New allegations by President Jacob Zuma’s supporters that South Africa’s biggest banks are frustrating efforts to address racial inequality signal an escalation of a battle for control of the nation’s financial system, including the treasury. Protestors from the
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South Africa’s largest banks have successfully swapped an asset via a blockchain network, set up among themselves. The banks – Absa, Investec, Nedbank, Rand Merchant Bank/First National Bank and Standard Bank
South Africa’s largest banks backed finance minster Pravin Gordhan’s stance that he has no power to stop them from closing the accounts of a company controlled by friends of President Jacob Zuma. FirstRand, Standard Bank, Barclays
FirstRand said it agrees with finance minister Pravin Gordhan that he cannot interfere with their decision to cut ties with the Gupta family. Gordhan last week asked the high court to order that he has no authority to
South Africa’s big four retail and commercial banks spent in excess of R30bn on IT in the 12 months to end-June 2016, including the cost of staff involved in this function. Excluding the cost of people, nearly R15 out of every R100 spent on
Technology-powered South African start-up SweepSouth, which provides online, on-demand home cleaning services, has secured R10m in new venture capital funding, it said on Monday. The funding comes from the Vumela Fund, as well
Driver-partners of Internet ride-sharing service Uber will have easier access to cars following a R200m agreement with vehicle finance provider WesBank and FirstRand’s enterprise development fund Vumela. The companies announced on Tuesday in Johannesburg that
One person who is notably absent among the investors in Alan Knott-Craig’s new venture, HeroTel, is former FirstRand CEO Paul Harris, who had helped bankroll Knott-Craig’s acquisition
FNB Connect boss and head of First National Bank’s business operations, Farren Roper, has resigned after five years at the company to pursue an undisclosed business venture in the telecommunications sector. Roper is an admitted attorney and an executive director
First National Bank CEO Michael Jordaan may be planning to leave the bank at the end of the year, according to a report. The 44-year-old has been CEO since 2004 and has been instrumental in driving its digital strategy, including the development of mobile banking applications and its drive to get consumers to use digital