South Africa is set to adopt a raft of legislative changes over the next three to five years to modernise the regulatory framework for financial institutions.
Browsing: Banking
The South African Reserve Bank is introducing upgraded banknotes and coins from 4 May to combat counterfeiting and to stay abreast of advances in technology.
Bank Zero has announced a partnership with iKhokha to provide business customers with a free-to-use card machine solution.
FNB has expanded its partnership to allow access to the US internet payments platform via more of the bank’s digital channels.
For almost 20 years, the South African banking industry has tried to achieve digitisation and innovation but has largely failed to capitalise on earlier opportunities.
The bank will provide up to R50-million in energy subsidies to qualifying SMEs, allowing them to finance solar installations.
The Financial Intelligence Centre has established a forensic unit to help the government fight corruption and prosecute complex financial crimes.
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More than 50% of FNB customers now tap to pay at the point of sale, marking an extraordinary rise in contactless payments.