Liberty is yet to fully understand the gap in its system after cyber attack

SATopShops Two days after it suffered a cyber-attack by an extortive hacker, South Africa’s financial services giant, Liberty, is yet to fully comprehend the extent of the breach. Liberty must be in a race against time. The longer it takes for it to understand and close the breach the more risk is extending to its … Read moreLiberty is yet to fully understand the gap in its system after cyber attack

Liberty has been hit by ransom seeking hackers: Clients’ data is at risk

SATopShops South Africa’s financial services giant, Liberty, has been hit by ransom seeking hackers who are reported to be demanding millions of rands and are threatening to release the company’s sensitive data to the public if their ransom is not met. A visit to Liberty’s website yielded the following message: “Liberty regrets to confirm that … Read moreLiberty has been hit by ransom seeking hackers: Clients’ data is at risk

South Africa gets its first Cryptocurrency ATM

By: Gugu Lourie  Vendibit, a South African blockchain firm, opened its first commercial cryptocurrency ATM, which is inside the Spar-Northwold in Johannesburg. The move is a first for South Africa, where cryptocurrency regulation is still being formulated by the Reserve Bank and adoption of this innovative currency is gaining traction in Africa.. The cryptocurrency ATM will process … Read moreSouth Africa gets its first Cryptocurrency ATM

The National Student Financial Aid Scheme: Here’s how it works

SATopShops The National Student Financial Aid Scheme (NSFAS) is positioned to play a critical role in ensuring delivery of free tertiary education for South African students that can’t afford high university/college fees. Here’s how NSFAS works. Who qualifies? NSFAS exists to provide financial aid, loans and bursaries, to qualifying students enrolled at public universities and technical (TVET) colleges. … Read moreThe National Student Financial Aid Scheme: Here’s how it works

Why you need to take funeral insurance cover for your domestic worker

Ujuh Reporter Many people who employ household employees, domestic workers, gardeners etc, often do not take out funeral cover for their employees as they perceive it to be a costly and complicated administrative burden. This can be a costly mistake.  Nthabiseng Sethabela-Makoeng, Product Manager at FNB Life, advises that although taking out funeral cover for your household employee … Read moreWhy you need to take funeral insurance cover for your domestic worker

FNB unveils eWallet eXtra: A flexible and fee-free mobile bank account

Ujuh Reporter If you are above the age of 16 and own a cellphone, you’ll be able to get an FNB mobile bank account in less than three minutes. And you don’t need to physically go into the bank with your ID to get this. You also don’t need a bank card to transact. And … Read moreFNB unveils eWallet eXtra: A flexible and fee-free mobile bank account

Adjustments to Standard Bank’s internet banking: Here what you need to know

SATopShops “Standard Bank has made some adjustments to its online banking platform which has amongst other things moved the login icons and forex rates icons. “In a message to customers Standard Bank said “We’re upgrading our website so you’re going to notice some changes from Thursday evening, 12 April 2018. But don’t worry, your Username … Read moreAdjustments to Standard Bank’s internet banking: Here what you need to know

FNB talks of taking on the cash economy amidst new economy hypes

Ujuh Reporter FNB seems to be gearing up to embrace the the so-called informal sectors and/or township economies in a meaningful way, if the words uttered by the head of the business banking division, Michael Vacy-Lyle, are anything to go by. Vacy-Lyle has expressed some relatively radical thoughts about how South Africa’s financial sector needs to … Read moreFNB talks of taking on the cash economy amidst new economy hypes

Kganyago: On why the Reserve Bank sent VBS Mutual Bank into curatorship

VBS experienced increasing liquidity challenges over the last 18 months. These problems emanated from a failure of the board of directors and executive management to manage the mutual bank’s rapid growth and its funding and liquidity position. This resulted in VBS being placed under increased regulatory scrutiny. By: Lesetja Kganyago VBS Mutual Bank is registered … Read moreKganyago: On why the Reserve Bank sent VBS Mutual Bank into curatorship

Look closely: There is an alternative banking operation near you

Ujuh Researcher Many South Africans are clearly yearning for alternative banking institutions as partly represented in the calls for a black owned and controlled bank. With that narrative in mind we (Ujuh) conducted a survey of the cooperative banking sector and found that the sector can satisfy the alternative banking ambitions if given the required … Read moreLook closely: There is an alternative banking operation near you