Category: <span>Banking</span>

The United Nations initiative dedicated to fighting chronic malnutrition through innovation, and the Ecobank Group’s Foundation, the pan-African banking group with operations in 33 countries across the continent-announce the launch of the “Make the Connection” campaign, which aims to raise awareness and funds to prevent chronic malnutrition in Africa. 144 million children under the age...

The global brand research firm Brand Finance has published its 2021 Global 500 Banking report – ranking the most valuable banks in world. Capitec was ranked as having the strongest banking brand in South Africa, and the third strongest banking brand in the world – retaining its position from last year. FNB also retained its...

Described as a positive move for the South African fintech (an innovation that aims to compete with traditional financial methods in the delivery of financial services landscape) Spot Money’s Open Banking marketplace will “bring a new dimension to enabling consumers to manage and control their money,” according to the company CEO. The move follows the...

African Bank has announced the resignation of its Chief Executive Officer (CEO) Ms Basani Maluleke. Maluleke’s sudden resignation was primarily due to a clash of personalities with African Bank chair Thabo Dloti, that’s according to Business Day. The newspaper report that in the wake of the announcement, which caught the market by surprise, Business Day...

The South African Reserve Bank’s Monetary Policy Committee (MPC) has voted to hold rates. In its first meeting for 2021, the committee decided to keep the repo rate at 3.5% and the prime lending rate at 10%. The prime and base home loan rate remain at a historic low of 7.0%. The bank was widely...

Massive queues at banks and ATMs with little social distancing have been flagged as potential COVID-19 super spreaders and banks have now been instructed to provide sanitisers at all their cash machines. Cooperative Governance and Traditional Affairs Minister Nkosazana Dlamini-Zuma said that during the festive season people were at risk as they queued mostly at...

South African banks have come under fire for processing December debit orders earlier than usual. But even as account holders express shock and frustration, financial service providers say it’s common for accounts to be debited early during the festive season If you’ve got debit order agreements with various companies, there’s a good chance that some...

Aspirant homebuyers can now calculate their home loan repayment plans by dialing Nedbank’s new USSD code on their phone, a move that opens access to homeownership for low income earners, the bank said. The bank’s move coincides with the low interest rate environment in the property market that has provided a boost for the local...

Virgin Money South Africa announced that it has changed its name to Spot Money SA, adopting the name of its Virgin Money Spot app. This follows the acquisition of Virgin Money SA by “a leading private equity firm”, Spot said, in partnership with the local executive management team. Absa recently announced that it was shutting down...

Digital bank, TymeBank has announced its fee changes for 2021, including making a number of transactions free. Launched in 2018, TymeBank has quickly become one of the largest digital banks in South Africa, with around 2 million customers. The group is backed by billionaire Patrice Motsepe’s investment group African Rainbow Capital, and offers an affordable...