Excellent news for South Africa’s IT and telecoms industry

South African IT and telecommunications companies continue to aggressively market and grow their companies, which bodes well for the industry and the local economy.

This was revealed during MyBroadband’s discussions with prominent South African ICT companies about their views of the current market.

Most companies said they continue to invest heavily in growth, including new product development and increasing marketing budgets.

MyBroadband Q1 2024 numbers confirmed the ongoing optimism in South Africa’s IT and telecommunications market.

MyBroadband, South Africa’s largest ICT publication with 3 million monthly readers, provides a window into the local technology sector.

It had an exceptional start to 2024, with a record number of advertising campaigns and commercial partnerships in the first quarter.

This illustrates the enthusiasm in the South African ICT market, shrugging off concerns about the outcome of the 2024 general elections.

There are many examples of companies investing in their South African operations to grow revenue and capture market share.

In January, OfferZen closed a R82 million funding round from top-tier investors, which will be used to expand its operations.

In February, Mastercard announced it was investing R3.8 billion into MTN’s fintech business. It valued MTN Fintech at nearly R100 billion.

In April , Takealot launched its Township Economy Initiative, investing R150 million into township e-commerce in Gauteng.

Another South African eCommerce player, Zando, launched an international online shopping division called Zando Global to compete against Temu and Shein.

“With the launch of Zando Global, we’re thrilled to provide South Africans with a solution that addresses their concerns about ordering internationally,” said Zando CEO Morgane Imbert.

Bob Group is investing millions in its Bob Box service, a nationwide smart locker and counter solution that provides secure, convenient, and confidential shipments and collections.

Bob Box currently has 12 locations in Gauteng, with a target to reach at least 150 locker locations nationwide by the end of 2024.

Vodacom and MTN’s latest results have also shown that they increased their capital expenditure in South Africa, showing confidence in their local operations.

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Excellent news for South Africa’s IT and telecoms industry