Metrofile Leaves the JSE and Yoco CEO Steps Down

Plus: Momentum and Indian health insurance IPO

Author

Elly Ngoma
September 23, 2025

Golden Nuggets

  • Metrofile leaves the JSE.

  • Momentum Group considers an IPO for its Indian health insurance venture with billionaire Kumar Mangalam Birla, focusing on rapid growth after breaking even and posting a 76% earnings jump.

  • Tanzania’s biggest bank, CRDB, completes a major upgrade to its core banking system, switching to Temenos T24 to support expansion beyond East Africa with multilingual and multicurrency capabilities.

Main Stories

1. Another tech company takes itself off the JSE: What’s going on?

Why it matters: Metrofile, a South African tech firm focusing on storing and managing business information, is voluntarily delisting from the Johannesburg Stock Exchange (JSE). Delisting means the company’s shares will no longer be publicly traded on this stock market.

So what: Companies choose to delist for various reasons like cutting down on expensive rules and paperwork required by the exchange, or because they’re being bought out by investors who want full control. This is part of a wider trend where fewer companies want to stay public on the JSE, changing the face of South Africa’s stock market.

State of play: The JSE has been going through it. One recent example is the delisting of African Rainbow Capital Investments (ARCI), which took effect in May 2025. ARCI’s shares were trading below their net asset value, prompting the company to make a cash offer to shareholders at a 12.6% premium, allowing investors to unlock full value.

Why do companies delist anyway? Often high regulatory compliance and reporting costs can burden smaller companies, encouraging them to go private. Acquisitions and buyouts by private equity or multinational companies is one of the most common reasons with the JSE. Sometimes, the reason is management decisions aimed at restructuring the firm free from public market pressures.

Be smart: If listing is holding a big party, delisting is making a party private. Shareholders may benefit from buyout premiums but lose the liquidity and transparency of public markets. The JSE faces a shrinking listing pool, which diminishes market depth, diversity, and investor choice. This trend places pressure on South Africa’s capital markets to attract new listings to maintain vibrancy and competitiveness. Banking leaders should watch this trend because it affects where and how companies raise money, and also what options investors have.

2. Momentum’s Indian IPO: Betting big on health insurance growth

Why it matters: Momentum Group, a major South African insurer, is considering an IPO for its Indian health insurance arm in partnership with billionaire Kumar Mangalam Birla. Riding on a 76% surge in earnings and made even more appealing because the venture just broke even.

So what: This move allows Momentum to free capital to expand South African operations while doubling down on India’s booming insurance market. Yes, this is a classic case of “go big or go home.”

Be smart: Emerging market M&A and IPOs are increasingly not just for tech startups; insurance is quietly taking fintech powerhouse. This month, Sanlam, one of South Africa’s largest insurers, announced a major financial partnership with South Africa’s neobank, Tyme Bank. Who’ll be next? Watch this space.

3. Tanzania’s CRDB Bank tech overhaul: A leap for regional expansion

Why it matters: CRDB Bank completed a critical switch to Temenos T24, a high-powered core banking system supporting multi-language and currency transactions — a must-have for a bank eyeing cross-border growth beyond East Africa.

Zoom in: This upgrade means smoother, safer customer experiences and better regional integration — from Dar es Salaam to Dubai. The old tech just couldn’t keep pace with the ambitious expansion plans.

Be smart: Upgrading core banking tech is like swapping a scooter for a sports car: crucial for speed and sophistication in today’s financial landscape.

The Scoop

  • Nasdaq, the iconic US stock exchange known for tech listings, has submitted a proposal to allow trading of tokenized stocks like Apple and Tesla on the blockchain, promising to boost market efficiency and transparency as early as late 2026, pending regulatory approval.

  • In more crypto news, Binance, one of the largest crypto exchanges, is pushing for everyday crypto payments in South Africa through a partnership with Zapper, aiming to make crypto as easy as using any mobile money or card.

  • UK-based digital bank Revolut, known for its fast-growing app-first banking services worldwide, recently gained regulatory approval to enter the UAE’s $40 billion payments market, aiming to serve one of the most dynamic and expatriate-heavy fintech hubs globally.

  • eToro, an Israeli social trading platform which merges crypto and traditional investments, is speeding up its mergers and acquisitions strategy following a strong IPO, focusing on expanding its asset range and geographic presence.

  • Tech titan Google unveiled a new universal payments standard designed for AI-powered agents (basically AI employees) enabling autonomous, secure financial transactions that could redefine automated commerce processes. We’re watching this space.

Yoco’s Founders

Startup Spotlight: Yoco

South African fintech darling, Yoco, is a leading African fintech company founded in 2015, primarily focused on providing an all-in-one digital commerce platform for small businesses. It enables 200,000+ small businesses in South Africa to accept card payments, manage their operations, and access capital, often for the first time.

Co-founder and CEO Katlego Maphai is stepping down after a decade at the helm, handing over to co-founders Lungisa Matshoba (focusing on product innovation) and Bradley Wattrus (handling governance and scalability) as co-CEOs. Carl Wazen, the other co-founder, stays on to lead marketing and growth.

It’s a clear sign that Yoco is moving from founder-driven startup mode to a well-oiled growth machine. They’re still buzzing with entrepreneurial spirit but now they’re ready to play with the big fintech leagues. Maphai will stay involved strategically, making sure Yoco keeps empowering small businesses across South Africa with tech that makes money simpler.

Toolkit

+ This: On This Day

On this day in 1991, South Africa’s first electronic funds transfer system was launched, a small step that put the country on the path to today's booming fintech and banking revolution. From clunky beginnings to future-ready, the journey continues — buckle up!