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Financial News

Nxesi urges employers to pay staff UIF funds

By: Donna Slater     7th May 2020 Employment and Labour Minister Thulas Nxesi has urged employers to disburse Covid-19 Temporary Employer/Employee Relief Scheme (TERS) funds paid to them by the Unemployment Insurance Fund (UIF). This comes after the Minister received numerous complaints from workers who alleged that their... 

FNB, WesBank approves payment breaks on over 500 000 credit agreements

By: Simone Liedtke     6th May 2020 Finance services provider FNB and its subsidiary WesBank have approved payment breaks on more than 500 000 credit agreements for nearly 150 000 individual and business customers since April 1. The relief includes payment breaks and/or credit insurance assistance in excess of R4.3-billion to help... 

FNB CEO Jacques Celliers
FNB CEO Jacques Celliers

African leaders laud AfDB president’s leadership amid Covid-19 crisis

By: Tasneem Bulbulia     6th May 2020 South African President and African Union chairperson Cyril Ramaphosa and Nobel peace laureate and former Liberian President Ellen Johnson Sirleaf have commended African Development Bank (AfDB) president Akinwumi Adesina for his “visionary leadership and bold initiatives to accelerate Africa’s... 

Africa50 aids Covid-19 fight in three phases

By: Marleny Arnoldi     5th May 2020 Infrastructure investment platform Africa50 has granted $300 000 to the Africa Centres for Disease Control and Prevention (Africa CDC) for it to buy test kits and other medical equipment, as well as to mobilise frontline responders. Africa50 also provided $500 000 to fund other targeted... 

Bridge Taxi Finance raises funds to support taxi industry, imports 650 ambulances

By: Donna Slater     4th May 2020 Minibus taxi financier Bridge Taxi Finance has raised more than R280-million as part of a R1-billion fundraising programme to enable it to continue to finance taxis for use by the South African taxi industry. Bridge Taxi Finance provides credit facilities to South African entrepreneurs in the... 

Stanlib launches Khanyisa Impact Investment Fund

By: Donna Slater     30th April 2020 Investment manager Stanlib Credit Alternatives has launched the Stanlib Khanyisa Impact Investment Fund, which will pursue investment opportunities in areas that support South Africa’s economic development. The fund was launched on April 30 using a live virtual stream headlined by two renowned... 

Momentum warns against ending life insurance, tapping into retirement savings during Covid-19 crisis

By: Donna Slater     30th April 2020 The impact on people’s lives and finances from the spread of Covid-19 is putting strain on conventional long-term savings and life insurance policies, with many having been laid off, paid only a portion of their usual salaries or temporarily being absent from work without pay. This is resulting... 

Blessing Utete
Blessing Utete

AfDB hosts successful online business opportunity seminar

By: Marleny Arnoldi     30th April 2020 The African Development Bank (AfDB) on April 28 hosted the first of its two business opportunity seminars for the year. The seminar provided information to potential partners and contractors on the bank’s strategic priorities and procurement procedures.  

Intellidex now expects 10.6% contraction in South Africa's GDP 

By: Simone Liedtke     29th April 2020 Financial consultancy Intellidex has revised its gross domestic product (GDP) outlook for South Africa for this year to a contraction of 10.6%, adding that about 1.7-million jobs could be lost owing to the Covid-19 pandemic and subsequent lockdown and phasing out of restrictions. In a webinar on... 

Long-term growth thinking, planning critical now for banks and public sector

By: Marleny Arnoldi     23rd April 2020 University of Stellenbosch Business School (USB) says South Africa will not see a sharp and quick economic bounce back that many are hoping for, but will rather see a 12- to 24-month gradual recovery with the added complexity of managing a rebuild and growth plan that, in turn, spans up to eight... 

Labour dept making good progress on Covid-19 TERS payments

By: Tasneem Bulbulia     23rd April 2020 The Department of Employment and Labour has ramped up its payment of Covid-19 Temporary Employer/Employee Relief Scheme (TERS), as well as normal benefits, to ensure workers are not inconvenienced during the lockdown. On April 22, the Unemployment Insurance Fund disbursed R92-million, taking the... 

Treasury provides more clarity on additional tax relief measures

By: Simone Liedtke     23rd April 2020 In line with President Cyril Ramaphosa’s address to the nation on April 21, Finance Minister Tito Mboweni has provided more detail on the second set of tax measures aimed at assisting individuals and businesses through the pandemic. The statement from the National Treasury states that it... 

Global remittances to fall sharply owing to Covid-19

By: Tasneem Bulbulia     22nd April 2020 Global remittances are projected to decline sharply by about 20% this year owing to the economic crisis induced by the Covid-19 pandemic and shutdown, the World Bank reports. The projected fall, which will be the sharpest decline in recent history, is largely the result of a fall in the wages and... 

Global remittances  projected to decline sharply
Photo by Bloomberg
Global remittances projected to decline sharply

AfDB’s Adesina urges African cooperation to fight Covid-19

By: Donna Slater     22nd April 2020 An accelerated global health and economic effort is needed to overcome the Covid-19 pandemic in Africa, African Development Bank (AfDB) president Akinwumi Adesina said in a webinar this week. While Covid-19 infection rates are relatively low compared with the rest of the world, there is a... 

Recent gold plummet the result of multiple factors, says Refinitiv

By: Donna Slater     21st April 2020 As stock markets crashed recently in response to widescale and unprecedented disruptions brought about as a result of the global spread of Covid-19 and increased uncertainty, the recent, brief and highly unexpected crash in gold prices was mainly driven by four factors, all of which were... 

Solidarity Fund starts delivering food parcels to distressed families

By: Tasneem Bulbulia     20th April 2020 The Solidarity Fund on April 17 confirmed it had started the roll out of food parcels to more than 250 000 families across South Africa. The fund, which receives donations from corporates, citizens and foundations, has made R120-million available for food relief for distressed families. 

AfDB refutes media reports relating to East African crude oil pipeline project

By: Donna Slater     20th April 2020 Development finance institution, the African Development Bank (AfDB) has refuted allegations reported on by a news outlet stating that the bank plans to provide financial support to the East African crude oil pipeline project. The article references a letter by a group of civil society... 

CSSA rebrands as CGISA

By: Tasneem Bulbulia     17th April 2020 Global corporate governance body, the Chartered Secretaries Southern Africa (CCSA), has rebranded to the Chartered Governance Institute of Southern Africa (CGISA). The organisation offers corporate governance curriculum for those embarking on a career as either a chartered secretary or a... 

JSE directors, CEO donate a third of salaries for three months to Solidarity Fund

By: Marleny Arnoldi     17th April 2020 The JSE has announced that its board of directors and group CEO have pledged to donate at least 30% of their salaries to the national Solidarity Fund for the next three months. This follows after the JSE donated its trading revenue for April 15 and 16 to the Solidarity fund.  

iiDENTIFii contributes to Bill and Melinda Gates Foundation, Solidarity Fund

By: Donna Slater     16th April 2020 Identity verification specialists iiDENTIFii says it will financially contribute to the Combatting Covid-19 Fund, launched by the Bill and Melinda Gates Foundation, thereby helping to ease the burden on the less fortunate. The company also donated to this foundation to help it find a medical... 

Ubank donates R2m to Solidarity Fund, assists miners' families

By: Donna Slater     16th April 2020 Financial services provider Ubank, together with the Mineworkers Investment Company (MIC), have joined forces to support government to combat the negative financial impacts of Covid-19 by contributing R2-million towards relief efforts. Of this, R1-million will comprise Ubank’s contribution... 

Health foundation calls for donations to meet R500m needed to fight Covid-19

By: Donna Slater     15th April 2020 Nonprofit public benefit organisation, the South African Medical and Education Foundation (Same) is appealing to the nation, particularly domestic business, to assist in raising R500-million. The money is urgently needed for critical medical equipment required to protect healthcare workers,... 

Economic transactions plunge as Covid-19 takes its toll

By: Simone Liedtke     15th April 2020 Economic transactions in South Africa plunged in March as Covid-19 took its toll on the economy and consumers, BankservAfrica’s Economic Transaction Index (Beti) has found. This data, the financial organisation said, suggests that the economy is shrinking rapidly as the Beti declined by 3.31% in... 

Standard Chartered announces initiatives to support communities during Covid-19

By: Tasneem Bulbulia     14th April 2020 International banking group Standard Chartered says it is committed to supporting clients, and the communities in which it operates, both through the current pandemic crisis and the longer-term support and renewal phase. It has announced a number of measures to provide support. 

Online hackathon launched to spur development of Covid-19-tackling solutions

By: Donna Slater     14th April 2020 The African Development Bank (AfDB) and partners will host an international 72-hour online competition, the #AfricaVsVirus Challenge – aimed at developing effective solutions to the coronavirus pandemic – from April 16 to 19. The hackathon, or as the AfDB calls it, the "ideathon", is open to... 

South Africa should consider additional funding sources to combat Covid-19, says BER

By: Simone Liedtke     14th April 2020 South Africa will require significant resources to fund the coronavirus battle and, because funding is lacking, the country should be open – or at least not be surprised by – (temporary) funding options that would have been unthinkable a mere two months ago, the Bureau for Economic Research (BER)... 

Old Mutual provides free cover to healthcare workers

By: Donna Slater     8th April 2020 Financial services group Old Mutual is making R4-billion worth of cover available to about 430 000 registered healthcare workers across South Africa, the group announced on April 8. Unlike traditional cover, the initiative offered to these professionals is neither a product nor a policy and no... 

Covid-19 showing importance of early action in tackling global threats, says NPO

By: Simone Liedtke     8th April 2020 While the world’s immediate priorities have shifted to focus on dealing with the Covid-19 pandemic, the virus is showing the importance of early action in tackling global threats, and it is therefore crucial that the world not emerge from this crisis to find itself worse off in terms of efforts... 

Research reveals gap in Covid-19 funding for businesses in townships

By: Donna Slater     7th April 2020 The Covid-19 pandemic and the current lockdown are already having a devastating impact on South Africa’s economy, with informal and small businesses in townships likely to feel the brunt of the impact.   A study by postgraduate students at the University of Cape Town (UCT) and entrepreneurs from... 

Innovation Hub launched to promote responsible innovation in the South African financial sector

By: Donna Slater     7th April 2020 South Africa’s financial regulators on April 7 launched the Intergovernmental Fintech Working Group (IFWG) Innovation Hub in response to changes in the financial sector driven by financial technology (fintech) and to promote responsible innovation in the sector. The IFWG Innovation Hub provides... 

Unemployment beneficiaries wait while Nedlac discussions progress

By: Donna Slater     7th April 2020 Many employers are waiting for greater clarity regarding unemployment benefits for their staff that have been temporarily laid off during the national lockdown, which is enforced from March 27 to April 16 to curb the spread of Covid-19, according to business law firm Cliffe Dekker Hofmeyr (CDH).... 

Gillian Lumb
Gillian Lumb

The Property Industry Group announces industry-wide assistance, relief package

By: Simone Liedtke     7th April 2020 The Property Industry Group has announced an industry-wide assistance and relief package for retail tenants that are hardest hit by South Africa’s lockdown in the face of the Covid-19 pandemic. The initiative, which focuses principally on supporting affected small-, medium-sized and... 

Property Industry Group spokesperson and SA Reit Association chairperson Estienne de Klerk
Property Industry Group spokesperson and SA Reit Association chairperson Estienne de Klerk

SME relief programme oversubscribed days after applications open

By: Simone Liedtke     7th April 2020 The Sakuma Relief Programme’s fund has been oversubscribed, with applications for financial assistance exceeding the current available capital of R1-billion, just days after applications opened. This includes both completed applications and applications in progress. 

Prudential Authority welcomes financial relief measures taken by banks

By: Simone Liedtke     7th April 2020 The Prudential Authority (PA) welcomes the measures taken by banks to support their customers during this period of economic turmoil and uncertainty and notes that a “safe, sound and robust banking system is a key part of South Africa’s shock absorbers during these times”.  This is especially the... 

National Treasury highlights PFMA extensions

By: Tasneem Bulbulia     3rd April 2020 Following the declaration of a state of disaster and a national lockdown in the country, Finance Minister Tito Mboweni, in terms of the Public Finance Management Act (PFMA), has issued an exemption notice to institutions to which that Act applies to ensure effective financial management and to... 

Broadband Infraco, ItakaneICT partner to enable cashless platforms

By: Natasha Odendaal     3rd April 2020 Broadband Infraco and ItakaneICT have partnered to deploy cashless payment platforms to rural and disadvantaged communities. The move will help in dispensing and transacting financially without using physical cash amid the Covid-19 outbreak. 

Standard Chartered to launch $50m global fund for Covid-19 relief

By: Marleny Arnoldi     3rd April 2020 International banking group Standard Chartered has launched a $50-million global fund to provide assistance to those affected by the Covid-19 pandemic. Half of the funding will immediately be deployed for relief in the group’s most affected markets, while the balance will help communities over... 

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