Standard Bank Group expects to close 91 branches across South Africa, most by the end of June, in a move that may affect about 1 200 employees.
Samsung’s tap-and-pay service is coming to more banks. The company said on Monday that Samsung Pay will soon work for Investec and Discovery Bank account holders.
Hello Group, working with Sasfin, has launched a bid to bank the unbanked in South Africa with a new fintech offering that builds on its successes in the telecommunications and mobile financial remittance markets.
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.
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.