The Prudential Authority (PA) has imposed an administrative sanction on Bank of Baroda, South Africa (Bank of Baroda) 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
A new app created by Hello Paisa makes it possible for Zimbabweans in South Africa to send essential goods and groceries back home. For Zimbabweans who are far from home, ensuring that their family is fed and looked-after is one of their most fundamental goals. This is often easier said than done, when faced with
The acquisition of PayFast further extends DPO Group’s market lead in Africa DPO Group, the leading African Payment Service Provider (PSP) has announced its acquisition of PayFast, one of the largest payment processors in South Africa. The deal by the Nairobi headquartered DPO Group was executed through a mix of shares and cash, with the
Boasting a share of about 40% of South Africa’s commercial, industrial and retail property finance market, Nedbank CIB Property Finance now has its vision firmly focused on the rest of Africa to expand its footprint and, in doing so, achieve the group’s main objective of becoming a transcontinental tour de force. To this end Nedbank
The impact of Digital Banking, Blockchain, AI, Mobile Money, Digital Wallets and Payment innovations are radically transforming the financial services landscape as FinTech disruptors intensify the challenge to Incumbent Banks in Africa and kickstart new growth opportunities. Africa’s financial services landscape continues its dynamic evolution as the rapid growth of FinTech on the continent drives
FNB has revealed that South African consumers are showing strong appetite to save after its customers initiated nearly 20 000 savings goals in just a few days since the launch of the Savings Goals feature on the Bank’s App. To date, some of the top Savings Goals that have been chosen by consumers include: saving
Want to top with up with mobile data in a matter of seconds, grab that purchase and go, or pay your bills from the comfort of your couch? You’re not alone. Today people are living an increasingly digital – and mobile – life and they expect their ability to pay for their needs and wants
The launch of Standard Bank’s unique SimplyBlu digital solution powered by Mastercard could see thousands of South African small businesses crossing the ‘digital divide’ and entering the world of electronic trading, until now an option that has been closed to local companies because of the costs involved with setting up an online presence. One of
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
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
