Category: <span>Banking</span>

The SA Reserve Bank on Wednesday marked its 100-year anniversary, and it is a “solid institution” of which South Africans can be proud, Governor Lesetja Kganyago said. During the virtual centenary celebrations, Kganyago, the tenth governor of the bank, outlined key developments in the central bank’s history.  The bank steered the country’s financial system through the...

PayPal Holdings Inc will lift merchant costs for its branded payment products while cutting those for behind-the-scenes processing of some Visa and Mastercard transactions, a bold move in an increasingly competitive digital payments sector. The strategic shift reflects PayPal’s growing power in online transactions, which surged during the COVID-19 pandemic. As consumers and businesses flocked to...

FNB has launched a new brand communication campaign, #TheChangeables, to celebrate South Africans who take challenges in their stride, transform obstacles into opportunities, and embrace change as a way of building a better future for themselves and others. In the spirit of change, FNB is also launching a refreshed design across its range of bank...

Finally Cosatu is raising the right questions. Cosatu said that struggling consumers and businesses needed every bit of relief and has urged the South African Reserve Bank to lower the repo rate by 50 basis points. The trade union federation was reacting to GDP figures released by Stats SA for the first quarter on Tuesday....

Jack Dorsey’s Square to make Bitcoin hardware wallet. Payments firm Square Inc is considering creating a non-custodial hardware wallet for bitcoin, said the company’s chief executive officer Jack Dorsey. Bitcoin wallets can be stored offline or online at cryptocurrency exchanges, venues where bitcoin can be bought and sold for traditional currencies or other virtual coins. With...

The four other major changes to the eBucks programme for Private Clients, FNB Private Wealth and RMB Private Bank are: Customers can now earn up to 15% back in eBucks at iStore, which is now a partner in the same way as Checkers/Shoprite and Clicks. The amount on which customers earn eBucks is limited to...

The South African Reserve Bank is Considering Launching its Own Digital (Rand) Currency. The South African Reserve Bank (Sarb) recently announced that it is commencing a feasibility study for a general-purpose retail Central Bank Digital Currencies (CBDC). “The Sarb has embarked on a study to investigate the feasibility, desirability and appropriateness of a CBDC as...

Nigerian fintech startup Mono, has raised US$2 million to accelerate its data connectivity and financial offerings to millions of Africans in the continent.  TechCrunch reports that the company — founded by Abdul Hassan and Prakhar Singh — closed a $2 million seed investment round. This announcement came just nine months after the company raised $500,000 in pre-seed capital....

South Africa has one of the lowest savings and highest debt-to-income ratios in the world. Nedbank wanted to take a stand and create social consciousness around excessive consumerism and irresponsible money behaviour. To achieve this, integrated brand and communications group Joe Public United collaborated with Romance Films to bring a new campaign to life. The...

First National Bank was, for the second year running, the bank about which it received the most complaints, numbers published by the Ombudsman for Banking Services (OBS) on Wednesday show, only more so than before. In 2020 it registered a total of 2,197 complaints about FNB, the OBS office said in its annual report, making it the only...