As a price war intensifies in South Africa’s banking sector, FNB has announced it will cut the fees of some accounts and offer free airtime and data to account holders.
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From free burgers and ride-hailing services to hip-hop concerts and discounted petrol: South African banks are going all out to win customers as competition hots up.
The decision by Standard Bank to close 91 branches and cut 1 200 jobs is not at all surprising – the only surprises were that the bank announced it publicly and that it did so before elections in May.
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.
A South African company embroiled in allegations that it paid millions of rand a month in bribes to secure government contracts is facing collapse.
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.
FirstRand is emulating Amazon.com with a digital offering that will span everything from insurance, car licence renewals to locating plumbing services as the South African bank chases new revenue sources.
First National Bank said on Tuesday that it is launching the ability to tap for transactions at its ATMs.
First National Bank and a start-up fintech company in South Africa are partnering to connect informal traders in townships with fast-moving consumer goods companies.
Mobile virtual network operators that piggyback on Cell C’s network will also get to take advantage of the cellular provider’s 4G/LTE roaming agreement with MTN South Africa.