Ugandan leader Yoweri Museveni meets Elon Musk's Starlink to discuss entry to East African nation
A unit of SpaceX, the satellite internet company is rapidly expanding its services in Africa and is live in more than a dozen countries. It was granted licences by Somalia and Lesotho earlier this month.
"I appreciate their commitment to providing low-cost internet in hard to reach areas and establishing a presence in Uganda. They are welcome," Museveni said on X.
Ugandan consumers have long complained about the high cost and unreliability of domestic internet services, which some blame on the lack of sufficient competition in the market.
It was unclear if Starlink had formally applied for a licence to operate in Uganda. A spokesperson for the sector regulator Uganda Communications Commission did not respond to a Reuters request for a comment.
A unit of South African telecom giant MTN group is the dominant player in the East African country's data market and chiefly competes with a unit of India's Bharti Airtel .
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Daily Maverick
3 hours ago
- Daily Maverick
SA's crypto regulations ‘deny investors access to best-performing asset of past decade', says Luno GM
Luno's general manager for Africa and Europe has harsh words for SA's financial regulators, saying that keeping pension funds out of exchange-traded funds is denying them billions of rands in liquidity. South Africa's crypto regulation debate has, at its centre, an ominous-sounding 'Board Notice 90'. No, it's not an order for Anakin Skywalker to go lightsabre-happy on younglings; it is an obscure piece of regulation that, in practice, keeps the country's most popular investment structures (pension funds) locked out of the global crypto boom. Finance Minister Enoch Godongwana insists that prohibition is necessary. When asked why in Parliament, he said cryptocurrencies were 'risky investments' and the rules were designed to protect 'unsophisticated investors.' But Marius Reitz, Luno's general manager for Africa and Europe, isn't buying it. 'It is becoming increasingly irresponsible for South African regulators and financial institutions to deny investors access to the best-performing asset of the past decade: bitcoin,' he said. The art of protection Reitz argues the minister's reasoning is inconsistent. Retail investors are already free to open an account with Binance, Luno or VALR and put their savings into bitcoin or ethereum directly. What they can't do is gain exposure through a Collective Investment Scheme (CIS) — the family of unit trusts, hedge funds and exchange-traded funds (ETFs) that anchor South African retirement and savings products. 'The surprising part,' said Reitz, 'is that unsophisticated investors are free to invest directly in crypto but are prevented from doing so via structured and professionally managed portfolios.' Globally, crypto ETFs have moved from niche to mainstream. In the United States, BlackRock's bitcoin ETF became the fastest fund in history to hit $70-billion under management. Local investors, meanwhile, can only watch from the sidelines. History casts a long shadow To understand how we got here, you have to go back more than six decades. South Africa's exchange control regime was created in 1961, in the aftermath of the Sharpeville massacre. Capital fled the country, and the apartheid government introduced sweeping controls to put a stop to this. Those regulations are still largely in place, despite the democratic transition. A 2020 Reserve Bank position paper even admitted that exchange controls 'do not govern the transfer of cryptocurrencies in and out of South Africa'. In practice, that means a regulatory vacuum. The vacuum was finally punctured in October 2022, when the Financial Sector Conduct Authority declared crypto assets to be 'financial products', forcing service providers to obtain licences. Two months later, Godongwana designated crypto-asset platforms as 'accountable institutions' under the Financial Intelligence Centre Act, subjecting them to anti-money laundering rules. Changing the game Then, in a landmark judgment in May 2025, Judge Mandlenkosi Motha ruled in the North Gauteng High Court that cryptocurrencies fell outside the 60-year-old exchange control framework. He called the regulations 'not fit for purpose' to deal with digital assets, adding bluntly: 'A regulatory framework addressing cryptocurrency is long overdue.' That ruling has forced the Reserve Bank into action. Godongwana has confirmed that a new crypto framework will be published later this year, setting out clear parameters for cross-border flows and the responsibilities of crypto platforms. The focus is on preventing illicit financial activity, not enabling local investment. It also followed the first of many bitcoin all-time highs. Hannes Wessels, Binance South Africa's general manager, told Daily Maverick, 'It reflects growing global confidence in digital assets, driven by strong institutional demand and regulatory progress. At Binance, we're proud to support this momentum and remain committed to accelerating crypto adoption worldwide.' What this means for you If the Reserve Bank tweaks the rules, especially by designating locally held crypto as 'onshore', it could open the door for South African ETFs and collective investment scheme (CIS) funds to include bitcoin. That would mean you could get exposure through the same structures that manage your retirement annuity or unit trust. Luno estimates that clearer rules could unlock billions in institutional capital and generate up to R500-million in extra tax revenue. That's not just good for investors, it's money for the fiscus too. Right now, the safest, most regulated investment vehicles in South Africa are shut out of crypto. If Board Notice 90 is amended, the average investor could finally get exposure to the digital asset class, but with the guardrails of professional management. Until then, it's DIY. Execute Board Notice 90 Reitz's real gripe is with Board Notice 90 of 2014. The document prescribes what assets CIS funds can hold. Crypto is explicitly excluded. For Reitz, that means South African pension funds and institutional investors are locked out of the world's fastest-growing asset class. But, to be fair to the lawmakers, bitcoin was only five years old. Between 2015 and 2025, bitcoin's value surged by around 37,000%, moving from about $430.57 to $119,448.49. Reitz argues that South African savers missed the bus, not because they were cautious, but because regulators decided on their behalf. 'A measured allocation to crypto assets could give ordinary investors a stake in the future of digital finance,' he said. Luno wants the Reserve Bank to go further still, by designating digital assets as 'onshore' when held with locally licensed platforms. That would clarify whether bitcoin ETFs count toward the strict foreign asset limits that keep institutional investors cautious. Reitz says such a move could unlock billions in liquidity and generate up to R500-million in extra tax revenue. The road ahead Godongwana has never explicitly opposed changing bitcoin regulations; he is just wary of rushing it. His rhetoric has consistently centred on protecting the integrity of the financial system. 'Trust is fundamental to any financial system's effectiveness and existence,' he told MPs. 'To counteract this, we must adopt a regulatory framework that is as dynamic and proactive as the financial sector itself.' But the clock is ticking. Other jurisdictions are already treating crypto as a legitimate asset class. South Africa's investors, many of whom already hold crypto directly, are left without the safeguards and efficiencies of professional management. For now, Godongwana's caution carries the day. But with each passing year, the cost of sitting on the sidelines grows. DM
IOL News
6 hours ago
- IOL News
Murendeni Nefale: rewriting South Africa's literacy narrative with purpose and power
Murendeni Nefale is the founder and CEO of Chosen Epics. Image: Supplied. Murendeni Nefale's journey from reluctant reader to purpose-driven entrepreneur is one marked by resilience, innovation, and a deep commitment to empowering South Africa's youth. As the founder and CEO of Chosen Epics, a youth-led storytelling and literacy venture, Nefale has placed the power of narrative at the heart of social change. "I was not a big reader growing up. To this day, I am still not a big reader, I am a big story consumer," Nefale said. His inspiration came from early experiences with visual storytelling, such as the Supa Strikas cartoon in local newspapers and Diary of a Wimpy Kid, which blended traditional books with cartoon-style storytelling. These moments showed him how engaging, relatable content could ignite imagination and fuel literacy. Chosen Epics is no ordinary publishing or reading initiative. It is a multidimensional platform that blends fantasy fiction, comics, audiobooks, and digital content with literacy programs focused on identity, resilience, and expression. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading "What makes us different is our multi-pronged approach. We created a fantasy story, rare in South Africa that allowed us to expand into comic books, video content, and even an audiobook," Nefale said. "This format helps us engage students in meaningful ways, while reinforcing what the school system already does." At the core of Chosen Epics lies the belief that storytelling builds identity. Nefale said the characters in his stories come from six continents, representing a diverse mix of race, culture, and gender. One of the main characters, Tumi from Soweto, reflects a reality many South African children will relate to, a young girl living with her grandmother and siblings while striving to improve her life. "When children see themselves in these stories, it normalises their experiences and inspires them. It gives them the hope and confidence that they can achieve great things," he said. But Chosen Epics is not only about inspiration. It is built on scalable, community-based impact. Nefale said the organisation targets Quintile 1 to 3 schools and aims to partner with government and civil society to distribute stories and learning material. 'We own the rights and copyright to our stories, which allows us to provide digital copies to schools and enable free distribution through WhatsApp and other platforms,' he added. Funding and access remain two of the biggest challenges for the organisation. 'It took me six years to write the book and even longer to get the concept ready,' Nefale explained. 'Raising awareness is also tough. We still rely on word-of-mouth to get into schools, but once we do, teachers and principals are excited about the work.' For Nefale, literacy is directly tied to economic mobility and dignity. 'Literacy is your voice. It is your ability to process, to think, to problem-solve. Without it, how can young people participate in society or the economy?' he said. He believes that entrepreneurs across all sectors have a role to play in fixing South Africa's literacy crisis. 'We must be intentional about creating platforms for youth to learn and grow. Internships and learnerships exist, but access remains a problem. Businesses must go beyond what currently exists and ask: what skills do young people really need?' Nefale's perspective is shaped by real-life encounters with the stark inequality in the country. He recalled one moment during a visit to a school with his young son. 'I watched a boy, maybe Grade 6 or 7, open the gate for us. He looked like he had already given up. I looked back at my son and realised he will have so many opportunities just because of the family and support around him. That boy might never get those chances unless we intervene. That day reminded me why this work matters so much.' Communities have embraced the Chosen Epics model. He stressed that partnerships with schools, local educators, and corporations are essential to scale impact. 'We've set up a sponsorship scheme where companies can sponsor our books and programmes for schools that cannot afford them,' he said. While the government has made progress, Nefale believed there was more that could be done at grassroots level. 'Some officials really care and work hard, but the challenge is implementation. Policy means little if it cannot be rolled out effectively,' he said. As for the private sector, he encouraged more action. 'If we understood the severity of the problem, we would be more deliberate in offering support.' Looking ahead, Nefale envisioned Chosen Epics reaching every province and eventually every continent.
Daily Maverick
9 hours ago
- Daily Maverick
The Finance Ghost: Capitec, Weaver Fintech show growth is possible in SA
Local companies such as Capitec and Weaver Fintech are delivering solid growth in earnings despite South Africa's tepid economy. Goodness knows we are used to hearing about how tough things are in South Africa and how difficult it is to find growth. We regularly have to suffer through announcements such as the latest one from Truworths, where things are so bad in the local business that it has more than offset the growth in the UK, leading to a drop in headline earnings per share (Heps) for the group. And even when we go in with low expectations, such as in the case of KAP, companies can still disappoint us with their local performance. Luckily, there are local companies that restore balance to the world by delivering solid growth in earnings despite the tepid economy. We need to be careful with the definition of 'local' though, as there are many companies listed on the JSE that are generating great results based on factors that are external to South Africa. The JSE isn't SA Inc A good example of the gap between JSE-listed company numbers and the on-the-ground situation in South Africa is Standard Bank, where double-digit growth in Heps and the dividend is thanks mainly to the performance of its African businesses. South Africa only contributes roughly half of Standard Bank's earnings, with lower growth in the local business than in Africa in the latest period. And it's not only about top-line growth, with the outperformance in Africa leading to a positive impact on Standard Bank's margins, as the pockets of growth in Africa offer higher margins than in South Africa. It's also not helpful to use the gold sector as an example of a feel-good story around South Africa, as the reason for growth in earnings is based on global gold prices rather than the state of the local economy. Nobody who holds a JSE Top 40 ETF is complaining about this, but it's an important nuance to keep in mind when considering the JSE vs the South African economy. Luckily, there are names on the JSE that are showing strong growth, thanks to their performance right here at home, illustrating exactly how much potential there is for stock pickers in the financial services sector. Capitec: still the apex predator when it comes to growth Capitec is a company that just doesn't seem to ever stop growing. Come rain or shine in South Africa (and usually the former), it keeps posting great numbers. Capitec is easily the best-performing banking stock on the JSE this year (and over almost any time period you can think of) and it provides a case study of how a focused strategy can win market share and grow earnings even when the broader sector isn't exciting. Sure, that means that this growth comes at the expense of competitors, but Capitec investors are more than fine with that. A recent trading statement noted that Capitec's Heps for the six months to August 2025 will be up by 22% to 27%. The performance has been driven by both net interest income and non-interest revenue, accompanied by a stable credit loss ratio in an environment where all the banks are singing a positive tune around credit quality. Capitec is therefore achieving growth in the loan book without sacrificing quality, helping it win market share from the traditional banking names. It's just more of the stuff that Capitec investors are used to, really. And if there's one thing that investors love, it's dependable growth. Weaver Fintech: the new kid on the block Nobody is surprised anymore by great numbers at Capitec, as the bank is famous for the disruption it has caused to local banking. But there's another name coming through the ranks in financial services that is also causing disruption in the sector, albeit in terms of payments rather than banking. That name is Weaver Fintech, a company that I invested in earlier this year. Weaver used to be called HomeChoice, which for the longest time was a retail-led business that few people paid any attention to. But behind the retail branding, there was a strong lending business being developed. Then, with an acquisition in the buy-now, pay-later (BNPL) space, Weaver suddenly found itself at the forefront of one of the most exciting fintech verticals in South Africa. BNPL is disrupting the way that people pay for retail products. The product does exactly what it says on the tin: customers buy a product (and receive it) and only have to pay later. But unlike a credit card, it's possible to achieve this at absolutely no cost to the consumer – provided that the full amount is paid back in a matter of weeks. Where customers need a longer repayment period, the BNPL service providers offer competitive interest rates. But how can even the short-term deal be free, you ask? The secret sauce is that the merchant is footing the bill. Before you panic about how sustainable that is, it's hardly any different to the credit card commissions that would typically be paid by the merchant when customers pay by card. BNPL therefore gives the merchants a way to sell to a wider base of customers on similar economics to credit card sales. In a country like South Africa where so many consumers are literally living from one payday to the next, this can make the difference between an abandoned cart and a confirmed sale. BNPL is just one part of the Weaver story, with a broader financial services offering that is also performing well. In the six months to June 2025, Weaver grew revenue by 29% and Heps by 45%. Cash quality of earnings is evident, with the interim dividend up 47%. These excellent results have given the company confidence to expand not just the retail footprint (an important distribution channel for financial products), but also the size of the credit book. With such strong growth, the main risk is any deterioration in the credit quality of the book and whether Weaver will grow too quickly to keep things under control, an issue that has claimed many start-up scalps over the years. I'm very happy with my Weaver position in my portfolio, but I've sized it appropriately for a more speculative play that still has a long way to go. Having said that, Capitec also had to start somewhere. I'm happy to have gotten in at what feels like an early stage in the BNPL journey. DM
