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- South Africa’s major banks have increased their provisions for bad debt, signaling the challenging effects of higher interest rates on consumers and the start of a terrible phase of the credit cycle.
- The repo rate has risen by a cumulative 425 basis points, making it more expensive for consumers to finance their debt, particularly those with long-term loans such as mortgages and vehicle loans.
- This ongoing burden of debt is a significant source of stress for families, with 51 percent of South African parents experiencing financial strain affecting their family life.
South Africa’s major banks increased their provisions for bad debt, underscoring the challenging effects of higher interest rates on consumers and the start of a more difficult phase of the credit cycle.
Despite the banks’ profitable lending activities and the impact of higher interest rates, consumers have been struggling to cope with the cumulative repo rate hikes since November …
The ZSE’s 2020 research found that individual Zimbabweans made a meagre amount of contributions to the regional capital market. A few of the obstacles mentioned are a lack of understanding of the investment process and the notion that it is the realm and preservation of the wealthy in society.
According to an article by Mail and Guardian published May 25, 2022, this survey prompted the bourse to launch ZSE Direct, a product that would make access to the market straightforward even for first-time investors.…
Digital mobile payment platform Apple Pay last week silently went live in South Africa, with at least three banks supporting the service.
This is the first time the service is being launched in Africa.
How Apple Pay works
Apple Pay is the smartphone manufacturer’s payment and digital wallet system. Users of the iPhone, iPad, Mac and Apple Watch can use the feature to pay online on various apps and at Tap and Pay NFC terminals. A bank card needs to be connected to the service.
Apple Pay allows users to load a supported banking card and use their Apple device – such as an iPhone or cellular Apple Watch – to make a contactless payment at supported NFC-based terminals.
Banks supporting Apple Pay
Following the launch of the service in Africa, three South African banks are listed on Apple’s website as partners supporting Apple Pay.
They are Absa, Discovery and …
On Monday, the South Africa’s rand firmed back to below the key 15.00 per dollar mark, which is mostly on profit-taking and month-end positioning after a sustaining a steep slide triggered by the Wuhan coronavirus shaking the world, Reuters reveals.
At 0700 GMT the rand was 0.43 per cent firmer at 14.9650 per dollar, having ended at 15.0300 on Friday. The coronavirus dragged the currency to its weakest level in three months—traded at 14.4800 last Monday, which was 0.59 per cent lower than its New York Close on Friday, January 24.
Reuters reported that investors concerned about the spread of the coronavirus wiped more than $400 billion off the value of China’s stocks in the first trading session in two weeks after an extended Lunar New Year break as the death toll from the epidemic rose to 361.
READ:Coronavirus and the Implications for Emerging Markets
The rand has tumbled …