Swift opens KYC Registry to corporates
Swift has opened its global Know Your Customer (KYC) registry to Swift-connected corporate groups, enabling them to manage and share KYC data with their banking partners across the globe. The go-live for corporates follows a successful testing period with 18 leading...
IoT and its role in insurance
By the end of this year, forecasts anticipated that there will be more than 14-billion Internet of Things (IoT) devices in use with that number expected to reach 25-billion by 2021. Furthermore, the global market for IoT is projected to grow significantly between 2018...
Myths and realities of fintech lending
Fintech start-ups have transformed the market for consumer lending in the US and other mature credit markets, by giving people an alternative way of borrowing money without having to go through a bank or a traditional lending institution. We see a similar trend...
New free platform to connect the unbanked
A new co-operative fintech platform, CoegaX, aims to connect all South Africans to the digital economy by providing free payment services and interest-free production loans. CoegaX, the Collaborative Trading Platform was built by the Forus Foundation, which aims to...
Insurance professionals must upskill to remain relevant
As we come to the end of a decade, we have seen the evolution of a new breed of customer. This is according to Insurance Institute of South Africa's CEO Thokozile Mahlangu, who says: "If what we have observed in the past years, a customer active on social media, whose...
Capitec launches money-themed mobile game
Capitec Bank has launched an immersive new mobile game called Livin’ it Up. The game allows users to test their money skills in a virtual world, while picking up tips for real life. Users play as different characters, all trying to achieve typical financial goals...
Traction for Standard Bank’s 3-minute loan
Standard Bank has seen significant uptake of its new three-minute loan, with R260-million worth of loans issued to small and medium-sized enterprises (SMEs). The loan capability, which has been extended online, allows business owners to apply for and receive funds of...
Nedbank payment systems cope with Black Friday traffic
The Black Friday phenomenon has well and truly taken hold in South Africa, as demonstrated by the increase in payment transactions processed by the country's banks in 2019, compared to the same Black Friday period in 2018. Mpho Sadiki, executive: card, payments and...
New Open Banking APIs tested
Breaking new ground in the way banks and third parties collaborate, Digiata put the new Nedbank Open Banking APIs to the test. By Johan Kühn, Director at Digiata At Digiata, we pride ourselves on our curiosity and love of problem-solving, and our ability to embrace...
Financial inclusion is on Africa’s agenda
A year since launching, South Africa's inexpensive and convenient QR cash card and micro transaction platform uKheshe has reached more than 300 000 users. Clayton Hayward, co-founder and CEO of uKheshe, says that the first year has exceeded all expectations. "As a...
uKheshe, Mastercard enable mobile payments for the unbanked
uKheshe, a locally developed financial inclusion platform, is collaborating with Mastercard to enable informal traders, street vendors and casual labourers to accept digital payments through Masterpass, Mastercard's digital payment service. By combining their...
Reviving SA’s payments infrastructure
In the 1980s and early 1990s, South Africa was viewed as having one of the most modern payments system in the world. By Martin Grunewald, executive head: payments business at BankservAfrica Since then, we haven't necessarily kept up with continuous modernisation of...