Bank Zero, a new app-driven bank, has been granted a provisional licence after a rigorous in-depth evaluation process by the South African Reserve Bank. The 45% black-owned bank is set to launch in the fourth quarter of 2018. Bank Zero will make use of a mutual bank licence. The mutual banking concept mirrors current social
The South African Social Security Agency (SASSA) has rejected allegations of claims of over R1 billion by Cash Paymaster Services (CPS) based on the alleged breach of the terms of the social grant payment services contracts. The said contracts in question were concluded in 2009 for the following regions: Eastern Cape, KwaZulu Natal, Limpopo, Northern
FNB customers who actively use cellphone banking will now be able to fully maintain their bank cards without having to walk into a branch. The bank has enhanced card management functionality on USSD by empowering customers to activate, view and change pin, temporarily block and unblock their cards. Previously, customers could only view card details,
The South African Social Security Agency (SASSA) has today successfully initiated a test case to directly pay about 100 social grant beneficiaries using commercial bank accounts of their choice as part of the January 2018 payment cycle. “With effect from 01 February 2018, SASSA will continue to make direct deposits into all beneficiary commercial bank
Social grants are usually paid from the first of every month except in December. As from January 2018 SASSA will pay beneficiaries who use banks, ATM’s and merchant outlets from the 01 January despite the day falling on a public holiday. As usual, this applies to any other public holiday falling on a the first
Social grants are usually paid from the first of every month except in December. As from January 2018 SASSA will pay beneficiaries who use banks, ATM’s and merchant outlets from the 01 January despite the day falling on a public holiday. As usual, this applies to any other public holiday falling on a the first
More than 51 percent of South Africa’s informal enterprises have encountered strong customer interest in paying by card, yet around 90 percent of them continue to run as cash-only businesses. This is according to Insights into the Informal Economy Report, a Mastercard study released at the company’s Digital Indaba in Cape Town last week. Despite
More than 51 percent of South Africa’s informal enterprises have encountered strong customer interest in paying by card, yet around 90 percent of them continue to run as cash-only businesses. This is according to Insights into the Informal Economy Report, a Mastercard study released at the company’s Digital Indaba in Cape Town last week. Despite
The Direct Pay Online Group (DPO) announces the acquisition of Setcom (Pty) Ltd, which operates SID Instant EFT, the original and leading instant electronic funds transfer (EFT) solution in South Africa. The deal will complement DPO’s comprehensive suite of payment solutions across the continent, which currently includes processing for all major cards, mobile money and
In a Black Friday that saw the spike in volumes challenge many eCommerce companies, payment services provider, PayU, facilitated an increase of around 8.5 times the transaction volumes from last year and experienced 0% downtime across all of their system components. “Despite the massive increase in transaction volumes for our South African merchants, our platform
