“In the past few years, online transactions have grown substantially in South Africa, proving that consumers are becoming more familiar with online processes, and are feeling more comfortable to engage in an interactive online space,” says Brian Andrew, General Manager for RS Components. RS Components is a market leader in the distribution of electrical, electronic,
The money transfer and remittance services industry is a big deal and it’s something we understand here in Africa because of the huge monetary inflows from the diaspora. At an annual figure of $64 billion for recorded inflows (this excludes well established informal channels) this industry has attracted a lot of investor attention. On the
The South African Reserve Bank (SARB) conducted AML/CFT (Anti-money laundering and combating the financing of terrorism) inspections at Absa Bank Limited (Absa), FirstRand Bank Limited (FirstRand), Nedbank Limited (Nedbank), and The Standard Bank of South Africa Limited (Standard Bank). In terms of the Financial Intelligence Centre Act, No. 38 of 2001 (FICA), the SARB is
Pick n Pay announced a 27% increase in their online food delivery business when they released their annual results for the year ending March 2014. According to Pick n Pay they now serve more than 2000 customers per week and have extended the service in the Western Cape, KwaZulu-Natal and the Free State. This shows
FICO, a leading predictive analytics and decision management software company, has announced that First National Bank (FNB), is the first bank in the country to use FICO Fraud Resolution Manager to communicate with customers when a potentially fraudulent transaction takes place. Using the FICO application, FNB can automatically contact a customer through voice calls and
The South African Reserve Bank has taken a closer look at whether South Africa’s have the right administration controls in place to effectively fight money laundering and combat the financing of terrorism. These controls are laid down in the Financial Intelligence Centre Act, No. 38 of 2001, better known as FICA. While a number of
Econet Wireless has pronounced a firm refusal to back down on it’s demand on banks to pay a tariff of 30 cents to gain access to its transaction messaging system. This is according to a report in The Herald that quotes Econet Chief Executive Douglas Mboweni reaffirming this stance. According to the article, Mboweni insists
FNB recently unveiled a number of new enhancements to its Online Banking platform in an ongoing effort to simplify its digital channels making the lives of customers easier. Customers will now be able to import recipients, reactivate a blocked bank card as well as search for traffic fines using an ID number through Online Banking.
South African bank Capitec has taken the top spot in an online banking customer satisfaction survey, displacing previous favourite First National Bank (FNB). Capitec scored 71 points in online marketing research agency Columinate’s annual “Internet Banking SITEisfaction” survey. “This year Capitec scored the highest points in each category except for device flexibility, making them the
Amendments to South Africa’s Electronic Communications Act (ECA) and the Independent Communications Authority of South Africa (ICASA) Act will give the regulator greater jurisdiction over electronic transactions, and the ability to impose higher fines on offenders. President Jacob Zuma assented both the ECA and the ICASA Act on April 7, 2014, with the series of
