South Africa South African IT and telecommunications firms are actively expanding and promoting their businesses, signalling positive prospects for the industry and the domestic economy.
In recent discussions with key South African ICT companies, MyBroadband learned that many companies are committed to substantial investments in growth, such as developing new products and boosting marketing efforts. The Q1 2024 data from MyBroadband confirms the prevailing optimism in South Africa’s IT and telecommunications sector.
As the largest ICT publication in South Africa with 3 million monthly readers, MyBroadband offers insights into the local tech landscape. The publication had a remarkable start in 2024, with a notable increase in advertising campaigns and business partnerships during the first quarter.
This growth underscores the enthusiasm within the South African ICT market, disregarding uncertainties surrounding the 2024 general elections. Numerous companies are increasing their investments in South African operations to drive revenue growth and secure a larger market share. In January, OfferZen secured R82 million in funding from leading investors to expand its operations. Mastercard announced in February that it is injecting R3.8 billion into MTN’s fintech division, valuing MTN Fintech at nearly R100 billion.
In April, Takealot initiated its Township Economy Initiative by investing R150 million into township e-commerce in Gauteng. Zando, another major e-commerce player in South Africa, introduced Zando Global, an international online shopping segment to compete with Temu and Shein. Zando’s CEO Morgane Imbert expressed enthusiasm about Zando Global, aiming to address South Africans’ concerns about international orders.
Bob Group is making significant investments in its Bob Box service, a nationwide smart locker and counter solution that offers secure and convenient shipping and receiving services. Bob Box currently operates in 12 locations in Gauteng, with plans to expand to at least 150 locker locations nationwide by the end of 2024. Vodacom and MTN have demonstrated increased capital expenditure in South Africa, showcasing their confidence in local operations.
