Cassava Technologies, owned by Strive Masiyiwa, has planned to invest $25 million (R4.5 billion) in South Africa through its business segments Liquid Intelligent Technologies, Africa Data Centres, and Distributed Power Africa. The declaration was made at the recently finished 5th South Africa Investment Conference (SAIC) in support of South African President Cyril Ramaphosa’s initiative to increase investment in the country.
Cassava wants to use this investment to offer internationally recognized services and products to South Africa via the group’s renewable energy, cloud and cyber security, data centers, and broadband connection business segments.
Cassava’s investment pledge includes key projects such as the expansion of the Liquid Intelligent Technologies fiber network, the capacity and footprint of Africa Data Centres, enhanced cloud and cyber security capacity, and Distributed Power Africa’s rollout of clean, renewable energy in South Africa.
With headquarters in London and operations throughout Africa, the Middle East, Europe, the United States, and Latin America, the company delivers products and services to consumers in 94 countries.
Cassava Technologies has eight subsidiaries: Liquid Intelligent Technologies, Liquid Dataport, Liquid C2, Africa Data Centres, Distributed Power Africa, Sasai Fintech, Telrad, and Vaya Technologies.
At the conference, the SA president announced a new R2-trillion investment target for the five-year period to 2028, and reported receiving R1.51-trillion in pledges from domestic and international investors covering a wide range of activities, from telecoms, mining, and manufacturing to economic and social infrastructure, exceeding the R1.2-trillion five-year target set in 2018.
Hardy Pemhiwa, president and group CEO of Cassava Technologies, noted that, given its sophisticated and expanding ICT sector, South Africa accounts for the largest proportion of Africa’s industrial GDP.
“The country’s unique combination of highly developed first-world economic infrastructure and a stable macroeconomic environment provides businesses like ours with a conducive investment environment in which we can partner with the government to drive economic development and create jobs,” said Pemhiwa.
South Africa’s $6.75 billion ICT sector is currently one of Africa’s most investment-attractive and growth-oriented industries. According to the World Bank, South Africa’s internet penetration rate has more than doubled in the last decade, standing at 70%. While the Independent Communications Authority of South Africa forecasts that nationwide population coverage for 4G/LTE will be 97.7% in 2021, putting the country years ahead of its counterparts in sub-Saharan Africa.