R100 million investment in Mxit growth

Africa's largest mobile social network‚ Mxit‚ is set for massive growth following a R100 million investment by shareholders.

Alan Knott-Craig Jnr has stepped down as CEO. "While the shareholders and I share the same vision‚ we differ on how to get there. Therefore‚ I agreed to go my own way. I wish them all the best for the future. Mxit is Africa's biggest tech success story‚ and can be a global success story‚" said Knott-Craig Jnr. He would not be drawn further on the issue.

Francois Swart‚ the current CFO‚ will act as the interim CEO. Mxit will be recruiting a new CEO and other new executives to drive the expansion, staff were informed.

In a statement the shareholders said that Mxit was South Africa's biggest tech success story in no small part due to Knott-Craig's involvement and vision over the past year.

Mxit has a window of opportunity and is pursuing aggressive growth by increasing the user base in Africa through partners in targeted African countries.