A new payment services platform, utilised by two of South Africa’s oldest member organisations, promises to open up the buy-aid market to consumers and retailers alike. Co-Switch, a newly launched closed-loop payments platform, is currently being introduced to Cape Consumers and Iemas’ members and retail partners. Cape Consumers under their Bsmart card brand and Iemas
FNB Financial Highlights: Pre-tax profits up 11% Strong contribution from Retail, Commercial and Rest of Africa Domestic customer numbers at 8.2 million Digital platform providing new growth opportunities Upsell and cross-sell drove advances growth Targeted advances growth to existing client base NIR up by 11% in a difficult market Video and podcast link of Jacques
Callpay has announced the addition of Tyme Bank, Bidvest Bank, Old Mutual Money Account and African Bank to EFTsecure – the first instant EFT solution in South Africa to add these four banks on checkout. EFTsecure opens the eCommerce market to users who do not have a credit card, with the most advanced EFT payment
South Africa’s newest mobile network, Standard Bank Mobile, has expanded its service offering to allow customers to purchase Apple, Samsung and Huawei smartphone devices with a convenient financing option. The Bank has introduced an innovative way to acquire a smartphone by financing devices over 24 months using an extended payment facility on Standard Bank credit
Applications for the Global Fintech Hackcelerator @ Southern Africa are open. The South African Reserve Bank calls fintech firms to submit their innovative and sustainable solutions to challenges identified within the financial services industry. The South African Reserve Bank (SARB) has launched the 2019 Global Fintech Hackcelerator @ Southern Africa competition. The Global Fintech Hackcelerator,
Consumers are embracing the technology offered by virtual cards, as Standard Bank starts to see the benefits of online shopping ecosystem, nine months after the launch its virtual card proposition. In the past nine months, virtual card payments have increased by more than 300%, though they started off at a very low base. A virtual
Headline earnings: R13 361 million, up 6% Headline earnings per share (HEPS): 837 cents, up 5% Dividend per share: 454 cents, up 6% Common equity tier (CET) 1 ratio: 14.0% (1H18: 13.8%) Net asset value (NAV) per share: 10 511 cents up 8% Return on equity (ROE): 16.2% from 16.8% Cost-to-income ratio: 57.0% (1H18: 57.6%)
The Prudential Authority (PA) has imposed administrative sanctions on Sasfin Bank Limited (Sasfin Bank) for non-compliance with certain provisions of the Financial Intelligence Centre Act 38 of 2001, as amended (FIC Act). The FIC Act mandates the PA, in terms of section 45, to supervise and enforce compliance with the provisions of the FIC Act
UnionPay International (UPI) has announced significant progress in the South African retail payments market through their co-operation with Pick n Pay and Absa Bank. Through a tripartite co-operation agreement, Pick n Pay, a major food, clothing and general merchandise retailer, is now enabled to accept UnionPay cards at all of its till points across its
The South African Reserve Bank (SARB) is aware of the assertions made by Africapacity of its intention to buy VBS Mutual Bank (VBS) or part thereof. The authorisation to conduct the business of a bank/mutual bank (banking licence) is not transferable and requires a formal new application for such authority to be submitted to the
