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The 2024 festive season reflected steady growth in card acquiring transactions across various business and consumer segments within Standard Bank. Businesses of different sizes and industries saw an increase in both transaction volumes and values, highlighting a continued shift towards digital and cashless payments. Digital transaction volumes recorded double-digit increase of 15% year-on-year (YoY), digital …
By Chiko Manokore, Head of Personal and Private Banking at Standard Bank Johannesburg, 31 January 2025 – New property investment trends are emerging in South Africa as investors tap into the growing demand for coastal homes and look beyond traditional rental models to build wealth. Data from Standard Bank reveals that one in eight mortgage …
The National Energy Regulator of South Africa (NERSA) has once again approved electricity tariff increases for Eskom which are well above inflation. NERSA announced a 12.7% tariff increase which will be introduced for the 2025/26 financial year, followed by 5.36% in 2026 and 6.19% in 2027. This has widened the gap between Eskom’s electricity tariffs …
Toni Anderson, Head of Home Services at Standard Bank: The latest interest rate cut could mark a turning point for South Africa’s residential property market. The South African Reserve Bank has reduced the repo rate by another 25 basis points, bringing the prime lending rate down to 11%. This is the third rate cut since …
With Cape Town’s recent recognition as the Best City in the World for 2025 by Time Out, a global authority on city culture, travel, and experiences, the city has once again cemented its status as a world-class destination. Renowned globally for its natural beauty, cultural vibrancy, and exceptional infrastructure, Cape Town continues to attract international …
Consumers are facing heightened vulnerability as scammers exploit the changes they want to make in their lives at the beginning of the year. Whether it’s individuals struggling with unemployment after prolonged job searches, parents trying to find the right schools for their children, or school leavers pursuing higher education and career opportunities – scammers are …
Standard Bank has noted a surge in student loan applications, including for post-graduate studies. The bank reported an increase in student loan disbursements in 2024, with double-digit growth in limit increases. Due to rising tuition fees, the demand for student loans continues to grow annually. Tshiamo Molanda, Head of Youth and Mass Market Clients at …
Team South Africa heads into WEF with 'confidence'
Minister of Trade, Industry and Competition Parks Tau says engagements at the World Economic Forum (WEF) Annual Meeting are a platform for South Africa to show that it is addressing the challenges facing the economy and the country.
The Minister was speaking during a media briefing following the pre-WEF Annual Meeting breakfast session held on Thursday.
The annual meeting will be held from Monday next week and is expected to conclude on Friday.
“I think that there is great prospect for us to ensure that we present the South African story for what it is, not what we hope it is, but what it is.
“And it doesn't suggest that…there aren’t difficulties in the country. We say we’re confronting the difficulties. We’re working on resolving the issues growing the economy and addressing our challenges,” Tau said.
The Minister said the importance of attending the WEF meeting cannot be underestimated in the face of South Africa’s ambitions to prop itself up as an investment destination of choice.
“If you look at the individual diaries of the individuals that would be there, it is quite extensive the number of people and influential business and government leaders that would be engaging. [This is] both in terms of our collective engagements with people at Davos, the different platforms that we would be engaging on, but also, in terms of the one-on-one sessions that have been scheduled for individual ministers, CEOs, Chairpersons, leaders of parastatals and so on.
“If you were to quantify the value of the engagements, I think it's quite extensive because the people that you would be engaging with that would be looking at you as a potential investment destination…or increasing their investments in the country.
“Those would be one on one sessions that are quite invaluable,” he explained.
Team South Africa
The delegation representing South Africa at the annual meeting is expected to be led by President Cyril Ramaphosa who will be joined by several Ministers and civil society and business leaders.
Speaking at the pre-WEF briefing, leaders in the South African business sector expressed support for Team South Africa heading into the annual meeting.
Standard Bank Chairperson Nonkululeko Nyembezi said the breakfast session with government emphasised the importance of “the alignment between government and business”.
“We …stress the fact that it’s not just for government to put across messaging about the country. The business community has got a singular responsibility in this regard because we’re talking to our business counterparts, talking the language they understand, telling them how we see our country evolving in our continent over the future.
“The economy is visibly growing and accelerating in that part. Clearly the electricity issue is a foundational element of that, but there are others that we can point to that show that we are getting on top of the issues.
“[But] we’ve got to keep it real. We haven’t solved every single problem, we still have unemployment that is unacceptably high etc, and those things we can be quite balanced about. footing this time around But I think Team South Africa is striding on far firmer,” Nyembezi said.
Discovery CEO, Adrian Gore, said South Africa’s showing at the WEF meeting will be “different”.
“I think from a business perspective, I think there is an unequivocal feeling that this year is different. The country…hopefully at a point of inflection. There are tremendous challenges that remain.
“But…I think ironically the theme of WEF is collaboration and, if anything, our country is illustrating that both in the GNU [and] certainly in the business-government partnership that is a fundamentally powerful construct.
“It’s…become a very well governed structure of cadence and uniqueness and is delivering very, very well to the country. So, there are a number of attributes we feel very confident about going into WEF,” Gore said. – SAnews.gov.za
NeoB
Thu, 01/16/2025 - 14:01
Fewer South Africans are relying on cash, with Standard Bank data showing a significant decline in both cash withdrawals and deposits since 2019, as more customers embrace digital banking alternatives. This shift was largely accelerated by the COVID-19 lockdowns, which pushed many customers toward ATMs, card payments, and digital banking channels. As a result, Standard …
As the festive season gets into full swing, small and medium-sized enterprises (SMEs) across South Africa face one of the busiest and most financially critical periods of the year. With increased consumer spending, the opportunity to grow revenue is immense, but so are the challenges such as managing cash flow, ensuring secure payment options and …
LookSee’s new Savings Guarantee provides households with minimum savings expectations and a R2 000 cashback if the savings are not met. Families considering investing in a home solar installation will now be able to make the decision with confidence, following the launch of LookSee’s new Savings Guarantee. This guarantee is the first of its kind in …
Atlanta Mayor Andre Dickens concluded a landmark official visit to South Africa, accompanied by a delegation of 35 Atlantan political, business, and community leaders. The December 4-11 visit marked a significant milestone in Atlanta Phambili—a subnational diplomacy initiative centered on deepening U.S.-South Africa partnership through the City of Atlanta– and reaffirmed the shared commitment to advancing economic, cultural, and educational collaboration between the two nations.
“This trip was a celebration of the enduring bonds between Atlanta and South Africa, built on shared histories and common goals,” said Mayor Dickens. “Atlanta Phambili embodies our joint vision for progress and collaboration, creating opportunities for both our citizens and economies.”
The visit followed the launch of Atlanta Phambili in March 2024 with a trade and investment roadshow hosted in Atlanta, featuring senior South African business executives and government officials.
South Africa and Atlanta United in Progress
The South African government, in partnership with Standard Bank, BrandSA, Amazon, and the American Chamber of Commerce in South Africa, hosted a robust program focused on trade and investment, science and innovation, and the creative economy. This was led by the Department of International Relations and Cooperation (DIRCO), the Department of Trade, Industry, and Competition (DTIC), the Department of Sports, Arts and Culture (DSAC), the Department of Science and Innovation (DSI), the Gauteng and Western Cape provincial governments, and the cities of Johannesburg and Cape Town.
“The South African government's partnership on the Atlanta Phambili initiative is a testament to the strength of our bilateral ties and the shared potential of our cities to drive innovation, inclusion, and prosperity,” said U.S. Ambassador to South Africa Reuben Brigety, II.
Visit Milestones
Atlanta Phambili Pledge
The visit kicked off with the unveiling of the Atlanta Phambili Pledge on December 5 at the Standard Bank Trade and Investment Seminar in Johannesburg. This open call to action seeks to mobilize stakeholders across both nations to deepen collaboration in trade, investment, and entrepreneurship. The pledge reflects Atlanta's and South Africa's shared commitment to fostering inclusive economic growth and creating opportunities for small and medium-sized enterprises (SMEs).
Go Global Trade Expo: Strengthening Black-Owned Business Connections
On December 5, Ambassador Brigety announced a collaboration between the U.S. Agency for International Development (USAID) and the Atlanta Black Chambers to support the Chambers' Go Global Trade Expo. The program will bring a delegation of Black-owned South African businesses to Atlanta in 2025, connecting them with the Chamber's extensive network and U.S. buyers.
Through this agreement, export-ready businesses will build connections with Atlanta-based platforms to foster trade and investment between South Africa and the United States.
FAME Week Africa 2025: Atlanta Announced as the Feature Destination
On December 9 in Cape Town, Mayor Dickens announced Atlanta will be the Feature Destination for FAME Week Africa 2025, the continent's premier gathering for professionals in film, television, music, fashion, and animation. This recognition highlights Atlanta's emergence as a global creative hub and its strong historic and Diaspora ties to Africa.
“Atlanta being recognized as the Feature Destination for FAME Week 2025 is an excellent fit,” said Mayor Dickens. “Our city is uniquely poised to satisfy the growing demand in the United States for African content and support production innovations.”
This honor also grants Atlanta a dedicated pavilion and events at FAME Week 2025, scheduled to take place in Cape Town from September 1-6, 2025.
Business-to-Business Engagements in Johannesburg and Cape Town
Empowering Entrepreneurs and Celebrating Culture
Strengthening Historic Ties
Atlanta Phambili builds on a historic relationship between South Africa and Atlanta, from collaboration between U.S. civil rights activists and members of the South African anti-Apartheid movement to Nelson Mandela's historic 1990 speech at Georgia Tech. This trip further cements Atlanta as a gateway for South African businesses to access U.S. markets and strengthens South Africa's position as a premier investment destination for Atlanta's private sector.
“Our visit reflects a robust partnership that will continue to grow as we move forward together,” said Mayor Dickens. “The commitment of the South African government and its people has been vital in shaping this initiative. I look forward to building on these foundations for years to come.”
Ambassador Brigety added “From trade and investment to culture, sports, and education, Atlanta and South Africa are charting a future defined by innovation, inclusion, and opportunity. The future economic partnership between Atlanta and South Africa is built to last and poised for growth.”
A Shared Vision for the Future
The U.S. Embassy in South Africa and the City of Atlanta extend their gratitude to the South African government and all participating partners for making this visit a success. Together, Atlanta and South Africa are moving forward—Phambili—toward an even brighter, shared future.
Distributed by APO Group on behalf of U.S. Embassy & Consulates in South Africa.
With many employers paying December salaries as early as the 13th, the gap before the next payday is significant – 42 days for those usually paid on the 25th and 49 days for month-end earners. The festive season adds financial pressure as South Africans stretch their December salaries while spending more than usual. Standard Bank’s …
Despite high interest rates and a buyers’ market, high-income and affluent individuals continue to build their homes from ground up while others take out top-up building loans to expand existing ones. Data from Standard Bank shows that while building loans have declined since 2022, clients aged 30 to 50 remain active, particularly those earning over …
As the festive season draws near, Standard Bank urges consumers to be extra vigilant as fraudsters are intensifying their tactics. The Bank’s Fraud Risk Management team has observed several methods used to deceive ATM users, particularly vulnerable individuals like the elderly or those unfamiliar with other languages. One common scam involves altering ATM language settings …
South Africans’ spending patterns have remained relatively stable over the past three years, with the majority of Standard Bank customers allocating similar portions of their total spend towards essential expenses like groceries, transport, digital connectivity, and entertainment, as they did in 2022. However, certain shifts in spending habits are becoming more evident, reflecting the ongoing …
South Africa’s housing market is poised for a much-needed recovery following the latest interest rate cut by the South African Reserve Bank. On Thursday, the central bank reduced the interest rate by 25 basis points, bringing the prime lending rate down to 11.25%. This follows a 25-basis-point cut in September — the first-rate reduction in …
The global rise of coffee culture has transformed this beloved beverage from a simple morning ritual into a cornerstone of social life. Amidst this booming coffee scene, Mastertons Coffee and Tea Specialists in Gqeberha has emerged as a key player in meeting the increasing demand for high-quality coffee. This century-long partnership with Standard Bank has …
Rooftop solar installations more than doubled in South Africa at the height of loadshedding, however the situation improved significantly in 2024, with the country now having experienced over 200 days without scheduled blackouts. This reduction in loadshedding led to a tapering interest in home rooftop installations after the boom of 2023. However, a new trend …
By Wayne Epstein – Head of Standard Bank Personal & Private Banking Moonshots The past few weeks have undeniably been some of the most eventful of the year. The re-election of Donald Trump as President of the United States has prompted discussions worldwide, as his return to office will certainly have global implications—including in South …
Standard Bank is accelerating its support for township entrepreneurs to reduce the high failure rate of South Africa’s small, micro and medium-sized enterprises (SMMEs), building on its ongoing commitment to empowering local businesses and fostering sustainable growth. The bank aims to reverse the trend that sees a staggeringly high number of small businesses failing within …
Blose was once an accused in a high profile corruption matter
Ten years on, Black Friday’s popularity in South Africa has grown but it’s evolving. After a dip in mall traffic during the pandemic, 2023 saw a strong comeback. Data from Standard Bank and Liberty Two Degrees (L2D) shows record foot traffic and a surge in online purchases. Originally a post-Thanksgiving shopping event in the US, …
Johannesburg, South Africa, 07 November 2024 – African businesses across various sectors face significant hurdles when attempting to engage in international trade, particularly with markets as complex and dynamic as China. From navigating intricate regulatory requirements and managing language barriers, to dealing with currency conversion challenges, the obstacles can seem overwhelming. Through the Standard Bank …