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South Africa's Trade Shield, a fintech startup specializing in credit risk management solutions, has raised ZAR15 million (US$820,000) from FNB’s Vumela Enterprise Development Fund. The funding will support its growth in South Africa and globally, enhancing its subscription-based platform that helps businesses manage trade credit risk through AI-driven analytics. Trade Shield aims to drive financial inclusion for small businesses by providing access to trade finance, showcasing its potential to scale as a SaaS-based business.
The Orange Corners Innovation Fund (OCIF) GROW programme is offering funding between ZAR200,000 (US$11,000) and ZAR1 million (US$55,000) to young South African innovators aged 18-35 with proven market traction. This initiative, powered by CDI Capital and backed by the Kingdom of the Netherlands, aims to support ambitious entrepreneurs through grant funding, interest-free loans, mentorship, and investment readiness. Applications are open until March 31.
South African startup Jem HR has secured ZAR60 million (US$3.3 million) in pre-Series A funding to enhance its WhatsApp-based HR platform, which provides deskless employees with access to wages, company communications, and financial wellness tools. The funding, led by Old Mutual's Next176, will facilitate expansion beyond Southern Africa and the development of new products aimed at improving the lives of frontline workers. CEO Simon Ellis emphasized the platform's role in addressing challenges faced by deskless employees, including low wages and safety concerns.
Law enforcement in Mozambique has shot hundreds of civilians, exacerbating poverty and crime, while critical issues like the Cabo Delgado war, hurricanes, deforestation, and a failing health and education system remain overlooked. The Ematum loan scandal, involving bribes and illegal loans totaling $2.007 billion, has plunged two million people into poverty, with the repercussions still unfolding as the country struggles to recover. Recent fines against Credit Suisse executives highlight ongoing legal investigations into this major financial scandal.
Goldman Sachs has downgraded its outlook on South African equities, citing concerns over economic conditions. In contrast, the firm remains optimistic about emerging markets in Europe, highlighting potential growth opportunities in the region.
JPMorgan, Wells Fargo, and Franklin Resources Inc. have significantly reduced their investments in South African bonds this quarter, marking the highest outflows since before the May elections. Franklin cut its holdings by 9% to 12.9 billion rand ($709 million), while JPMorgan and Wells Fargo also made substantial reductions, with Wells Fargo slashing its position by over half, according to data compiled by Bloomberg.
Franklin Resources, JPMorgan, and Wells Fargo have significantly reduced their South African bond holdings amid deteriorating US relations, leading to the largest outflows since before the May elections. Concerns over potential loss of preferential trade status under AGOA and a bleak fiscal outlook have intensified investor anxiety, with foreign sales reaching 16.1 billion rand in March. The rand's recent strength is attributed to foreign investors unwinding currency hedges as bond prices react to these developments.
Old Mutual reported a 14% increase in adjusted headline earnings for 2024, with a 17% rise in earnings per share, driven by strong operational performance and cash generation of R10.5 billion. The company is set to launch OM Bank by Q4 2025, despite anticipated initial losses, while enhancing its digital capabilities and sustainability initiatives. Looking ahead, Old Mutual aims to navigate economic challenges in South Africa and expand its operations across the continent.
AliExpress has expanded its local payment options across several African countries, allowing shoppers in Egypt, South Africa, Algeria, Ethiopia, Morocco, and Tanzania to transact in their national currencies. This initiative aims to enhance cross-border e-commerce by reducing transaction friction and improving payment security. The expansion coincides with a major promotional event and is part of AliExpress's broader efforts to improve logistics and customer experience in Africa.
Europe is intensifying its diplomatic and economic engagement with the Global South, particularly Africa, as the US under Trump retreats from these relationships. European Commission President Ursula von der Leyen co-hosted an EU-South Africa summit, highlighting the EU's significant investment and trade ties with South Africa, which serves as a gateway to broader African markets. This strategy aims to counterbalance the influence of Russia and China, who are also vying for partnerships in the region amidst a backdrop of increasing non-alignment among African nations.
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