As new banks with radically different cost structures enter the market, the question is whether South Africa’s large banks are well placed to respond to the digital onslaught.
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FNB and RMB Private Bank customers who own a compatible Samsung smart device now have the option to use Samsung Pay to make secure contactless payments.
The proliferation of digital financial service providers may see a more streamlined Fica process in future, though this may give rise to privacy concerns.
Maria Ramos will retire as Absa Group CEO at the end of February, the financial services group said on Tuesday. Ramos has been at the helm for the past decade.
First National Bank is introducing consumer and merchant QR code payments to its banking app. The bank is using Masterpass, Mastercard’s digital payment service, to offer the functionality.
First National Bank said on Tuesday that it is launching the ability to tap for transactions at its ATMs.
Standard Bank has taken the wraps off Standard Bank Mobile, its new virtual mobile network operator, which will piggyback off the Cell C network.
TymeBank, owned by South African billionaire Patrice Motsepe, has started signing up customers for its new online bank, one of a number of entrants planning to steal clients away from traditional lenders.
Bank Zero will be an app-driven bank, not an Internet bank, a digital bank or a virtual bank, and will not rely on physical branch infrastructure, according to chairman Michael Jordaan.
Former First National Bank CEO Michael Jordaan’s new financial services venture, the app-driven Bank Zero, has been integrated with the national payments system and will now begin trial runs ahead of commercial launch.