Luke Fraser

2 days ago | businesstech.co.za | Luke Fraser

Capitec has seen a massive jump in its profit metrics, as the bank’s active client base and branch numbers increase. In its financial results for the year ended 28 February 2025, Capitec noted that several additions to the group over the last five years have expanded its active client base. This includes business banking, value-added services (VAS), its mobile offering Capitec Connect and acquiring its insurance licence to complement its personal banking products.

2 days ago | businesstech.co.za | Luke Fraser

Consumer price inflation dropped to a surprising low of 2.7% in March 2025, giving some hope for further interest rate cuts in South Africa despite unsettled markets. Annual consumer price inflation declined more than expected from 3.2% in February 2025 to 2.7% in March 2025, below the South African Reserve Bank’s target range of 3% to 6%. The last time inflation was lower than this was in June 2020, when it reached 2.2% during the Covid-19 pandemic.

2 days ago | businesstech.co.za | Luke Fraser

Outgoing Capitec CEO Gerrie Fourie received over R100 million in his single-figure remuneration package in the 2025 financial year as the bank’s earnings skyrocketed. Fourie, who has been Capitec’s CEO for over a decade, saw his single-figure remuneration rise from R65.7 million in FY24 to R104.8 million in FY25. His pay package included R18.8 million in guaranteed pay, R16.9 million in short-term and R75 million in long-term incentives.

4 days ago | businesstech.co.za | Luke Fraser

The rand recently hit its worst-ever level of R19.93 against the dollar amid market panic over US President Donald Trump’s tariffs and concerns over the Government of National Unity’s (GNU’s) future. The unit recovered slightly at the start of the week following Trump’s order to pause ‘reciprocal’ tariffs that were to kick in on 9 April. This included a 30% tariff on South African goods, which has now been reduced to the global minimum of 10%.

5 days ago | businesstech.co.za | Luke Fraser

South African President Cyril Ramaphosa is reportedly considering appointing an Afrikaner as the new South African Ambassador to the United States, amidst heightened political tensions between the countries.  As reported by the Sunday Times, Ramaphosa and International Relations Minister Ronald Lamola are looking to appoint a senior Afrikaans political figure to replace Ebrahim Rasool.