Absa Group Ltd., one of Africa’s largest financial services provider, has reported a 51% decline in normalised headline earnings to R8 billion after impairments nearly trebled to R20.6 billion amid the economic downturn that was precipitated by the COVID-19 pandemic. Earnings and returns improved materially in the second half of the year as lockdown restrictions
Masha Maharaj, Head of Custody, Investor Services, at Standard Bank South Africa As retail and institutional investors embrace digital assets, with cryptocurrencies fast becoming a mainstream asset class and blockchain technology gaining adoption across industries, banking groups will increasingly take on the role of custodians and service providers for this growing segment of the market.
Due to the ever-increasing volume of money transfers across the globe, Remitano, a global escrow-marketplace, has just launched a smart, free, and safe approach for international money transfers. This system will allow South Africans to send and receive Rands (ZAR) from other countries without incurring the high fees charged by most traditional banks and the
Despite the many digital innovations being made in terms of cross-border payments, retailers still have an important role to play in facilitating the thousands of remittances made from South Africa each year. African retail giant, Game stores, offers cross-border money transfer services from its 120 stores nationally through several providers, including Mukuru, Mama Money, Hello
Leading digital fintech enablement provider, Ukheshe Technologies, together with Infobip, a global cloud communications platform that enables businesses to build connected customer experiences across all stages of the customer journey at scale, have developed South Africa’s very first WhatsApp payment gateway for use by Telkom, one of the country’s largest mobile operators. In addition to
Leading payment solutions provider, Netcash, has partnered with e-commerce platform, Ecwid E-Commerce, to launch Netcash Shop. Powered by Ecwid E-Commerce, Netcash Shop allows merchants to create an e-commerce shop and start selling their products online within a matter of minutes. Tight integration with Netcash Payment Gateway makes it simple for merchants to accept a wide
When South Africa entered into a hard and extended national lockdown on 27 March 2020, banks responded rapidly and empathetically to their account holders’ financial crisis. According to the Banking Association of South Africa (BASA), as at 24 October 2020, banks had provided over R50 billion in financial relief – R33,61 billion in payment breaks
Absa Group Ltd., one of Africa’s largest financial services provider, has reported a 51% decline in normalised headline earnings to R8 billion after impairments nearly trebled to R20.6 billion amid the economic downturn that was precipitated by the COVID-19 pandemic. Earnings and returns improved materially in the second half of the year as lockdown restrictions
Move to aid cash payments The new product line is the result of a trifecta of change in the humanitarian and money transfer sectors. An upswing in the volume of aid distributed across the globe that is putting the humanitarian system under enormous strain. (An estimated one billion people in countries affected by long-term humanitarian
At the height of the global Covid-19 pandemic, Nedbank became the first bank to offer small, medium and micro enterprises (SMMEs) the ability to turn their cellphones into a payment acceptance device with the launch of its Tap-on-phone functionality in October 2020. Following a successful closed pilot in June, the easily downloadable app has empowered
