Damage to banks and ATMs during July’s violence and looting will cost up to R1.5bn to repair, the Banking Association SA (Basa) said on Saturday. Banks are still working on infrastructure recovery plans in Gauteng and KwaZulu-Natal, the association said in a statement, adding that 1,400 ATMs and 269 bank[…]
At least a dozen Lebanese banks across the country were torched and vandalised early Wednesday during the second consecutive night of angry protests fuelled by frustration over the national currency’s unfettered depreciation. Hundreds of demonstrators took to the streets and dozens were arrested by security forces. The largest and most[…]
With almost 195 burglaries and 55 robberies occurring in commercial spaces daily, as we approach Easter holidays, cash volumes are expected to rise, making retailers vulnerable to such crimes. Security experts met with various stakeholders in Sandton on Tuesday to discuss the latest statistics and trends in retail cash crime.[…]
Kenyan authorities will investigate 10 financial institutions suspected of handling funds that were stolen from the government’s National Youth Service (NYS), the Daily Nation newspaper reported on Thursday. Dozens of senior officials and business people have been taken into custody and face charges related to the theft of nearly $100[…]
The ANC has adopted a resolution calling for the nationalisation of the Reserve Bank and land expropriation without compensation. It has set no timeline to acquire all shares in the bank or change the constitution to trigger nationalisation, which would see the government owning 100% of the bank’s shares instead[…]
The South African Post Office will handle core functions of a new social grants system, while commercial banks will play an increased, direct role for more than 2 million beneficiaries. The inter-ministerial committee on social security, headed by Minister Jeff Radebe, announced on Sunday that a “landmark” deal had been[…]
The Pretoria High Court will on Thursday hand down judgment in an urgent application for an interdict brought by 20 Gupta family companies to halt the closure of their last remaining bank accounts in South Africa. The application is for interim relief to stop the Bank of Baroda from closing[…]
Three of South Africa’s biggest banks are considering bidding to distribute government welfare payments to more than 17 million people. This as a contract with a subsidiary of welfare grant distributor Net 1 UEPS Technologies comes to an end, after years of legal battles. The existing contract earned Net 1[…]
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