Standard Bank, Africa's largest bank by assets, has announced a collaboration with Helios Towers (HT). The goal of this partnership is to provide an innovative Social Documentary Credit Facility worth $29 million (approximately 474.9 million Rand).
Standard Bank, Africa's largest bank by assets, has announced a collaboration with Helios Towers (HT). The goal of this partnership is to provide an innovative Social Documentary Credit Facility worth $29 million (approximately 474.9 million Rand).
This deal marks the first use of Standard Bank's Social Documentary Credit Facility, structured as Sustainable Finance. It aims to stimulate the growth of telecommunications infrastructure across the African continent. According to a statement made on Wednesday, this facility will facilitate the procurement and import of vital telecommunication services and infrastructure.
The financing will provide HT with increased payment confidence and support its working capital needs, as well as its ambitious infrastructure expansion program. The financing structure complies with the Trade Credit Association's Social Credit Principles, and its objective is to improve digital connectivity and telecommunications infrastructure development in underserved markets.
As HT seeks to increase its presence, this funding provides resources to expand mobile network coverage and improve connectivity across Africa, directly addressing the issue of digital divide. HT operates one of the leading independent tower platforms in the continent, enabling mobile operators to effectively deploy their services across multiple markets.
The benefits of this facility extend beyond immediate financial assistance. It is designed to support tower infrastructure expansion, increase network density, and improve connection quality in the most remote and least developed areas of Africa, thereby contributing to economic growth and socio-economic development.
Benoît Samuelhan, Global Transaction Banker at Standard Bank Corporate and Investment Banking (CIB), noted that the deal demonstrates the strength of innovation in trade finance. He emphasized that by combining the market's first Social Documentary Credit Facility with a cross-border financing solution, Standard Bank supported Helios Towers' growth objectives and helped expand digital connectivity in underserved communities in Africa.
The potential social impact of this facility is considerable: significant improvements in communications and business opportunities are expected in the markets where HT operates. By increasing and improving network coverage, the initiative aims to promote digital inclusion among communities that have historically faced connectivity challenges.
Alex Carter, CFO of the HT group, stated that 'robust digital infrastructure is the foundation for Africa's future growth and development.' He added that 'this facility gives us the flexibility and confidence needed to support our infrastructure investments while advancing our mission to expand connectivity across the continent.'
Noliso Mpansa, Head of Sustainable Finance at Standard Bank CIB, commented that the bank intends to provide tailored trade finance solutions that contribute to the development of telecommunications infrastructure in Africa.
Ford has implemented a new electronic security mechanism that prevents certain vehicles from being started, even if the intruder possesses a legitimate key. This feature, called Start Inhibit, allows the owner to remotely lock the ignition through the manufacturer's application.
When activated via the app, the system requires that the start be released only through the owner's own mobile phone or by entering an exclusive PIN code on the vehicle's multimedia center. Essentially, it operates as a 'kill switch,' preventing the engine from running while the lock is active, even if the original key is in the criminal's possession.
Ford demonstrated this functionality in Oakville, Canada. During the demonstration, Ian Grotenhuis, a manufacturer representative, showed a Lincoln Navigator that was locked by the app and could not ignite. The company states its goal is to stay ahead of thieves but acknowledges that new methods of action may emerge.
Start Inhibit is part of the Ford Security Package, which has a corresponding version in the luxury Lincoln line. In addition to ignition locking, this package offers intrusion alerts—sending notifications to the mobile phone in cases of movement, towing, or door opening—and the Stolen Vehicle Services, which provides 24-hour tracking and recovery in collaboration with law enforcement.
This measure comes in response to the high incidence of theft of popular models, such as the F-150 pickup, which is among the most stolen vehicles in the United States, alongside Hyundai and Kia cars. However, availability is limited: the feature is present in specific versions of the F-150 and Super Duty pickups starting from the 2024 model year (with the exception of the F-150 Lightning, F-650, and F-750), as well as the 2026 Expedition, Bronco Sport, and Mustang Mach-E. In the Lincoln line, it covers the 2026 Navigator.
One aspect that generates debate is the associated charge. In the United States, the package is offered through a monthly subscription starting at US$7.99, although it includes a one-year complimentary period for eligible models. Ford itself admits that the service may be less relevant for those who park in private condominium garages, being more advantageous for those who use public roads.
For those who choose not to subscribe to the paid service, Ford reminds them that traditional protection methods exist, such as using steering wheel locks, the habit of never leaving the vehicle running unattended, and using independent trackers, such as a hidden Apple AirTag in the car.
The Financial Sector Conduct Authority (FSCA) has announced the start of an investigation into serious governance issues concerning the Public Investment Corporation (PIC), which manages the pension savings of public servants amounting to approximately R3.6 trillion.
The FSCA stated that it will conduct a review because PIC management suspended its CEO, Patrick Dlamini, as a precautionary measure. This decision was made after receiving a tip-off. On Wednesday, the FSCA expressed growing concern over recent events at PIC, particularly those related to governance, leadership stability, transparency, and the potential impact of these changes on confidence in one of South Africa's key financial institutions.
The FSCA emphasized that PIC holds a 'unique and critical' position in South Africa's financial system. As the country's largest asset manager and custodian of significant public sector savings, PIC bears heightened responsibility for maintaining the highest standards of governance, integrity, accountability, and conduct. The FSCA noted that recent events call into question the consistent adherence to these standards.
The FSCA decided to launch an investigation after becoming aware of whistleblower reports and the suspension of the Chief Executive Officer. This investigation followed widespread concern expressed by trade unions, civil society, and other organizations this week. The concern arose after PIC made the unexpected decision to suspend Patrick Dlamini as a precaution, allowing him time to respond to allegations of misconduct presented to the PIC board in a whistleblower report last month.
PIC's management is currently facing several issues. These include how PIC handled an investment in Lanseria Airport made over ten years ago; the forensic audit by PwC requested by Dlamini; the referral of aspects of this matter by PIC Chairperson and Deputy Minister of Finance David Masondo to the Special Investigating Unit (SIU); and a lawsuit filed by businessman Kagiso Matjila against Dlamini for R900 million in the High Court regarding the appointment of PwC to investigate the Lanseria dispute after the final arbitration award was paid.
Meanwhile, the PIC board provided the FSCA with all necessary information and documentation requested in connection with the whistleblower report and the relevant governance process. Following Dlamini's temporary suspension, PIC appointed its CFO, Batandwu Damoyi, as interim CEO with immediate effect. The PIC board stated that institutions such as the FSCA and PIC share responsibility for protecting the pension savings of millions of South Africans through sound governance, accountability, and transparency.
The board also noted that both the previous and current boards prioritized strengthening governance and implementing the recommendations of the Mphati Commission. Previously, when answering parliamentary questions in 2024 and 2025, Finance Minister Enoch Godongwana asserted that PIC had completed the implementation of the Mphati Commission report recommendations aimed at addressing governance, operational, and ethical shortcomings within the organization. Godongwana added that the implementation of these recommendations corrected the identified deficiencies. The PIC board concluded that despite ongoing challenges, the corporation has made significant progress in strengthening its governance system and oversight processes. It also affirmed its full commitment to cooperating with all regulators and ensuring governance matters are resolved through independent, credible, and transparent processes.
HDFC Bank, India's largest private sector lender, announced on Wednesday that it has received approval from the Reserve Bank of India (RBI) to appoint former Chief Election Commissioner Rajiv Kumar as the bank's interim chairman for a three-year term, starting July 15.
Kumar is expected to attend his first board meeting on July 18, where the board will review the bank's financial results for the first quarter of the 2027 fiscal year. One of the immediate priorities for Kumar as chairman will be to lead the board discussion on the reappointment of Managing Director and CEO Sashidhar Jagdishan.
In regulatory filings, the bank expressed gratitude to Keki Mistry, who served as interim chairman after Atanu Chakraborty's departure in March. HDFC Bank stated: 'The bank records its sincere appreciation for Mr. Keki Mistry for his valuable leadership and contribution during his tenure as the bank's interim chairman. Mr. Mistry continues to be a non-executive, non-independent director of the bank.'
Last month, the bank's board approved Kumar's appointment as interim chairman for three years, subject to RBI approval. Furthermore, his acceptance as an additional independent director for four years was approved, which required shareholder approval.
Kumar, aged 66, is a retired officer of the Indian Administrative Service (IAS). He served as the Chief Election Commissioner from May 2022 to February 2025. Prior to that, he worked as Financial Secretary and Secretary of the Department of Financial Services before retiring from government service in February 2020.
