Category: <span>Banking</span>

In this article, Regent Business School‘s Academic & Research Officer Fatima Lockhat, explores the concept of digital transformation within the banking sector, with insights on how technologies such as artificial intelligence, blockchain, cybersecurity, are reshaping the financial services landscape and indicate instances of successful digital transformation initiatives in the banking industry. The banking sector faces a significant...

Payfast has launched its 2023 annual industry report, offering a comprehensive look at South Africa’s new State of Pay. Featuring expert insight and statistics from leading industry innovators Capitec, Mukuru, Yebo Fresh, and The Shopaholic, the report unpacks the next frontier in the payments industry within the context of financial inclusion. From open commerce to open...

Apple Pay Later appears to have officially launched for all qualifying U.S. residents today, as it is now widely available in the Wallet app on the iPhone. The feature had been available on an invite-only “early access” basis since March. Apple Pay Later is a “buy now, pay later” feature that lets qualifying customers split a...

The Ecobank Group, the leading pan-African banking group, celebrated the 10th anniversary of Ecobank Day, its flagship social impact event. To mark the occasion, Ecobank launched a three-year ‘Transforming Africa Through Education‘ campaign, which it kicked-off with a focus on digital education and equipping children and youth with the digital skills they need for the jobs...

Finance Minister Enoch Godongwana unveils plans to significantly increase borrowing to plug a budget funding shortfall. With the tax windfall from a commodities boom over and a revenue shortfall of R56.8 billion expected this fiscal year, Finance Minister Enoch Godongwana has unveiled plans to significantly increase borrowing to plug a budget funding shortfall. Here’s who...

Kuben Naidoo, one of the deputy governors of South Africa’s central bank has been linked with a top job at Nedbank Group following his resignation at the South African Reserve Bank.  According to news reports Naidoo is the front runner for the job at Nedbank. The banking institution is searching for a CEO to replace...

RushCard is officially closed, no longer in business. The prepaid debit card company founded by hip-hop mogul Russell Simmons, after being bought by rival Green Dot for $147 million.  The company mentioned on its website that they decided to discontinue the RushCard and UniRush, its parent company.  “Are you looking for a RushCard? By now...

TymeBank is no longer a small player in the banking and financial sector, as it stands 8 million South Africans are now banking with Patrice Motsepe’s bank. The bank recently announced that it has onboarded eight million customers as of 6 October 2023, that means 200,000 customers are signing up every month.  Speaking about the...

South African President Cyril Ramaphosa signed a law that will enable the government-owned Postbank to become a fully fledged state-owned commercial lender. The legislation brings the ruling African National Congress a step closer to fulfilling an election-campaign pledge to use a state-owned bank to reduce inequality by increasing access to credit and banking services. “This...

The Monetary Policy Committee has kept South Africa’s key interest rate steady at 8.25% for a second consecutive meeting. This was in line with many economists’ predictions, and comes after annual consumer price inflation ticked up slightly to 4.8% in August from 4.7% in July. That kept CPI within the Reserve Bank’s target range of...