Standard Bank now has the second-lowest PayShap fees in the country behind TymeBank, where they remain free.
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TymeBank will have a new CEO from January, with Cheslyn Jacobs taking the reins from Karl Westvig.
The prominent South African digital-first banking platform and fintech intends to rebrand itself in the first half of 2026.
Fintech disruptor Revolut plans to launch in South Africa as part of its global expansion into emerging markets.
PayShap Request allows for instant payments using a push notification to a customer’s banking app.
TymeBank customers will soon be able to apply for their IDs and passports in the banking app or via its in-store kiosks.
TymeBank is in discussions with home affairs after the parties’ public spat over the hike in ID verification fees.
Some industry players believe the higher access fees to query the home affairs database will cause more harm than good.
Without accessible, affordable banking, SRD grant recipients will return to informal, cash-based systems.
Absa Group’s new CEO, Kenny Fihla, is aiming to turn the bank’s retail unit into the biggest in South Africa.