First National Bank (FNB) announced the launch of eWallet eXtra, a mobile bank account that allows unbanked and underbanked South African consumers to use a feature phone or a smartphone to open a bank account without ever walking into a branch. eWallet eXtra will have no monthly fees and consumers are not required to submit
BankservAfrica, Africa’s largest automated payments clearing house, cleared the highest volume of electronic funds transfers (EFTs) on record in March of 89 million and at a value of R847 billion. Most of these were for EFT credits – payments – that represent 51 million in volume and a value of R778 billion, according to Shergeran
In a further move to optimise its service offering, DPO Group (Direct Pay Online) will be rolling up its Southern African payment service providers (PSPs) into the consolidated brand of DPO PayGate. In August 2017, DPO Group announced its acquisition of PayGate South Africa and Virtual Card Services (VCS) South Africa. The deal followed its previous acquisitions of PayGate,
“Now that the South African Reserve Bank (SARB) has established a fintech programme to track and analyse developments, South Africa has all that is required to become a fintech centre of excellence,” says Dominique Collett, senior investment executive at Rand Merchant Investment Holdings and head of AlphaCode, a club for fintech entrepreneurs. “We have an
Capitec Bank’s most recent annual financial results for the year ending February 2018 shows that the bank’s strategy to grow its active client base to nearly 10 million – with a focus on middle to higher income clients – has continued to be successful; in January 2018 alone the bank signed up 185 000 new
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
