Biometrics youth company aiming for the stars
Business
A citizen youth owned company is striving to be the best provider of biometrics services, especially at a time security assurances are all the more important.
Managing partner at Smart Tech, Thato Ramakoba, revealed that even though biometrics are complex and may seem unordinary in Botswana, they are an imperative service within government arms, corporations and even within the retail industry. Smartmatch Technologies is an ICT Security oriented company which deals with consultancy, design, development, and implementation of comprehensive IT security solutions. The company specialises in Biometrics, Digital Forensics, Network Security, Enterprise Solutions and Software Development.
According to him, Biometrics replaces your normal access or identification method, such as passwords/pins for computers, or the all too familiar access card. "Biometrics is a form of technology that allows the consumers to interact with system with their physiological characteristics, be it fingerprint, voice, palm or retina. For kids the foot print can be used,” he said.
The company, which was founded in 2014 faced a lot of challenges before it could start operating, especially since there was no forth coming funding for it. “Securing funds to get the business up and running has proven to be one of the main challenges any business start-up is faced with and we are no exception. For a new business, it is difficult to attract prospects and retain customers.
With a small marketing and advertising budget, we find it hard to reach out to a wider audience. Potential customers are usually hesitant to go for a new business, they prefer going for companies that have experience and a large customer following. However, the good news is, big companies charge more for their services, and as a result, customers resort to companies that provide cheaper, but good quality service and that’s where we come in to close the gap.”
However, last year, an investor came on board and since then, the duo along with another shareholder has been working overtime to ensure the company takes shape.
"Although money is a problem for most companies alike, there is no denying that all must gain some protection as a way of guaranteeing that their assets are protected.
For example, a retail giant like Choppies may find our POS biometric system to be very important. If tellers access the till by use of their fingerprints, their employer will know just who had access to the till when. Passwords can be shared, but not a fingerprint. This can go a long way in curbing petty theft; protect vulnerable employees and overall the employer's money."
“The market is still warming up to the concept. We are hoping that as more products and services of all sorts become connected to the Internet, the need to proactively address cyber security and privacy risks will push the market to adopt these services,” he said.
The company has 3 partners; other than himself, there is Kabo Motswagole and Onneile Maripe. Motswagole is the other managing partner.
A lot of these biometrics services can make life easy for government and corporate sector alike. In India, he said, swapping of new-borns is rather rare if not unheard of. "They have a system in place that stores the newborn's DNA, and their foot as well as hand print are taken; that way when a mother leaves, they are certain it is their baby they are carrying home. That could work as well for us here,” he said.
In 2013, Ramakoba entered the ITU Young Innovators Competition where he was among the Top 10 worldwide. He revealed that he always had curiosity and interest in intelligence work. It is not a mistake that he founded a Digital Forensics and Biometrics company and pursuing his passion for intelligent security solutions through it.
Smartmatch, affiliated with BioEnable Techonologies, an India based company which manufactures biometric solutions equipment, 3M Cogent (India and South Africa), Axis Communications is a supplier for network security cameras and to a US based network solutions company. Locally, Smartmatch has partnership with Intelligere Security, and BizMark.
Business
CA SALES revenues rose to R9.5 billion
The Botswana and Johannesburg Stock Exchange listed distributor of fast-moving consumer goods
This content is locked
Login To Unlock The Content!
Business
Grit divests from Letlole La Rona
Grit Services Limited, a member of the pan African real estate group, London Stock Exchange listed Grit Real Estate Income Group is divesting from Letlole La Rona Limited (LLR), a local real estate company established by government investment arm Botswana Development Corporation over a decade ago.
The Board of Directors of Letlole La Rona Limited this week announced in a statement to Unitholders that Grit Services Limited (‘Grit’) has informed them of its intention to exit its investment in the company.
Grit has been a material shareholder in LLR since 2019. On 07 March 2023, Grit sold 6 421 000 linked units, representing 2.29% of the Company’s total securities in issue, at a market value of BWP 22 537 710.
This trade follows previous sales of 6.79% in December 2022, as communicated to Unitholders on 10 January 2023, as well as a further sale of 4.78% (representing 13 347 068 linked units) on 24 February 2023 to various shareholders.
In aggregate, Grit has sold 13.9% shareholding in the Letlole La Rona between December 2022 and March 2023, resulting in current shareholding of 11.25% in the Company.
Letlole La Rona said in the statement that the exit process will take place in an orderly manner so as to maintain stability of the Company’s share price.
The statement explained that Grit’s sale of its entire shareholding in LLR is in line with its decision to exit investments where it does not have majority control, or where it has significant exposure to currencies other than US dollar, Euro or hard-currency-pegged revenue streams.
“Grit has announced similar decisions pertaining to certain of its hospitality assets in Mauritius recently. The Company would like to advise Unitholders that it remains focused on long-term value delivery to all stakeholders” LLR said
In July last year as part of their Go-to-Africa strategy Letlole La Rona acquired an initial 30% equity stake in Orbit Africa Logistics, with an option to increase this investment to 50%. OAL is a special purpose vehicle incorporated in Mauritius, owning an industrial asset in a prime industrial node in Nairobi, Kenya.
The co-investment was done alongside a wholly owned subsidiary of London listed Grit. The Orbit facility is situated on a prime industrial site on Mombasa Road, the principal route south of Nairobi center, serving the main industrial node, the port of Mombasa and the industrial town of Athi River and is strategically located 11 kilometers south of the international airport and 9.6 kilometers from the Inland Container Depot.
Grit shareholding in Letlole La Rona was seen as strategic for LLR, for the company to leverage on Grit’s already existing continental presence and expand its wings beyond Botswana borders as already delivered by Kenya transaction.
Media reports have however suggested that LLR and Grit have since late last year had fundamental disagreements on how to go about the Go-to-Africa strategy amongst other things, fuelled by alleged Botswana government interference on the affairs of LLR.
Government through LLR founding shareholder – Botswana Development Corporation has a controlling stake of around 40 percent in the company. Government is the sole shareholder of Botswana Development Corporation.
Letlole La Rona recently released their financial results for the six months ended December 2022, revenue increased by 4% to P50.2 million from P48.4 million in the prior comparative six months, whilst operating profit was up 8% to P36.5 million. Profit before tax of P49.7 million was reported, an increase of 8% on the prior comparative six months.
“We are encouraged by the strong results, notwithstanding a challenging economic environment. Our performance was mainly underpinned by annual lease escalations, our quality tenant base and below average market vacancy levels, especially in our warehouse portfolio,” Kamogelo Mowaneng, Letlole La Rona Chief Executive Officer commented.
LLR reported a weighted average lease expiry period of 3.3 years and escalation rates averaging 6.8% per annum for the period ended 31 December 2022.Its investment portfolio value increased by 14% year-on-year to close the period at P1.4 billion, mainly driven by the acquisition of a 30% stake in OAL in July 2022.
The Company also recorded a significant increase in other income, predominantly due to foreign exchange gains on the OAL shareholder loan. “We continue to explore pipeline opportunities locally, and regionally in line with our Go-to-Africa strategy and our interest remains on value-accretive investments,” Mowaneng said.
An interim distribution of 9.11 thebe per linked unit was declared on the 6th of February 2023 for the half-year period to 31 December 2022, comprising of a dividend of 0.05 thebe and debenture interest of 9.06 thebe per linked unit which will be paid to linked unit holders registered in the books of the Company at the close of business on 24 February 2023.
Business
Stargems Group establishes Training Center in BW
Internationally-acclaimed diamond manufacturing company StarGems Group has established the Stargems Diamond Training Center which will be providing specialized training in diamond manufacturing and evaluation.
The Stargems Diamond Training Institute is located at the Stargems Group Botswana Unit in Gaborone.
“In accordance with the National Human Resource Development Strategy (NHRDS) which holds the principle that through education and skills development as well as the strategic alignment between national ambitions and individual capabilities, Botswana will become a prosperous, productive and innovative nation due to the quality and efficacy of its citizenry. The Training Centre will provide a range of modules in theory and in practice; from rough diamond evaluation to diamond grading and polishing for Batswana, at no cost for eight weeks. The internationally- recognized certificate offered in partnership with Harry Oppenheimer Diamond Training School presents invaluable opportunities for Batswana to access in the diamond industry locally and internationally. The initiative is an extension of our Corporate Social Investment to the community in which we operate,” said Vishal Shah, Stargems Group Managing Director, during the launch of the Stargems Diamond Training Center.
In order to participate in this rare opportunity, interested candidates are invited to submit a police clearance certificate and a BGCSE certificate only to the Stargems offices. Students who excel in these programs will have the chance to be onboarded by the Stargems Group. This serves as motivation for them to go through this training with a high level of seriousness.
“Community empowerment is one of our CSR principles. We believe that businesses can only thrive when their communities are well taken of. We are hoping that our presence will be impactful to various communities and economies. In the six countries that we are operating in, we have contributed through dedicating 10% of our revenues during COVID-19 to facilitate education, donating to hospitals and also to NGOs committed to supporting women and children living with HIV. One key issue that we are targeting in Botswana is the rate of unemployment amongst the youth. We are looking forward to working closely with the government and other relevant authorities to curb unemployment,” said Shah.
Currently, Stargems Group has employed 117 Batswana and they are looking forward to growing the numbers to 500 as the company grows. Majority of the employees will be graduates from the Stargems Diamond Training Center. This initiation has been received with open arms by the general public and stakeholders. During the launch, the Minister of Minerals and Energy, Honorable Lefoko Moagi, stated that the ministry fully endorses Stargems Diamond Training and will work closely with the Group to support and grow the initiative.
“As a ministry, we see this as an game changer that is aligned with one of the United Nations’ Six Priority Sustainable Development Goals, which is to Advance Opportunity and Impact for Diversity, Equity, and Inclusion (DEI). What Stargems Group is launching today will have a huge impact on the creation of employment in Botswana. An economy’s productivity rises as the number of educated workers increases as its skilled workmanship increases. It is not a secret that low skills perpetuate poverty and widen the inequality gap, therefore the development of skills has the potential to contribute significantly to structural transformation and economic growth by enhancing employability and helping the country become more competitive. We are grateful to see the emergence of industry players such as Stargems Group who have strived to create such opportunities that mitigate the negative effects of COVID-19 on the economy,” said the Minister of Minerals and Energy.