Absa Bank has piloted a new predictive alert service that not only notifies customers of potential shortfalls in their bank accounts, but which also offers personalised options to make it easier for customers to manage their finances.
Finance Minister Pravin Gordhan could save the South African Revenue Services (SARS), businesses and employees a great deal of time and hassle by phasing out travel allowances that companies pay to employees as part of their salary packages. Though radical and likely to be unpopular in some quarters, this proposal could ease tax compliance for companies and employees while making life simpler for SARS.
The premise of a relatively new asset class, venture capital companies (VCCs) is that investors get tax benefits and strong returns. Clive Butkow, chief investment officer, recently launched Grotech, where investors are entitled to deduct the full amount of their investment from their taxable income in the tax year ending 28 February 2016. The tax relief is 41% for individuals and trusts and 28% for companies which mitigates the investment risk and significantly enhances the potential return.
Namibia is among the few African countries with money account penetration greater than 10%, a study done by rating agency Moody's Investors Service said. Namibia's penetration is 48% while that of South Africa is 58%.
With the South African economy skirting recession and insolvencies on the rise, experts warn that businesses need to pay closer attention to their financial health to avoid getting into trouble.
Statistics related to the forex market are definitely incredibly interesting. We are faced with various different stats that clearly highlight the growth that is experienced at the moment. As an example, in the year 2013 we saw the forex markets trading around $5.3 trillion every single day. This went up considerably since in the year 2012 the statistics highlighted transactions of $4 trillion per day. Believe it or not, this growth trend continued and although we do not know exactly how much is traded every single day at the moment, we can say that the amount is higher and the opportunities are more numerous for the investors.
Unfortunately, the start of 2016 sees us in a difficult economic reality. At the beginning of November last year, just over three months ago, the rand was trading at just under R14 to the US dollar. Today it is valued at around the R16 mark, indicating a decrease of over 15%.
Islamic banking leaders and dignitaries from across Africa and the Middle East gathered at the 2nd annual International Forum on Islamic Finance (IFIF 2016).
FNB Life says being granted access to the Department of Home Affairs' National Population Registry is significantly benefiting its funeral policyholders and their beneficiaries.
Deloitte (Africa) has announced that it has acquired the business assets and now directly employees the 30-person team of ConVista Consulting (Pty) Ltd, the South African subsidiary of the German consulting firm ConVista AG, as it continues to expand its financial services capabilities, with a particular focus on the insurance industry.
Small and medium sized enterprises (SMEs) are the primary job creation engine in Africa, accounting for over 95% of firms and 60%-70% of employment.
The mobile payment space is an exciting one right now; and with on-demand services like UBER and Netflix gaining constant popularity the demand for online payment services is set to soar. The overriding concern however is security.