hands-on Support Required for Startups

Bongani Sithole, CEO of Founders Factory Africa and a speaker at GITEX Africa outlines key challenges facing African startups: difficulties in finding product-market fit, hiring the right talent, maintaining company culture while expanding into new markets and securing funding.

Despite these challenges, Sithole highlights opportunities for startups to tap into, including the “development of new products and services to meet the needs of their growing customer base. This can lead to increased innovation and competitiveness.”    

In terms of specific trends within the African startup ecosystem, Sithole says we can expect to see more mergers and acquisitions (M&As) continue this year, primarily driven by larger companies seeking to acquire earlier-stage companies. “M&As are strengthening the startup ecosystem by offering a guarantee of revenue and funding for founders.” Additionally, he notes the potential of AI applications to address societal challenges and drive economic growth.

As Africa’s tech ecosystem evolves, he sees opportunities for cross-regional collaboration through initiatives like cross-border agreements for trade and talent, full implementation of the African Continental Free Trade Agreement (AfCFTA), fast-tracking of regulatory approvals.

Reflecting on lessons from leading African unicorns, he highlights the importance of solving societal problems and embracing failure as part of the startup journey. “Many successful founders are not first-time successes. Founders are encouraged to remain within the ecosystem even after failures to create potential unicorn by leveraging their experience.”

At GITEX Africa, Sithole aims to emphasize the importance of “hands-on support” for early-stage ventures beyond just capital. He also hopes to develop actionable steps to stimulate innovation and funding across Africa, advancing the tech and startup ecosystems.

Financial Inclusion and Economic Empowerment

Recognizing the significance of digital transformation, the South African government has taken proactive steps to promote financial inclusion and economic growth. In 2023, the National Treasury released a policy framework to broaden financial inclusion (https://apo-opa.co/4bff3OC), to achieve 90 percent banked status by 2030. This initiative highlights the government’s commitment to leveraging digital technologies to drive socioeconomic development and create opportunities for all South Africans.

While progress has been significant, challenges persist, highlighting the need for targeted interventions to ensure equal access to financial services. As South Africa continues to ride the wave of digital finance, the possibilities are boundless. By embracing innovation and strengthening collaboration, the country is charting a journey toward a brighter and more equitable future for all.

Distributed by APO Group on behalf of GITEX Africa.

Business

SLB commissions new fluids systems plant in Pemba to support Mozambique’s offshore energy development

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Mozambique

New facility expands in-country drilling and completion fluids capability, advancing the next phase of SLB’s growth in Mozambique

PEMBA, Mozambique, October 9, 2026/APO Group/ –SLB (NYSE: SLB) (www.SLB.com) announced the opening of a new fluids systems plant in Pemba, Mozambique. The new facility strengthens in-country capacity to prepare, store and deliver drilling and completion fluids for offshore operations, reinforcing the infrastructure needed as Mozambique’s offshore activity grows and its role as a strategic energy hub for East Africa continues to expand.

The commissioning of the plant, also known as a liquid mud plant, coincides with SLB marking 70 years of operations in Mozambique. It reflects the company’s long-term commitment to investing in people, infrastructure and capability that support the country’s long-term offshore energy development plans.

 




  

With an initial storage capacity of 21,000 barrels, the liquid mud plant provides a scalable platform for future growth, supporting multiple customers and rising offshore activity while improving logistics and enhancing operational flexibility.

As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions

“As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions,” said Miguel Baptista, Central, East and Southern Africa, Managing Director, SLB. The new liquid mud plant strengthens local energy infrastructure, expands opportunities for local content development, and enhances our ability to support customers as they deliver some of Africa’s most significant offshore energy resources.”

The liquid mud plant project was delivered with strong local participation and that momentum is expected to continue into operations. During project delivery, more than 100 jobs were created in Pemba with nationals representing 80% of the workforce, reflecting a focus on building local capability.

The project was delivered with a strong focus on safety, operational integrity, and quality, achieving more than 67,000 hours worked without a recordable safety incident.

This key infrastructure strengthens SLB’s ability to support consistent service quality and enhance supply chain readiness for increasing offshore activity across Mozambique, supporting customers execute safely and efficiently while developing local skills and expertise.

Key Points:

  • SLB has commissioned a new fluids system plant in Pemba, expanding in-country drilling and completion fluids capability for offshore operations.
  • With an initial storage capacity of 21,000 barrels, the facility provides a scalable platform to support growing offshore activity in Mozambique.
  • The investment marks the next phase of SLB’s growth in Mozambique, strengthening local capability and supporting long-term offshore energy development.

Distributed by APO Group on behalf of SLB.

 

 




 

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South African Energy Storage Association (SAESA) welcomes 4,600 MW battery storage prioritisation and calls for integrated energy planning

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Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply

JOHANNESBURG, South Africa, October 9, 2026/APO Group/ –The South African Energy Storage Association (SAESA) (www.SAESA.org.za) welcomes the prioritisation of 4,600 MW of battery energy storage under the first Integrated Resource Plan (IRP) 2025 Section 34 determination.

 




  

The timing is significant. Recent Integrated Energy Plan (IEP) modelling and assumptions discussions highlighted a fundamental shift that South Africa’s energy planning now needs to capture: we cannot plan the future power system by counting megawatts of generation alone.

We must plan for when energy is available, where it is available, how it moves through a constrained grid and how it is stored and dispatched when the system needs it most.

The announcement reinforces that shift. Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply.

For SAESA, the message for the IEP is clear: storage, flexibility and system services must be modelled as integral components of South Africa’s future electricity architecture, with their contribution considered from the outset of generation planning.

“The IEP must plan the power system we are becoming, not simply model the power system we have inherited,” says SAESA.

The IEP must plan the power system we are becoming, not simply model the power system we have inherited

Partnership with C&I Energy + Storage Summit

SAESA is an association partner of the C&I Energy + Storage Summit, created by VUKA Group, taking place on 28–29 October 2026 at The Maslow Hotel, Sandton, Johannesburg.

The summit brings together commercial and industrial energy users, project developers, financiers, regulators and solution providers to explore practical approaches to energy security, procurement and storage deployment.

For businesses assessing how storage can support their operations, the event offers an opportunity to meet SAESA and engage with the wider energy community on the decisions shaping South Africa’s evolving electricity system.

Commercial and industrial energy decision-makers are invited to apply to attend as hosted buyers. Qualifying buyers receive complimentary summit access and curated opportunities to engage with industry partners.

 

Meet SAESA at C&I Energy + Storage Summit: Join the Hosted Buyer Programme

The Hosted Buyer Programme connects commercial and industrial energy decision-makers with solution providers shaping South Africa’s evolving private energy market.

Qualified energy buyers receive complimentary access to the summit and curated engagement with industry partners exploring energy procurement, storage deployment and project development.

Apply for the Hosted Buyer Programme (https://apo-opa.co/4ehLijJ)

Distributed by APO Group on behalf of VUKA Group.

 




 

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Afreximbank welcomes launch of Africa Credit Rating Agency as an important step in strengthening Africa’s financial architecture

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Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets

PORT LOUIS, Mauritius, October 8, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) welcomes today’s launch of the Africa Credit Rating Agency (AfCRA), an important milestone in strengthening Africa’s financial architecture and expanding the continent’s capacity to generate credible, independent analysis of African credit risk.

 




 
 

Credit ratings play an important role in determining access to capital, influencing investor perceptions and shaping the cost at which governments, institutions and businesses can finance development. It is therefore essential that assessments of African credit risk are independent, rigorous and evidence-based, while reflecting a complete understanding of the structures, institutions and economic realities being assessed.

The establishment of AfCRA adds an important African-led source of credit opinion to the market. Its value will not be measured by whether it produces more favourable ratings, but by the credibility of its analysis, the quality of its data and transparency of its methodology, and its ability to deepen understanding of African sovereigns, sub-sovereigns and corporate credit.

This is particularly important given that many African issuers remain unrated, while local-currency and sub-sovereign markets continue to have limited rating coverage. Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets.

AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans

Alongside fellow members of the Alliance of African Multilateral Financial Institutions (AAMFI), Afreximbank has consistently maintained that African Multilateral Financial Institutions should be assessed on the basis of their fundamentals, performance, legal frameworks, mandates and operating models. Ensuring that these institutional characteristics are properly understood is essential to achieving informed, balanced and credible assessments of African risk.

Commenting on the uniqueness of the African market, and need for AfCRA’s rating methodology to reflect this, Mr Denys Denya, Senior Executive Vice President, Afreximbank, said: “The rating methodology AfCRA develops must recognise the uniqueness of our environment and its institutional structures. The Agency must set its own standards and not follow those set elsewhere — it must build a unique identity that conforms to an ‘African best practice.”

Highlighting the need for the autonomy of the Africa Credit Rating agency as it takes off, Mr Denya added: “Most importantly, AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans. We must all use it, and in return expect a complete assessment of where we (Africa) stand: the strengths the market has ignored, and the weaknesses we still need to fix.”

AfCRA should therefore be seen as complementary to existing international and regional rating agencies, broadening the range of credible analysis available to investors and issuers while strengthening competition, transparency and analytical capacity within Africa’s credit markets.

As Africa seeks to mobilise the scale of capital required for industrialisation, trade, infrastructure and economic transformation, credible African institutions that improve information, strengthen market confidence and deepen the continent’s financial markets will become increasingly important.

Afreximbank congratulates the African Union, the African Peer Review Mechanism (APRM) and all those involved in bringing AfCRA from concept to launch, and looks forward to the contribution the Agency will make to deeper, more transparent and more efficient African capital markets.

Distributed by APO Group on behalf of Afreximbank.

 




 

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