Connect with us

Ventureburn

Spot Money app launches stokvel feature

Spot Money has released a shared wallet feature on their fintech app, Spot to create transparency for shared financial investments like stokvels.

Published

on

South Africa’s newest digital banking platform, Spot Money has launched a shared wallet feature on their fintech app, Spot. The feature is a digital solution that seeks to create transparency for shared financial investments, like stokvels.

New Shared Account feature

The Spot app offers customers transactional banking; a free monthly account and a marketplace for everyday needs. With the new Shared Account feature, up to 10 people can manage their finances easily through a shared wallet. There is no monthly account fee, which allows for accessibility at every income level.

The Spot Shared Account feature allows up to 10 people to transact transparently

“Fintech is pioneering the way that the financial management needs of stokvels are serviced. The adoption of such technology is being driven by young, urban populations, with many members using modern financial technologies to better manage their investments,” says Josephine Mbire, Head of Customer Support at Spot Money.

The stokvel savings concept has seen increased legitimacy in recent years, operating just outside the financial sector and financing households throughout Africa for decades.

Nearly 12 million South Africans belong to these informal savings clubs where members take turns to receive a fixed amount of money. Stokvels finance groceries, school supplies, household appliances and attract about R50-billion a year in investments, making them a legitimate vehicle driving our country’s economy.

“There has long been a need amongst stokvel members for greater transparency of where their money is going, and assurance that it’s being handled prudently. Traditionally, one person would collect all the money, and they would effectively hold all the power over how and when payments would be made, with other members having little insight into the movement of their investments,” explained Mbire.

The app’s scan-to-pay feature means that stokvel members won’t risk carrying big cash amounts when making group purchases. Users can also earn instant cashback rewards into their Spot Rewards wallet when shopping at partner stores such as Checkers, Shoprite & USave.

“Until now, shared accounts meant a primary account holder would provide limited access to chosen beneficiaries. Our approach makes all account holders equal partners and gives everyone full sight of what’s going on in the account: they can see who paid and received money and are able to top up and make payments out of that account through a range of channels,” said Mbire. ‘Stokvels have been around forever, and it’s high time the formal financial sector started catering to them. We believe Spot offers stokvels a great way to manage their money more effectively.”

Read more: Expert tips for SMEs this tax season
Read more: Initiative provides SMEs with free logo design and business support

Featured image: John Schnobrich via Unsplash

“Fintech is pioneering the way that the financial management needs of stokvels are serviced. The adoption of such technology is being driven by young, urban populations, with many members using modern financial technologies to better manage their investments,” says Josephine Mbire, Head of Customer Support at Spot Money.

Source: https://ventureburn.com/2021/06/spot-money-app-launches-stokvel-feature/

spot-money-app-launches-stokvel-feature

Ventureburn

OneDayOnly’s daily deals reaffirms SA liquor industry support

SA’s leading flash sale site OneDayOnly has announced its continued assistance to the local liquor industry through the recent move to Level 4 lockdown.

Published

on

SA’s leading flash sale site OneDayOnly has announced its continued assistance to the local liquor industry through the recent move to Level 4 lockdown.

The e-commerce site has displayed resilience and innovation through previous alcohol bans by allowing vendors to keep taking orders, thereby supporting many local businesses to continue seeing a profit. “During the previous lockdowns we continued to support the local liquor industry by running weekly promotions that made wine and other locally produced products available for purchase on the site which was then delivered directly from the supplier as soon as trading resumed,” says Laurian Venter, Director for OneDayOnly.

Continued support for local SA liquor industry

In a report published in February 2021, the South African Liquor Brand owners Association (SALBA) published the cumulative economic losses incurred over the last three bans. Commenting on the report, SALBA CEO Kurt Moore said that not only is the industry and its people suffering, but the Government itself was experiencing considerable losses to the fiscus.

The site will continue to run daily liquor deals through Level 4

The report shows that the tax revenue loss (excluding excise) to the fiscus from the value chain arising from the bans amounted to R29.3- billion (equivalent to 2.3% of tax revenue) and direct excise tax revenue lost across the nation was R8.7-billion (equivalent to 21.2% of excise revenue).

Moore clarified that SA’s GDP loss was approximately R51.9-billion. “If you factored in the loss of potential total capital formation – some R21.7-billion (equivalent to 0.3% of national capital formation, or fixed capital investment in 2019) – then the prohibition measures could only be viewed as a national socio-economic disaster,” he said.

The e-commerce site will be running daily liquor deals, Wine Wednesday, Thirsty Thursday and Festive Friday promotions and will deliver once the lockdown lifts to assist local farms and businesses with expenses and staff costs.

Clarifying the decision, Venter concludes: “From a professional and personal standpoint, we have friends across both these industries that have been devastated by the last two lockdowns.”

Read more: Imperial donates R1-million for healthtech to Unjani Clinics
Read more: SA tech startup aims to create the fastest insights on the planet [Sponsored]

Featured image: Maja Petric via Unsplash

The site will continue to run daily liquor deals through Level 4

Source: https://ventureburn.com/2021/06/onedayonly-daily-liquor-deals-reaffirms-support-sa-industry/

onedayonly's-daily-deals-reaffirms-sa-liquor-industry-support

Continue Reading

Ventureburn

She Loves Tech calls for African female-focused startups

Applications are open for She Loves Tech, the world’s biggest startup competition for women in tech. Prizes of up to $50 000 available!

Published

on

Applications are open for She Loves Tech, the world’s biggest startup competition for women in tech. The competition is hosting its seventh edition with prizes up to $50 000. This year’s focus hones in on African tech startups.

Fundraising will be front and centre this year

Since its inception, the global non-profit organisation has committed to closing the funding gap for women entrepreneurs and building an ecosystem for technology, entrepreneurship and innovation that creates opportunities for women. Fundraising will be front and centre this year and this pitch round will be held across over 40 countries. Partners of the event include ATAST, Beijing Women’s International Center, Circle, Girls in Tech Macau, Gobi Partners, Hatch and the Kerala Startup Mission.

More than just a tech competition

“Last year, we announced our new mission to catalyse $1-billion funding for startups coming through She Loves Tech by 2030,” says co-founder Rhea See.

Startups can expect increased funding and one-on-one opportunities with leading VCs, mentoring hours, and direct cash and investment prizes throughout the series. Alumni startups from previous years have received over $250-million in aggregate funding from some of the world’s top investors, including Sequoia Capital, Vertex Ventures, Wavemaker, Microsoft and Amazon

“She Loves Tech 2021 is more than a competition, it is an acceleration platform designed to take women-led and women impact startups to the next level,” remarks co-founder Leanne Robers. Previous participants include Arianna Huffington (Co-Founder & CEO, Thrive Global), Ann Cairns (Executive Vice Chair, Mastercard) and Mahmoud Mohieldin (UN Special Envoy on Financing the 2030 Agenda).

“Without women, we are unable to solve the world’s greatest challenges. Women represent a new generation of innovation and disruptive thinking,” comments co-founder Virginia Tan.

If you are a tech startup with at least one female founder or a majority of female consumers or end-users, apply here before registrations close.

Read more: Harambee Youth Accelerator acquires SA hiring app Giraffe
Read more: Women in tech at risk of being left behind

Featured image: @canweallgo via Unsplash

“She Loves Tech 2021 is more than a competition, it is an acceleration platform designed to take women-led and women impact startups to the next level,” remarks co-founder Leanne Robers. Previous participants include Arianna Huffington (Co-Founder & CEO, Thrive Global), Ann Cairns (Executive Vice Chair, Mastercard) and Mahmoud Mohieldin (UN Special Envoy on Financing the 2030 Agenda).

Source: https://ventureburn.com/2021/06/she-loves-tech-calls-for-african-female-focused-startups/

she-loves-tech-calls-for-african-female-focused-startups

Continue Reading

Ventureburn

The value of effective servant leadership in 2021

In a crisis, servant leadership is an organisation’s most useful tool. Alwyn Rossouw, CEO of The Marathon Group features.

Published

on

A significant crisis in an economy that affects the business can either drive a team to greatness or widen any cracks in the company’s foundations. The difference between the two often rests on the effectiveness of a company’s leadership.

According to Alwyn Rossouw, CEO of The Marathon Group, a management consultancy and financial services company, navigating a global pandemic has put this principle to the test. “Over the last year, we have seen many companies have to deal with loss in revenue streams, pivots to business models and a digital revolution that has changed the way business is being done.”

…it came naturally to them to serve, to care, to be humble and be authentic

Rossouw explains that one of the critical components that will help business owners navigate the rocky path ahead is effective leadership. “With the emergence of remote work and highly dispersed workplaces, being able to drive teams to success is hugely dependent on this.”

The pandemic and servant leaders

“During times of uncertainty, employees want to feel connected to their leadership. They must be able to get emotional reassurance that their leaders will take care of them and the business when things are tough. Leaders with a servant leadership mindset were able to demonstrate this during the pandemic, as it came naturally to them to serve, to care, to be humble and be authentic,” he adds.

With a delayed rollout of vaccines in SA, the International Monetary Fund (IMF) has predicted that SA’s local economy is likely only to expand by a mere 3.1% in 2021 and 2% in 2022.

“The slow recovery in SA will continue to put a severe strain on businesses. This will require leaders to look inward at what better they can do to effectively manage both their business and the people who help drive its success,” says Rossouw.

This also puts a massive spotlight on many of the fundamental components that help to build successful organisations. “This goes beyond just robust systems and structures. Often companies forget about one of the most important parts – the human element,” he clarifies.

“People make up organisations,” Rossouw explains. “As simple as this may be, this plays a significant role in shaping a positive employee experience, building a better workplace culture, and driving employee success – which in turn equals business success.”

“The ability of leadership to develop, maintain, and retain their unique culture over the life of a company is what leads to enduring success,” he says.

Rossouw says that an interesting reality is that money is not the prime motivator for many employees. “Instead, most would prefer working in an environment that fosters a healthy, high-performing culture that isn’t only obsessed with generating profit. Many of these employees love the family-like spirit in their organization and a shared purpose that keeps them motivated and inspired to perform at their best.”

Effective leaders understand the value of building a committed and engaged workforce. “The knock-on effect of this is that their employees eventually feel empowered enough to take on greater accountability,” he explains.

“By delegating authority to their employees, asking them for their input, and encouraging them to make their own decisions, it all leads to a more proactive workforce in which everyone is working towards building company success,” Rossouw adds.

An important marker, he explains, is that when leaders take time to both understand and appreciate the effort of their team members it not only shows care about their employees but also the outcomes they are producing.

“Being an effective leader ultimately helps to build clarity, alignment and trust in businesses in SA. Similar to the famous Stockdale Paradox, leaders on the one hand have to accept the current reality, but remain steadfast in the faith that they have that if they follow through things will eventually prevail.”

What leaders can do right now

Rossouw explains that there are three fundamental steps that business leaders can take today to improve connection, clarity and creativity:

  • In times of uncertainty, instil a caring culture and connect deeply with your team. Human beings are built for connection and more so when we are anxious. People face significant worries at the moment and have additional caring duties. This is not the time to feel isolated. Go out of your way to care deeply and be exceedingly human. You might not have definitive answers to every concern your team has, but don’t let that deter you from listening and connecting with your team.
  • Be clear about what your new short-term thematic goal and strategic priorities are. When you lead from afar, managing and inspiring your team can be difficult. Be persistent. Communicate with confidence and over-communicate with consistency to ensure everyone feels close to the heartbeat of the organisation. Your future direction may be unclear, but be clear about the processes you are going to be following and keep your team informed along the way.
  • Be creative. Find new routines and rhythms to ensure your processes, workflows, structures, meeting formats, roles and decision-making processes are still relevant and effective. In short, recognise what isn’t working and change fast. And be open to test, fail and learn quickly as we need to be agile to survive in these times.
  • Read more: Blogging is (still) the perfect side hustle
    Read more: Pixelsmith Studios opens digital marketplace for SA creatives

    Featured image: Mapbox via Unsplash

    Rossouw explains that one of the critical components that will help business owners navigate the rocky path ahead is effective leadership. “With the emergence of remote work and highly dispersed workplaces, being able to drive teams to success is hugely dependent on this.”

    Source: https://ventureburn.com/2021/06/the-value-of-effective-servant-leadership-in-2021/

    the-value-of-effective-servant-leadership-in-2021

    Continue Reading

    Title

    Bioengineer14 hours ago

    Reduced microbial stability linked to soil carbon loss in active layer under alpine permafrost degra

    Credit: NIEER Chinese researchers have recently discovered links between reduction in microbial stability and soil carbon loss in the active

    Reuters2 days ago

    Chipmaker TSMC says too early to say on Germany expansion

    Taiwan Semiconductor Manufacturing Co Ltd (TSMC) (2330.TW) said on Monday that it was too early to say whether it will...

    Bioengineer4 days ago

    SNMMI Image of the Year: PET imaging measures cognitive impairment in COVID-19 patients

    Credit: G Blazhenets et al., Department of Nuclear Medicine, Medical Center - University of Freiburg, Faculty of Medicine, University of

    Techcrunch4 days ago

    The DL on CockroachDB – TechCrunch

    As college students at Berkeley, Spencer Kimball and Peter Mattis created a successful open-source graphics program, GIMP, which got the...

    CNBC4 days ago

    International: Top News And Analysis

    CNBC International is the world leader for news on business, technology, China, trade, oil prices, the Middle East and markets.

    Blockchain news5 days ago

    Ethereum is Expected to Undergo a 90% Daily Emission Reduction Following ETH 2.0 Upgrade

    Market analyst Lark Davis believes that Ethereum 2.0 upgrade will prompt a 90% daily emission reduction from 12,800 to 1,280.

    Reuters6 days ago

    EXCLUSIVE India watchdog accuses Amazon of concealing facts in deal for Future Group unit

    India's antitrust regulator has accused Amazon.com Inc (AMZN.O) of concealing facts and making false submissions when it sought approval for...

    Bioengineer1 week ago

    Scientists demonstrate promising new approach for treating cystic fibrosis

    Scientists led by UNC School of Medicine researchers Silvia Kreda, Ph.D., and Rudolph Juliano, Ph.D., created an improved oligonucleotide therapy

    CNBC1 week ago

    Earnings

    Corporate Company Earnings, Find Earnings Per Share and Earnings History Online

    Entrepreneur2 weeks ago

    How Success Happened for Josh Harris, Co-Founder of Apollo Global Management and Co-Founder of Harris Blitzer Sports & Entertainment

    Harris has a knack for building and growing forward-thinking ventures.

    Review

      Select language

      Trending