Econet Wireless Zimbabwe says that its mobile money transfer service, EcoCash, has handled transactions in excess of $4 billion since the service was introduce in 2011.This was highlighted by Econet’s group CEO Douglas Mboweni to parliamentarians at a familiarisation tour of the company. This impressive figure was achieved though 170 million transactions handled by the
In a recent article by the Mail and Guardian newspaper Informal consensus within the private sector saw South Africa ranked third, behind Russia and China in terms of cybercrime. It is with this in mind that the South African Banking Risk Information Centre (SABRIC) has issued a warning to banking customers about email hacking and
South Africa’s ABSA bank has announced the launch of its Payment Pebble, a device that allows businesses and vendors to accept card payments through a smartphone. The device allows businesses to accept chip-and-PIN and magstripe-and-PIN payments from Mastercard and Visa cardholders. “The Payment Pebble is a compact, mobile device that simply plugs into the audio
FNB’s digital banking channels are voted as having the best experience by South African banking consumers, this is according to the 2014 South African Customer Satisfaction Index (SAcsi). In the banking channel measure, the SAcsi surveyed 7337 banking customers about their experiences with the different banking channels. FNB scooped top spot across all the digital
Standard Bank Group has been chosen as the Best Bank in Africa by Global Finance magazine. In addition, they also received the country awards for Angola, South Africa and Uganda in Global Finance’s World’s Best Emerging Markets Bank Awards 2014. Global Finance has also named Standard Bank Group as the Global Best Investment Bank in
Absa, wholly owned by Barclays Africa Group, is making the transition to a fully digital financial services provider. Updating existing and developing completely new technologies will transform the way South Africans bank and set Absa apart from anything that most traditional banks offer, end-to-end. The bank announced this at a press event held in Rosebank
Following concerns raised in the Competition Commission Bank Enquiry Report regarding interchange fees, the South African Reserve Bank initiated the Interchange Determination Project in 2011 to review interchange rates applied in all relevant payment streams. Two payment streams were selected for the initial phase of the project, namely ATM and all card-related streams. The card
Econet Services has officially launched a new product called EcoCashLoans, an extension of EcoCashSave at an event held at Holiday Inn in Harare this morning. EcoCashLoans, just like EcoCashSave will be administered by Steward Bank. EcoCashLoans is a service that allows EcoCashSave customers to borrow amounts from $5 to $500. Initially, the EcoCashLoans tenure will
In a further move to fulfil international demand for its products and services, South African payment solutions provider Stanchion Payment Solutions has opened a European regional office based in London. The company’s entry into the European financial services technology sector follows a year after the opening of a Middle East and North Africa regional office,
South African mobile operator MTN has partnered Naspers-owned PriceCheck.co.za to release a mobile application for price comparison in the country. The app will be available on iOS, Android and Windows Phone devices, and will come preloaded on MTN’s Steppa smartphone. The companies said the partnership between a mobile operator and e-commerce platform highlights the importance
