The payments industry faces immense pressure on multiple fronts. Waves of technological advances, regulatory scrutiny, and changes in consumer and client behaviours and expectations, are having a significant impact on what was once a staid and relatively unchanging business. Consumers want their retail experience to be replicated in the banking world; this means instant, frictionless
FNB is growing its contactless ecosystem by becoming the first bank in South Africa to offer consumers the convenience and safety of ‘Tap and PIN’ on ATM transactions. The innovation allows consumers to safely tap their contactless card on the contactless reader of an eligible FNB ATM and enter a PIN to complete the transaction
First National Bank (FNB), a division of FirstRand Bank Limited, has announced its partnership with Selpal, a South African FinTech company that operates specifically in the township and informal economy, or the “Unseen Economy”. Michael Vacy-Lyle, CEO of FNB Business explains that “with 50% of South Africa’s urban population living in townships, the ecosystem supporting
The National Association of Savings and Credit Unions (NASCU), the apex organisation for all financial cooperatives in Zambia, and global payments technology company Mastercard have announced a landmark agreement to drive financial inclusion by extending formal financial products and services to underserved members of cooperatives. Under this agreement, NASCU will introduce a secure, efficient and
Financial services company, Discovery, has announced details of its new banking offering. Described as the world’s first behavioural bank, the fully digital bank leverages Discovery’s Shared-Value model, and can be joined from March 2019 by anyone with a smart phone. “Discovery Bank presents the latest manifestation of our core purpose of making people healthier and
Easy and seamless payments are one of the key concerns for large retailers. As new technologies emerge, and the payments ecosystem evolves, retailers must stay ahead of customer expectations around availability, channel variety, and ease-of-use. “The payment environment in retail must not only ensure high availability and performance, but is also a key part of
The Government Gazette of 7 September officially announced that Bank Zero had been registered as a mutual bank effective 17 August 2018. Michael Jordaan, co-founder and chairperson of Bank Zero, acknowledges the professionalism, skills and world-class systems of the South African Reserve Bank (SARB) and the newly created Prudential Authority: “The stringent licencing process, the
Kaspersky Lab has concluded a memorandum of understanding (MOU) signed with the South African Banking Risk Information Centre (SABRIC) in October 2017 and plans to renew the MOU for a further year, following its success. The MOU has seen Kaspersky Lab successfully support SABRIC members to enhance much needed skilled capacity within the banking sector
Late last month, innovators and industry leaders gathered at the Spier Wine Farm in Stellenbosch for the second annual African Fintech Unconference (AFU18). The groundbreaking industry event was co-convened by African fintech pioneers Nomanini, MFS Africa and Tugende. “This was an incredibly valuable event for the African financial inclusion sphere in that it produced crucial,
UK-based fintech company, Fiskl, has announced a partnership with South African based fintech player, Ocean on 76. Looking to significantly strengthen its presence across Africa, Fiskl is launching a mobile app that aims to greatly assist SMEs manage everyday tasks like invoicing, expense and time management on their mobile device. With its fintech knowledge and
