Forthcoming regulatory changes will allow fintech companies to act more like banks, according to Lesaka Technologies.
Browsing: Reserve Bank
The rand has extended its recent rally, strengthening to a fresh 20-month high against the US dollar.
The South African Reserve Bank cut its main interest rate for the first time in more than four years on Thursday.
Debit cards already handle the lion’s share of transactional value, despite cash being used in higher volumes.
The rand strengthened to a 13-month high on Friday, supported by improved investor sentiment.
Inflation fell more than expected in July, opening the way for interest rate cuts from next month.
The Reserve Bank will leave interest rates on hold this week but cut rates by 25 basis points in September, a poll suggested.
President Cyril Ramaphosa on Monday welcomed last week’s milestone of 100 days without load shedding in South Africa.
Retailers are not obliged to accept cash as a means of payment, even though it is defined as legal tender.
Inflation will slow next year as global trends weighing on price growth combine with weak consumer spending.