The Finance Ghost sits down with Tokollo Tau from Nedbank CIB to unpack how South Africa’s energy landscape is evolving beyond the dark days of load shedding. What once felt like a permanent crisis has receded into the background, but the real story now is what’s being built in its place (like power wheeling and aggregation).

Against the backdrop of the Africa Energy Forum, the conversation explores the infrastructure and commercial models that are reshaping how electricity is generated, moved and sold across the country, unlocking new levels of flexibility and opportunity for businesses.

With practical examples like the multi‑billion‑rand Notsi Solar Project, Tokollo explains how aggregators are bridging the gap between generators and large energy users, helping to solve coordination challenges and accelerate investment in the sector. The discussion also highlights Eskom’s evolving role as an enabler of this ecosystem, and what a truly tradable electricity market could look like in South Africa.

The result is a compelling look at a market in transition and why this could mark the start of a far more competitive, efficient and investable energy future.

Key topics covered:

• What power wheeling and energy aggregation actually mean (without the jargon)
• How projects like Notsi Solar demonstrate the new energy ecosystem in action
• Why aggregators are critical to unlocking investment and reducing project risk
• Eskom’s shifting role in a more open, competitive electricity market
• The long-term outlook: towards a tradable electricity market and greater energy choice

The Finance Ghost welcomes Altron CEO Werner Kapp fresh off a standout capital markets day that left a strong impression: this is a business whose growth story isn’t tightly tethered to South Africa’s traditional economic constraints. From FinTech and HealthTech to telematics and IT security, Altron operates a portfolio of platform businesses that quietly underpin everyday life, even if most consumers don’t realise it!

In this conversation, Werner unpacks how these platforms drive resilient, annuity-style revenues, while also leaning into powerful structural tailwinds like digitisation, mobile adoption and the evolution of the payments ecosystem.

The discussion goes deeper into the mechanics of the Altron model. From competitive moats built over decades, to the strategic role of data, AI and capital allocation across a diversified platform base, there’s much to discuss. Werner also explains the thinking behind the group’s AI factory, its disciplined approach to growth vs margins, and why regulatory change in FinTech could unlock meaningful upside.

This is a rare, detailed look inside a South African tech business that touches millions of lives every day.

Topics in this podcast:

• Why Altron’s platform businesses can grow independently of SA GDP constraints
• The difference between platform vs IT services exposure to economic cycles
• Real-world examples of how Altron products are used daily (IDs, payments, healthcare, vehicle tracking)
• South Africa’s digital adoption curve and key structural tailwinds
• The impact of payments modernisation (PayShap, SARB reforms) on FinTech
• Building and defending a moat through data, distribution and embedded systems
• How Altron uses cross-platform data insights to enhance value
• The role and strategy behind the AI factory (and why it’s not a GPU business)
• Managing capital allocation across multiple platforms with a strong annuity base
• Growth vs margin trade-offs in a competitive tech landscape
• Netstar dynamics: OEM channels, Chinese vehicle growth and market shifts
• Fintech upside from potential direct access to payment rails
• Why Altron’s 91% annuity revenue model is central to its investment case

This podcast has been sponsored by Altron. As always, I was allowed to ask whatever I felt is relevant to investors. Please do your own research and treat this as only one part of your research process. Please always speak to a financial advisor before making any investments.

In this episode of Ghost Stories, The Finance Ghost sits down with Investec’s Brian McMillan, fresh off collecting the “Best Issuer in Africa” award in Stockholm on behalf of the Investec Structured Products team. The team's product innovation and ability to earn a place for structured products in modern portfolios is being increasingly recognised.

The latest such product example is the Investec Nasdaq 100 Geared Growth structure. With much debate around the market valuations in this tech-heavy index, this structure is designed to appeal to investors who are finding it difficult to balance the desire to get involved against the risk of being late to the party.

Through a combination of 1.25x geared upside (with a cap) and partial downside protection (a drop of up to 40%), the Investec Nasdaq 100 Geared Growth structure creates a fascinating risk-return profile.

Key topics covered:

• The choice of the Nasdaq 100 index at this stage in the cycle
• The underlying themes in this index across AI and valuations, including reference to the bull and bear cases
• How geared upside (1.25x) with a 60% cap works
• The downside protection mechanism
• Rand-denominated exposure and removing USD currency risk
• The Flexible Investment Note structure and reinvestment mechanics
• Liquidity via the JSE listing and daily pricing
• An understanding of the underlying credit risk
• Fees and why returns are quoted net of costs
• Minimum investment and access via advisors, stockbrokers and EasyEquities

You can find all the information you need on the Investec website at this link.

Disclaimer