Following the release of the ‘Consultation paper on selected interest rate benchmarks in South Africa‘ (Consultation Paper), the South African Reserve Bank (SARB) embarked on a public consultation process to solicit input on the reform proposals contained in the Consultation Paper. The public consultation period ran for three months from 30 August 2018 to 30
The Ombudsman for Banking Services (OBS) has released its Annual Report highlighting some interesting statistics for its operations for 2018. Key highlights for the year are: 7307 cases were closed – 12% more than in 2017 and an increase of 40% over the last two years ATM fraud complaints dropped by 4% from 18% to
A consortium led by Apis Growth Fund I, a private equity fund managed by Apis Partners LLP, and Crossfin Technology Holdings, a fintech investment company announced today the acquisition of Sureswipe (Pty) Limited and the formation of Crossfin Transactional Solutions, South Africa’s largest independent payments and merchant acquiring solutions platform The acquisition of Sureswipe complements
The seasonally adjusted Absa Purchasing Managers’ Index (PMI) rose by 2.2 points to reach 47.2 index points in April. This was the first increase after three months of declines in the headline PMI. However, the PMI remains below the neutral 50-point mark and is more or less in line with the average recorded in the
The purpose of this communiqué is to announce the adjusted interchange rates for automated teller machines (ATMs). The South African Reserve Bank (SARB) annually reviews interchange rates for transactions emanating from the ATMs, cards and point-of-sale devices. In 2018, the SARB decided to keep the interchange rates for cards and cashback at point-of-sale devices unchanged.
African Bank has officially launched its transactional banking offering called MyWORLD, to South Africans. The introduction of MyWORLD has elevated African Bank to a digital retail bank, offering a variety of products including transactional banking, personal loans, savings and investments and insurance. “Our increased and diversified product offering, underpinned by our Omni-channel platform, will enable
The Minister of Social Development, Honourable Susan Shabangu has appointed Busisiwe Memela-Khambula as the South African Social Security Agency (SASSA) Chief Executive Officer (CEO). She takes over from Abraham Mahlangu who was the stand-in CEO since 2018. Memela-Khambula comes with a vast senior management experience in the private, public and developmental sectors of the economy
The Tribunal has this afternoon approved Capitec Bank Limited’s (Capitec) acquisition of Portuguese-owned Mercantile Bank Holdings Limited (Mercantile Bank), which paves the way for Capitec to enter the business banking market. Capitec was selected by the Portuguese government as the successful bidder after approximately 60 expressions of interest from foreign and local bidders were initially
Aconite Technology Ltd is proud to announce that Discovery Bank, a new digital-only challenger bank launched by Discovery Central Services Limited, the leading South African insurance and financial services provider, has started issuing and processing EMV debit and credit cards using Aconite Technology’s EMV solution suite. This initiative is part of Discovery’s expansion from a
uKheshe, South Africa’s cheapest and most convenient QR cash card has announced the launch of uKheshe Life, a hospital, disability and life benefits card. Offering all of the features that the normal uKheshe QR card does, but also including added hospital & life benefits for the card holder. Clayton Hayward, co-founder, uKheshe, says that in
