The High Court in Johannesburg has ruled in favour of the National Credit Regulator (NCR) against Standard Bank that the common law set-off does not apply to credit agreements subject to the National Credit Act (NCA). This follows an application for a declaratory order brought by the NCR against Standard Bank seeking legal clarity on
Botswana Telecommunications Corporation Limited (BTC), Botswana’s fastest and widely available mobile network, has revamped and introduced SMEGA, its mobile money service. SMEGA now works on Comviva’s mobiquity® Money platform, one of the world’s largest white-labeled mobile money platform. SMEGA offers consumers a quick, convenient and secure way to perform financial transactions from the comfort of
After careful consideration and consultation with key stakeholders, PASA will be reducing the maximum value for writing a cheque from the current value of R500 000 to R50 000, effective 01 May 2020. Walter Volker, Chief Executive Officer of PASA believes that this limit reduction stems from the need for better risk management and the
Specialist financial services provider Sasfin Bank has established a Digital Advisory Council to provide the market with industry-leading expertise and insights on trends shaping the use of technology in financial services. Digitalisation is one of the most powerful forces for change shaping Finance today. This has turned Fintech into one of the most vibrant sectors
American Express has launched vPayment in the South African market, offering travellers and travel agents a safe, simple and reliable way to pay for their travel bookings. vPayment controls and streamlines the payment and reconciliation process by assigning a unique American Express virtual account number and user-defined expense information to each transaction. A bespoke transaction
The Tribunal has approved a large merger, without conditions, whereby Absa Bank Ltd (Absa) seeks to acquire Société Générale SA (SocGen) Johannesburg branch in respect of target assets. Absa is a wholly owned subsidiary of Absa Group Ltd (Absa Group). Absa is listed as a regional African banking and insurance business. It offers a complete
Through the WorldRemit website and app SMEs can now quickly and securely transfer money to pay employees and contractors in 140 countries including South Africa. Leading digital money transfer company WorldRemit has launched WorldRemit for Business, a new service that enables small and medium-sized business owners to quickly pay their employees and contractors in 140
Standard Bank is leveraging its digital capabilities to create superior digital platforms that enhance customer experience and enable easy and affordable access to banking services. As part of this, the bank has launched several innovative and digital firsts. This week Standard Bank introduces a R4.95p/m bank account called MyMo that customers can open on their
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
