Latest news with #R400m
The Citizen
13 hours ago
- Automotive
- The Citizen
Santaco wants faster progress on infrastructure and licensing reforms
Santaco wants faster progress on commuter support, infrastructure, and licensing reforms The South African National Taxi Council (Santaco) has responded with cautious optimism to the 2025 National Transport Budget Vote. It welcomed key commitments while urging the government to act more decisively on long-standing industry challenges. Santaco's delegation, led by first deputy president Mazwe Nkonki, attended the budget vote tabled by Transport Minister Barbara Creecy in Cape Town on Wednesday. While acknowledging some progress, the council stated that critical issues facing the taxi industry remain unresolved. Road safety targets Santaco endorsed the Department of Transport's target to reduce road fatalities by 45% by 2029, describing it as 'a commendable ambition'. Although the council stressed that reaching this goal would require concrete actions such as round-the-clock traffic law enforcement and intensified public awareness efforts. 'We call for increased 24-hour traffic visibility and awareness campaigns to support this goal,' Santaco said in a statement. 'Poor road conditions continue to damage vehicles and endanger lives. We urge government to implement regular monitoring and maintenance of all roads, especially because the taxi industry's routes move from the very rural areas to the most urbanised areas.' Minister Creecy confirmed in her speech that Sanral had taken over 3 099km of provincial roads and would reprioritise maintenance efforts through its Route Road Maintenance Programme. ALSO READ: DA demands full AGSA report on R400m driving licence tender Growing frustration over commuter subsidy delays One of Santaco's strongest criticisms was the continued exclusion of taxi commuters from public transport subsidies. 'While we note the intent to explore a subsidy model, the pace is too slow. 'With taxis transporting over 60% of commuters daily, a fair, inclusive subsidy system must be urgently introduced to ensure affordability and equity,' said Nkonki. Although Creecy said her department is committed to working with the industry to reduce vehicle repayment costs and align operating licences with financial terms, Santaco stressed that 'intent alone is not enough'. ALSO READ: Outa calls for no fines during driver's licence backlog Implementation lags The council applauded the taxi industry's inclusion in government transformation and decarbonisation efforts, including the Transformation Fund, which aligns with the 2020 National Taxi Lekgotla resolutions. 'This assures the industry that government supports our idealised socio-economic development of the sector in collaboration with government,' Santaco said. However, they flagged that the implementation has been sluggish. Santaco said it supports Creecy's plans to streamline operating licence issuance and tie licence validity to vehicle finance terms. 'This will support compliance and financial sustainability for taxi owners,' the council stated. ALSO READ: Three teachers dead, two injured in horror Eastern Cape crash Industry urges accelerated action While expressing cautious optimism, Santaco outlined urgent priorities: Fast-tracking a taxi commuter subsidy model Improved maintenance of roads and taxi ranking facilities 24-hour traffic enforcement Accelerated operating licence reforms aligned with loan repayment terms 'Santaco remains committed to constructive engagement and a transport system that is fair, safe, and inclusive for all,' it said. NOW READ: Transport minister has big hopes for big plans
IOL News
6 days ago
- Business
- IOL News
Lesaka Technologies acquires Bank Zero for R1. 09 billion, boosting its fintech capabilities
Bank Zero CEO Yatin Narsai said their acquisition by Lesaka Technologies would allow the online digital bank to accelerate new revenue streams, improve capital efficiency and unlock synergies across their ecosystem. Image: AI Ron Lesaka Technologies' share price shot up 17.1% Friday morning after announcing it has entered into a R1.091 billion agreement to acquire 100% of South Africa's digital lender, Bank Zero Mutual Bank. The companies said Friday the acquisition will be settled through a combination of new shares—such that the shareholders of Bank Zero will own about 12% of Lesaka's shares at the time of completion of the proposed transaction—and up to R91 million in cash. "The acquisition of Bank Zero is a transformative event in Lesaka's journey, enabling us to better serve our consumers, merchants, and enterprise clients by embedding a trusted, well-engineered neobank capability into our fintech platform,' said Lesaka chairman Ali Mazanderani in a statement. "Our focus has always been on using technology to remove friction, lower costs, and challenge legacy banking norms. Joining forces with Lesaka allows us to accelerate that mission at scale—reaching more customers, faster. It represents a critical step for Lesaka and Bank Zero in realising new revenue streams, improving capital efficiency, and unlocking synergies across our ecosystem," said Bank Zero CEO Yatin Narsai. The 12% stake is valued at about R1bn based on the R88.26 share price. The share price was trading at R81.99 on Friday monring. The selling shareholders of Bank Zero—which include its chairman Michael Jordaan, CEO Yatin Narsai, and other key members of the bank—will collectively hold a 12% stake in Lesaka. The transaction is still subject to the regulatory approvals such as by the Prudential Authority and Competition Commission. Bank Zero, founded in 2018, is built on modern technology on an app-driven platform and a zero-fee banking model, offering retail and commercial banking services. As of the end of April 2025, Bank Zero had a deposit base in excess of R400m and more than 40 000 funded accounts across South Africa. Bank Zero's digital banking infrastructure and its operational banking licence, together with Lesaka's fintech and distribution platform, would transform the way Lesaka is able to conduct business in the future, said Mazanderani. These include better servicing of Lesaka's customers through full banking services, unlocking synergies and opportunities, accelerating innovation, and streamlining Lesaka's Consumer, Merchant, and Enterprise divisions—all enabling a shift in the financial profile of Lesaka and empowering the combined group to deliver greater value to consumers and businesses. 'Lesaka expects the transaction to support a more optimised balance sheet in the future, allowing the group to finance the existing and continued growth in lending books through customer deposits, driving stronger lending unit economics,' Lesaka said. In addition, the reduction in the use of bank debt in the group's Consumer and Merchant divisions would help to deleverage Lesaka's debt. After the deal, Lesaka could achieve a more than R1bn reduction in debt.
The Citizen
10-06-2025
- Automotive
- The Citizen
DA demands full AG report on R400m driving licence tender
In March, the R400m driving licence tender took a wrong turn. The DA has demanded the immediate release of the full report by the Auditor-General of South Africa (AGSA) into the failed driving licence card tender. This follows the repeated breakdown of South Africa's only licence card printing machine, which DA spokesperson on transport, Dr Chris Hunsinger, called a 'collapse that continues to paralyse renewals for millions of motorists'. Driver's licence machine The latest failure of a staggering 733 000 card backlog caused by yet another breakdown of the country's sole driver's licence printing machine has laid bare the systemic dysfunction at the heart of the Department of Transport. 'Despite years of promises to upgrade to smart card technology and to acquire a second machine, the department has failed to deliver,' Hunsinger said. ALSO READ: Here's how much it cost to repair SA driver's licence card printing machine over three years Wrong turn In March, the R400m driving licence tender took a wrong turn after Minister of Transport Barbara Creecy instructed her department to file a high court application for a declaratory order regarding the R400 million tender for driving license card machines. This follows the AGSA's identification of irregularities in Idemia's South African contract as the preferred bidder. The Citizen sought comment from Creecy's spokesperson, Collen Msibi. No response had been received by the time of publication. The story will be updated if a comment is received. AG report Creecy received the final report from the AG in February on the investigation into alleged serious irregularities about the procurement process for the provision of a new machine for the production of the planned new driving licence card. In September 2024, Creecy instructed the AG to expedite and widen the audit scope for the new driving licence card procurement process after new evidence emerged of alleged serious irregularities in the decision to make Idemia the preferred bidder. The contract awarded in 2022 to a French company for new smart card printing equipment was flagged by the Auditor-General as irregular, with costs ballooning from a budgeted R486 million to R898 million, an overrun of more than R400 million. ALSO READ: The driver's licence machine is fixed, but another problem remains 'Department hiding' Hunsinger claims the department has 'hidden behind court proceedings and refused to release the full AG report to Parliament or the public.' He said to 'break the deadlock', the DA will submit a formal Promotion of Access to Information Act (PAIA) request for the full Auditor-General's report. Parliamentary questions Hunsinger added that the DA will also table parliamentary questions to establish whether the AG's findings have been referred to the Treasury, the Presidency, or any law enforcement authority. 'The DA will push for a parliamentary summons of Driving Licence Card Account (DLCA) officials, together with senior leadership from the Department of Transport, to account for this ongoing failure. 'The Department of Transport has shown little regard for its constitutional obligation to be transparent and accountable. We will not accept a government that hides behind broken machines and broken promises,' Hunsinger said. Creecy's action followed the Organisation Undoing Tax Abuse (Outa), providing her with new evidence of alleged serious irregularities in the decision to make Idemia the preferred bidder. ALSO READ: Driver's licence expired while printing machine is broken? Here's what you should do
The Citizen
30-05-2025
- Climate
- The Citizen
Gauteng water outage: Here's how long it could take water to be restored after maintenance
The maximum restoration timeline means that even after maintenance work concludes on 21 July, some areas may not see normal water supply return until early August. Johannesburg residents face a challenging period ahead as major water infrastructure maintenance work is set to disrupt supplies across multiple areas from early June through July, with water restoration potentially taking up to two weeks after each maintenance phase concludes. Rand Water will undertake extensive maintenance operations from 3 June to 21 July 2025, affecting several Johannesburg Water systems and leaving residents with reduced pressure or complete water outages during the seven-week period. The bulk water supplier's infrastructure work will impact critical supply systems serving areas from Sandton to Soweto. Johannesburg Water has warned residents that recovery will not be immediate once maintenance concludes. 'After each maintenance has been completed, it will take maximum 14 days for the system to fully recover, and for normal water supply to return,' the utility stated. Preparation efforts underway With the extensive maintenance period approaching, Johannesburg Water is urging residents to begin water storage preparations immediately. The utility said it would establish alternative water supply points at strategic locations within residential areas, though residents are strongly encouraged to store water independently to reduce strain on the system. 'Residents can store water a few days before the start of the maintenance, to ease the impact on reservoirs & towers,' Johannesburg Water advised. It recommended the use of clean containers with tight lids stored in cool, dark places, with consideration for pets and cooking needs. ALSO READ: Rand Water spends R400m yearly on maintenance as 107-hour winter programme begins Palmiet system disruption The maintenance schedule begins with work on the Palmiet System on 3 June 2025. It will affect: Sandton Systems, Alexander Park Reservoir, South Hills Tower, Randjieslaagte Reservoir, Linksfield Reservoir, and Midrand Systems. This initial phase will run from 06:00 to 16:00 on 3 June, involving Klipriviersberg isolation for cleaning and inspection, reducing pumping capacity to 67 percent for ten hours. ALSO READ: Municipal water crisis 'nothing to do with bulk water supply', says minster at LHWP reopening Extended Eikenhof system maintenance The most significant disruption will affect the Eikenhof System, serving the Commando System including: Hursthill, Brixton and Crosby areas, Lenasia Systems, Randburg and Roodepoort Systems, Soweto Systems, Crown Gardens Reservoir, Eagles Nest Reservoir, and Aeroton Reservoir. This maintenance will occur in two phases, both beginning on 30 June 2025 at 05:00. The first phase, concluding on 2 July at 05:00, involves pipe leak repairs at the Rand Water Zuikerbosch Plant. During this period, pumping will cease entirely for six hours, then increase to 50 percent capacity for 42 hours, before reaching 80 percent for the remaining 19 days. Simultaneously, a second Eikenhof System maintenance operation will run until 21 July 2025, focusing on cleaning sedimentation tanks at the Rand Water Vereeniging Plant. This work will follow the same pumping reduction schedule, with no pumping for six hours, followed by 50 percent capacity for 42 hours, then 80 percent for the remainder of the period. ALSO READ: Gauteng residents warned to brace for major water disruptions this week Zwartkojes system work The Zwartkojes System will experience complete pumping cessation during valve replacement work at Zwartkopjes Station from 30 June at 05:00 until 2 July at 07:00. This will affect: Crown Gardens, Eagles Nest Reservoir, Parktown, Berea, Forrest Hill, Alan Manor, Naturena, and Hector Norris Pump Station areas. The extended recovery period following maintenance completion represents a significant challenge for residents. The maximum 14-day restoration timeline means that even after maintenance work concludes on 21 July, some areas may not see normal water supply return until early August. NOW READ: 21-day water outage in Joburg set to begin Friday
TimesLIVE
27-05-2025
- TimesLIVE
R400m of fake branded goods seized in depot raid
KwaZulu-Natal police confiscated R400m worth of fake branded goods at freight depot at Edwin Swales Drive in the south of Durban on Tuesday. KZN police spokesperson Col Robert Netshiunda said a routine cargo profiling led to the discovery of two containers which contained counterfeit designer clothes, jewellery and kitchenware. These include bags of fake Gucci, Balmain, Louis Vuitton and Karl Lagerfield shoes as well Le Creuse kitchen ware. Both containers were fraudulently declared to be carrying furniture. Netshiunda said preliminary investigations found the containers entered the country from an Asian country and the cargo was destined for Alberton and central Johannesburg in Gauteng. Investigations are under way to uncover possible suspects responsible for importing the counterfeit goods into the country.
