As access to banking services through digital channels continues to grow, so does the need to protect consumers against the prevalence of online banking fraud. Yolande Steyn, Head of Innovation at FNB says “We view security as an integral part of a seamless online banking experience. Therefore, due to the prevalence of banking scams, we
The South African Reserve Bank (SARB) has noted the announcement by the Competition Commission South Africa (Competition Commission) that it has completed its investigation initiated in April 2015 and has referred to the Competition Tribunal for prosecution a case of price fixing and market allocation in the trading of foreign currency pairs involving the South
The South African Reserve Bank (SARB) has noted the announcement by the Competition Commission South Africa (Competition Commission) that it has completed its investigation initiated in April 2015 and has referred to the Competition Tribunal for prosecution a case of price fixing and market allocation in the trading of foreign currency pairs involving the South
Recent reports have stated that the South African Reserve Bank (SARB) is contemplating the introduction of a national digital currency based on blockchain technology. A blockchain is a digital public ledger that records all Bitcoin transactions on the network in chronological order. Completed blocks are linked like a chain and go into the blockchain permanent
Due to the high incidence of ATM Card Fraud, the South African Banking Risk Information Centre (SABRIC) would like to alert bank customers to an existing modus operandi, which has become prevalent again, to ensure that they are empowered to protect themselves and to prevent them from falling victim to criminals. SABRIC CEO, Kalyani Pillay
MicroSave, in partnership with The MasterCard Foundation, launched a new program to develop tailored training courses in digital financial services (DFS) in francophone markets of Africa. The program is expected to benefit over 250 DFS providers and will focus on the WAEMU region, the Democratic Republic of the Congo, and Madagascar. Additionally, a DFS knowledge
Proxama PLC has won a five-year contract with a South African financial group for its payment card issuing, PIN and management technology. Revenue earned from software licences, services and support will be £0.365mln in 2017 and a minimum of £0.691mln in total over the five years, with additional payments if certain card capacity thresholds are
South Africa can learn from the Indian government’s moves to bank its unbanked population by limiting the amount of cash that can be drawn at one time, identifying populations with high potential to ‘go cashless’, and by subsidising smart phones. Financial inclusion of the poor is key to poverty alleviation and critical to its success
Cardtronics plc announced that it has closed on the acquisition of Spark ATM Systems Proprietary Limited — a move that marks Cardtronics’ entry into the South African market. Privately held and headquartered in Cape Town, Spark ATM Systems is a fast-growing independent ATM deployer (“IAD”) in South Africa, with a growing nationwide network of approximately
From digital banks to mobile-payment solutions, technology is set to change the South African financial services landscape at a pace that will continue to surprise even the most hard-core non-believer. Digital banks On the banking front, 2017 will be the year of the digital bank, both globally and locally. In South Africa we will see
