Banking News

The Banking community of South Africa South Africa Banking news

  • Exploring the new frontier: open banking
    on June 3, 2020 at 9:04 am

    Sindiswa Makhubalo, head: bank and payment providers, FSCA</span>The concept of open banking is forcing banks to rethink financial services as it's understood today. Realising that this is the new frontier, the Financial Sector Conduct Authority (FSCA) is far advanced in its research into open banking, including its challenges and the opportunities it presents.Read more... | Send to a friend

  • Covid-19 stress testing indicates resilience of largest SA banks
    on June 2, 2020 at 12:16 pm

    [[www.123rf.com 123rf.com]]</span>Financial stress testing indicates that the largest South African banks are expected to remain resilient through the current period affected by the Covid-19 outbreak, even under severe stress scenarios. Financial stress testing involves the assessment of modelled outcomes under a range of adverse economic scenarios (called "stress scenarios") - typically mild, medium and severe stress scenarios.Read more... | Send to a friend

  • The role of the Banking Ombudsman's office is more relevant now than it has ever been
    on May 29, 2020 at 10:20 am

    The impact of Covid-19, and the financial crisis that is bound to follow in its wake, will have a lasting impact on society and business as a whole. It will be a time of great financial stress and a time where the services of bodies such as the Ombudsman for Banking Services (OBS) will be needed now more than ever.Read more... | Send to a friend

  • FNB cardholders spent over R4bn in 3 days preceding lockdown
    on May 28, 2020 at 10:36 am

    The latest insights from FNB have shown a slight boost in card spend since the start of Level 4 lockdown. However, the Bank states that despite the increase in consumer spending, activity is still averaging significantly lower compared to pre-lockdown levels.Read more... | Send to a friend

  • 6DOT50 launches Digital Rands to pay for essential goods
    on May 26, 2020 at 8:15 am

    Over 11 million South Africans do not have a bank account and, in lockdown, receiving wages is logistically challenging. Many businesses have been negatively impacted by the Covid-19 pandemic and employees have been laid off. People are running out of cash and hunger is now a more immediate threat than the virus. The payment needs of vulnerable individuals must quickly be met if widespread civil unrest is to be averted.Read more... | Send to a friend

  • Covid-19 will intensify the battle of the banks
    on May 25, 2020 at 9:15 am

    [[www.123rf.com 123rf.com]]</span>The battle of the banks will intensify in the wake of Covid-19, as both legacy and challenger financial institutions race to use tech innovation to gain a competitive advantage in 2020/2021.Read more... | Send to a friend

  • Another cut in the repo rate
    on May 22, 2020 at 8:40 am

    [[www.123rf.com 123rf.com]]</span>The Monetary Policy Committee (MPC) once again voted in favour of lowering the repo rate this month by 50bp to 3.75%. The policy rate has lowered by 2.75% this year, with a cut every month apart from February, taking interest rates to levels last seen in the early '70s.Read more... | Send to a friend

  • Nedbank launches Avo, its new e-commerce 'super app'
    on May 19, 2020 at 12:40 pm

    Nedbank has revealed its new digital platform Avo. Described as a "super app", Avo will provide customers with access to online shopping and other essential services from a variety of merchants.Read more... | Send to a friend

  • Consumer perceptions of digital payment methods: South Africa
    on May 19, 2020 at 10:22 am

    As digitisation makes its way into Africa across sectors and industries, digital payment methods are being offered as safe and convenient alternatives to traditional options.Read more... | Send to a friend

  • #LockdownLessons: The virus will forever change banking, says Basani Maluleke
    on May 19, 2020 at 9:30 am

    Basani Maluleke, CEO, African Bank</span>CEO, Basani Maluleke's long-stated goal of transforming African Bank into a fully transnational South African bank: offering near free banking coupled with digital convenience has been fast forwarded by the Covid-19 pandemic. Here's what she's got to say.Read more... | Send to a friend