The South African Reserve Bank (SARB) published The National Payment System Framework and Strategy Vision 2025 which sets out the goals and strategies for the national payments industry, aimed at building a world-class national payment system (NPS) that serves the economy and the people of South Africa. A national payment system is a set of
NCR Corporation, a global provider of omni-channel solutions, announced the launch of NCR SelfServ™ 80 Series, a new family of ATM solutions that will help financial institutions redefine the banking experience and change the way consumers interact with the ATM forever. According to Retail Banking Research, NCR is the leading ATM manufacturer in South Africa.
A modern payments system must not be ruled by what is considered essential in the current ecosystem. In a future where everyone will have their own digital store of value, and any connected device has the potential to be a payments device, the only thing you can plan for is change. This is according to
Mastercard has completed its acquisition of mobile payments technology company Oltio from Standard Bank Group. The acquisition builds on Mastercard’s longstanding relationship with Oltio, a startup that pioneered and patented several mobile payments and banking solutions, including an authentication technology. Today, that technology enables consumers to authenticate Masterpass digital wallet purchases in South Africa using
Visa Inc. has announced the appointment of two new members to its Sub-Saharan Africa (SSA) team. Bevan Smith and Rebecca Chiume join VISA SSA’s Risk and Consumer Products divisions respectively, and the new appointees will both be based in Visa’s South Africa offices. Bevan Smith has joined Visa as its new Head of Risk for
For the third year in a row, South African fintech company, Entersekt has won the Best Mobile Security Technology award in the annual Banker Africa Southern Africa Banking Awards. The aim of the awards is to recognise outstanding performance and excellence in the financial services industry. Open to all banks and financial institutions in Africa,
Africa’s financial services landscape continues its dynamic evolution as the rapid growth of FinTech on the continent drives both the disruption and leapfrogging of legacy systems and further accelerates the digital transformation of financial services. In South Africa, the major banks are rapidly ramping-up their own innovation strategies and collaborating with new game-changing start-ups to
PayPal released data about mobile phone usage and mobile eCommerce at the Seamless Africa Conference in Cape Town earlier this week. Online shopping is on the rise in South Africa. South Africans spent R37.1 billion shopping online in 2016, an increase of nearly 30% from the previous year. These numbers are expected to continue to
Profits from FNB’s Retail business surged 21%, while the bank’s Commercial business units produced profit growth of 13%. The results were robust given modest advances growth. The bank’s Retail businesses experienced excellent contributions from its client franchises; credit card, residential mortgages and the transaction franchise all showing strong double digit growth. Credit card earnings
One of the key goals of the South African Social Security Agency (SASSA) is to manage and pay social grants without the use of a third party contractor as is currently the case. SASSA is on course to achieving this goal of ensuring that payment of social grants is insourced. It has already made direct
