Category: <span>Banking</span>

As Black Friday approaches, businesses worldwide are preparing for the busiest consumer period of the year. In South Africa alone, Black Friday sales have grown by an astounding 9900% over the past six years. One of the biggest drivers of this is the upsurge in online retail which has exploded by 66% since the onset...

The Shoprite Group, the country’s largest retailer has launched a basic transactional bank account which can be linked to its Xtra Savings rewards cards. With more than 20 million of these in issue across the Checkers and Shoprite brands, customers need only register for the Money Market Account to enable banking on their existing cards....

South African Reserve Bank Governor Lesetja Kganyago has announced that the repo rate will increase by 25 basis points to 3.75%. He made the announcement on Thursday afternoon at a press briefing. Kganyago said it was a difficult decision: “Three members of the committee preferred an increase and two members preferred it unchanged.” He said...

Amazon tells VISA to change its expensive credit fees or stop working with them. e-Commerce giant Amazon announced it will stop accepting Visa credit cards issued in the UK due to exorbitant fees, starting on January 19th, 2022. The company has notified its Amazon UK customers in an email about the change, blaming the high fees Visa...

Its for say Ozow is South African unicorn and success story. Mzansi’s payments and fintech company Ozow has raised a $48 million Series B to provide more alternative payment solutions to its millions of merchants and consumers. The company’s seed round was led by Chinese internet giant Tencent with other investors Endeavor Catalyst and Endeavor Harvest Fund participating. Speaking...

Absa Bank board fired Sipho Pityana as its lead independent director, this comes after he took the SA Reserve Bank’s Prudential Authority (PA) to court. In a statement, the banking group announced its board had resolved that Pityana would cease to be lead independent director of the Absa Group and Absa Bank, with immediate effect. He’s...

African Bank has appointed Bold, a Brave Group’s company to handle their financial and corporate public relations and marketing for the next three years. The newly appointed chief marketing officer of African Bank, Sbusiso Kumalo said, “the executive communication and advisory firm by partners Ndumiso Mngomezulu and Jeremy Maggs were able to bring strong strategic/creative...

The South African and London based fin-tech firm has raised $120 million seed round. The company offers financial services to businesses and entrepreneurs in emerging markets.  Fintech is an interesting space to be in at the moment as we see a number of companies venture into. Jumo competes with other African fintech unicorns such as Flutterwave and Opay.  The fintech firm, which refers to...

TymeBank, one of the world’s fastest growing digital banks, announced today that it has onboarded four million customers as at the end of October, which means that one in every ten South Africans who are eligible* to open a bank account, now have a TymeBank account. In addition, TymeBank is experiencing an acceleration in its...

Square Inc shareholders have approved the issuance of new shares for the U.S. company’s $29 billion purchase of Afterpay Ltd, bringing Australia and the buy now, pay later sector’s largest buyout a step closer to fruition. The purchase by Square, the payments firm of Twitter co-founder Jack Dorsey, underlined the growing popularity of an industry that has upended...