SA Reserve Bank’s move on Ithala surprises KZN MPLs

The ambitions of Ithala SOC Limited to be a “fully-fledged bank” have been dealt a heavy blow after it was ordered to stop taking deposits.

This is in terms of a court order that was granted by the Gauteng High Court, Pretoria, in December.

2.5min read.

The latest is that the financial regulator (FSCA) is continuing to clamp down on Ithala, see Business Live article date 31 January, if you have a subscription. 

FNB pulls plug on tap-to-pay functionality

Big-four bank First National Bank (FNB) will discontinue its tap-to-pay contactless payment functionality in April.

Interesting that FNB is encouraging clients to switch to Google Wallet. Do you know why this would be the case? 3min read.

SOLmate sees increased cashless transactions in SA

South African fintech start-up SOLmate has seen strong demand for its digital wallet in the local market, with its user numbers growing 100% year-on-year, it says.

SOLmate hit a milestone in December, recording one million transactions since inception – with over 30 000 new customers signing up on its mobile app in the past two months.

2.5min read

TymeBank swings into profitability in under five years

Digital-only bank, TymeBank says it became the first digital bank to make profits in South Africa and on the continent, after reaching its first month of profitability in December 2023.

According to the African Rainbow Capital (ARC)-controlled bank, the milestone, which comes less than five years since it launched to the public in February 2019, marks a pivotal moment as SA’s only black-controlled bank.

3min read.