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The promise of AI and the beauty of large language models sets radical expectations in how banks can improve overall payment experiences for customers. This technology is re-orienting the way financial institutions, and payment service providers operate, and its advocates have identified (not without low hubris) numerous use cases, all offering new ways for banks …
For some time now, an increasing number of consumers have turned to banks for funeral insurance, contributing to the surprising resilience of the insurance industry, despite shrinking households’ disposable incomes in the past year. At Standard Bank, we experienced a notable 17% year-on-year increase in new business sales to the end of June 2024. Furthermore, …
Nearly half of salary earners are left with less than R1,000 or have negative balances by payday. Standard Bank analysed data from over 402,000 individuals who receive their salaries on popular payment dates, including mid-month, the 25th, and month-end. The day before payday, 21% had R1,000 or less, while 28% had negative balances or were …
During the height of the Covid-19 pandemic there was lot of talk around the end of the traditional office work. As the largest African bank by assets, operating in 20 African countries, Standard Bank’s data reveals that the real estate industry has been relatively resilient and performing well post the pandemic and the high interest …
Johannesburg, South Africa, 17 October 2024 – Tanzania is now ranked 4th highest in terms of overall attractiveness for trade in Africa. Its leap in the rankings was boosted by the country’s substantial investments in infrastructure and better access to finance, enabling businesses to engage more actively in cross-border trade. On the downside, Ghana experienced …
The effects of climate change are becoming increasingly glaring – from devastating floods to the snow we recently witnessed in KwaZulu Natal during spring. These developments highlight the urgent need to think about the energy transition across all sectors, including home financing. At Standard Bank, we recognize the importance of this shift and are committed …
Standard Bank, the biggest bank in Africa by assets, has once again won international recognition, this time from Forbes Magazine for being one of the World’s Best Employers. Standard Bank has been ranked 18th in the world, amongst the top 850 large multinational organisations. The Bank emerged as the highest ranked company from Africa and …
The pipeline of gas projects being developed in Africa has never been stronger. However, if the continent is to be competitive in an extremely dynamic international gas market, it must ensure that it offers value.
This means shaping an offer that meets the financial and environmental sustainability needs of stakeholders. Africa's gas investment proposition must be relevant and future-proof, if it is to continue to attract global capital.
This was the consensus at a panel discussion on Day 1 of AOW: Investing in African Energy – Africa's leading oil, gas and energy event.
Over the past few years, gas development ambitions have grown – in the public and private sector – supported by renewed exploration and production activity and pragmatic energy transition plans. This is especially true now, with gas increasingly accepted as the ideal bridging fuel, balancing the continent's growing energy needs with its decarbonisation commitments.
“Natural gas is at the centre of what we are doing in Africa,” said Mario Bello, Head of Sub-Saharan Africa Region at Eni. “It's the cleanest fossil fuel, producing fewer emissions than coal, so it plays an important role as we transition to renewables.”
Eni enables this through its Floating Liquified Natural Gas (FLNG) projects, particularly in Mozambique and the Republic of Congo. Bello emphasised the technology's ability to unlock stranded offshore gas resources, accelerate project timelines, and contribute to both domestic energy security and export revenue. “Floating LNG is the key to unlocking the region's gas potential, making it easier and faster to develop offshore resources,” Bello explained.
However, financing these ambitious projects remains a significant hurdle. Paul Eardley-Taylor, Head of Oil & Gas, Southern Africa, at Standard Bank, emphasised the need for bankable projects that address investor concerns, particularly around sovereign risk. He highlighted the transformative potential of both large-scale LNG projects and smaller, domestically focused gas ventures.
“The impact of these projects in African markets is incalculable,” Eardley-Taylor said, citing the potential for job creation, economic growth, and improved energy access. He further emphasised the importance of small-scale LNG and helium projects, particularly in markets like South Africa and Namibia.
Equinor's Senior Vice President for Africa, Nina Birgitte Koch, stressed the importance of a stable investment climate to attract international capital. She highlighted the need for competitive projects with strong environmental credentials, particularly in reducing carbon emissions. “CO2 is the key criteria,” Koch said. “It's not just a ‘nice to have' any more. I don't think it's possible to get capital to a big LNG project unless it's highly competitive when it comes to CO2."
The panel also discussed the critical role of technology and regional cooperation in maximising the benefits of Africa's gas resources. Gianluca Ciricugno, Africa Director, Enterprise Customer Solution at Baker Hughes, emphasised the need for a long-term vision and collaboration between governments, investors, and technology providers.
“It requires a broader vision, probably government and all the people around the table, with a long-term approach… and not just four-year terms,” Ciricugno urged, highlighting the need for stable regulatory frameworks and a commitment to infrastructure development.
Dr Tshepo Mokoka, Group COO of South Africa's Central Energy Fund (CEF), echoed the call for government intervention to address market failures and unlock investment. He outlined CEF's role in enabling critical gas infrastructure projects, such as the Romp pipeline and LNG import terminals. “We need to solve the market failure,” Dr Mokoka said, highlighting the need for government-backed gas offtake agreements and risk-sharing mechanisms to attract private capital.
ExxonMobil's Executive Director Global, LNG Marketing, Deri Irawan, emphasised the importance of a holistic approach to project development, considering not just the technical and economic aspects but also the social and political landscape. He highlighted the need for strong partnerships and stakeholder engagement to ensure long-term project success. “It is insufficient to just bring a commodity to the doorstep,” Irawan explained. “You also need to unlock that value chain.”
With Africa on the cusp of a gas revolution, the panel's message was clear: the continent has the resources, the ambition, and the opportunity to become a major player in the global gas market.
However, success hinges on creating a stable and attractive investment climate, embracing technological innovation, and fostering regional collaboration to ensure that Africa's gas resources benefit both its people and the planet.
Distributed by APO Group on behalf of AOW: Investing in African Energy.
Owned by Sankofa Events, AOW (https://apo-opa.co/3ZVcWNe): Investing in African Energy is Africa's leading oil, gas & energy event, uniting industry leaders to develop policy, share discoveries, secure investment, and shape Africa's energy future. The event runs from 7 – 10 October 2024 at the CTICC 2, Cape Town.
Standard Bank has experienced a significant increase in instant payments, driven by a growing uptake of PayShap, while other immediate interbank transactions have continued to grow. Over the past year, the number of Standard Bank clients registering for PayShap grew by 9%, and active use of ShapID for transactions has increased tenfold (817%) year-on-year. “This …
Nthabiseng Mohale, Manager of Interbank & Regulatory Forums and Stuart McDermid, Head of Product Solutions at Standard Bank South Africa The ability to make quicker, easier, cheaper and safer payments is key to making businesses agile in a rapidly evolving world. While innovation is key, the solution must be practical and meet business needs. This …
Deputy President concludes working visit to the United Kingdom
Deputy President Paul Mashatile has on Friday concluded his weeklong working visit to the United Kingdom.
The Deputy President was in the United Kingdom for the second leg of his working visit to improve trade and investment relations between the nations and woo investors following his travels to Ireland.
“The purpose of the visit was to identify new trade and investment opportunities to grow the South African economy in partnership with the United Kingdom,” the Presidency said in a statement.
Some of the areas of interest he touched on during his engagement include government’s strategic priorities in several sectors including trade, investment, skills development, science, innovation, tourism and the Just Energy Transition.
“Following the successful conclusion of elections in both countries, the establishment of new governments allowed for reaffirming bilateral relations at all levels for the two strategic partners,” the statement read.
During the working visit, the Deputy President engaged with representatives from several organisations. These include Bloomberg Media, Brand South Africa, the London Stock Exchange, Investec, Standard Bank, JP Morgan, Citibank, Goldman Sachs and the South African Chamber of Commerce.
The talks also focused on showcasing South Africa as an investment destination of choice, by highlighting investment opportunities in the country.
He stressed the stability of South Africa’s political landscape as a result of the newly established Government of National Unity (GNU) and highlighted its significant demonstration of democracy at work and how it can serve as a model for other democracies around the world.
The Deputy President also had an opportunity to deliver an address on South Africa’s upcoming G20 Presidency, set to commence on 1 December 2024, at the University of London’s School of Oriental and African Studies (SOAS).
“The Deputy President affirmed that the country will advocate for the needs of developing nations, to place Africa’s development at the forefront of the global agenda.”
The Deputy President met with British government leaders including the Deputy Prime Minister Angela Rayner, the Secretary of State for Energy Security and Net Zero Ed Miliband, and Secretary of State for Foreign Affairs, Commonwealth and Development David Lammy.
He further paid a courtesy visit to Prince Edward, His Royal Highness the Duke of Edinburgh.
“Our numerous meetings with potential investors have revealed a shift in their attitudes and perceptions towards South Africa, indicating a positive look. Our alliance is based not on personal sentiments but on the aspiration to enhance South Africa and, consequently, the lives of our citizens, and be useful in sustaining the GNU administration for five years,” said the Deputy President.
The Deputy President was accompanied by the International Relations and Cooperation Minister Ronald Lamola, the Minister of Small Business Development Stella Ndabeni-Abrahams, the Minister in the Presidency responsible for Planning, Monitoring and Evaluation Maropene Ramokgopa and Minister of Public Works and Infrastructure Dean Mcpherson.
He was also with the Deputy Minister of Agriculture Rosemary Capa, the Deputy Minister of Finance Dr David Masondo, Deputy Minister in the Presidency Kenneth Morolong and the Deputy Minister of Trade, Industry and Competition Andrew Whitfield. – SAnews.gov.za
Gabisile
Sat, 10/05/2024 - 13:42
Transport infrastructure is the foundation of Africa's economic progress
Transport infrastructure is the cornerstone of regional economic progress and South Africa aims to offer practical collaboration on bi-national projects that would boost the African continent and its economy.
This is according to Deputy President Paul Mashatile who was speaking at the Standard Bank Infrastructure Focus Engagement with British development finance institutions in London, United Kingdom.
“By collaborating closely, we can create a more resilient and inclusive infrastructure ecosystem that benefits everyone,” the Deputy President said on Tuesday.
The country’s second-in-command is in the United Kingdom for the second leg of his weeklong working visit to improve trade and investment relations between the two nations.
READ | Mashatile kicks off working visit to the UK
He took the platform to urge the Standard Bank Group to exploit the opportunity afforded by infrastructure investment in South Africa.
“Let us embark on this road with a common goal of prosperity, sustainability, and advancement for our country. Our motto in the Presidency is the speed of execution, the cornerstone of getting things done,” he added.
He told the attendees that infrastructure investment in South Africa was a subject dear to him as it is the foundation of sustainable economic growth.
“South Africa stands at a crossroads where infrastructure development plays a pivotal role in driving economic growth, fostering innovation, and improving the quality of life for its citizens.”
As the country navigates through these challenging times, he believes it was “increasingly essential” for the Standard Bank Group to harness opportunities in infrastructure investment and steer the country towards a sustainable future.
According to the Deputy President, infrastructure investment in South Africa presents various prospects across various sectors, including transportation, energy, water, and telecommunication.
“By leveraging our expertise and partnerships, the Standard Bank Group can actively contribute to these projects, creating jobs, promoting local business development, and enhancing overall connectivity within the region.”
He also encouraged the bank to continue supporting the continent’s energy transition.
“South Africa has vast energy resources, including oil, gas, coal, and renewable energy sources, and with the right investment and expertise, the sector has the potential to unlock growth and improve the lives of millions of our people.”
Infrastructure pipeline
Meanwhile, he said government plans to prioritise the investment in infrastructure through improvements in the infrastructure pipeline, the execution of that pipeline and financing.
“Mobilising private sector resources to augment public sector capability and finances is necessary to fast-track the provision of infrastructure and improve effectiveness.”
He stated that government initiated various reforms to systematically get buy-in from greater private sector participation to improve spending and delivery outcomes.
The Deputy President acknowledged that government has a huge financing gap for its infrastructure portfolio that could further require more funding.
He said that in the 2023/24 Budget Review, the total infrastructure investment planned by the State over the next three years amounts to almost R943 billion.
National Treasury, according to Mashatile, is now trying to raise funding for the public sector infrastructure projects that are funded through the Budget Facility for Infrastructure using blended finance instruments.
These include concessional financing from Multilateral Development Banks and development partner countries.
Meanwhile, he said Treasury is in the process of screening the projects that could potentially be funded.
The Deputy President also acknowledged challenges that come with infrastructure investment in South Africa.
These include regulatory hurdles, funding constraints, and skills shortages requiring innovative solutions and collaborative efforts to overcome.
“As a leading financial institution, the Standard Bank Group is well-positioned to drive change and facilitate sustainable infrastructure development in the country. Through strategic investments, responsible financing, and a commitment to long-term growth, the Standard Bank Group can be a catalyst for positive change in South Africa’s infrastructure landscape.” – SAnews.gov.za
Gabisile
Wed, 10/02/2024 - 12:48
South Africa’s wine industry is poised for a comeback, driven by rising local demand and the growing popularity of white wines like Cap Classique and Chenin Blanc in China. Exports of Cap Classique to China rose by 4% in 2023, despite a decline in overall wine exports. Although South Africa’s wine exports to China shrank …
Mashatile kicks off working visit to the UK
Deputy President Paul Mashatile has arrived in London, United Kingdom, for the second leg of his working visit scheduled to take place today and wrap up on Friday, 4 October 2024.
According to the Presidency, the purpose of the visit is to improve trade and investment relations between South Africa and the United Kingdom.
This visit follows a successful working visit to Ireland, which was aimed at advancing cooperation between South Africa and Ireland to improve trade and investment, and building on the significant progress made in the fields of science, innovation, as well as education and skills development.
READ | Deputy President assures Ireland of SA’s commitment to 'enabling environment' for business
The United Kingdom is one of South Africa’s most significant bilateral partners, particularly in trade, investment, skills development, science, innovation, the Just Energy Transition and tourism, among others.
The Deputy President’s visit will focus on building investor confidence in South Africa and driving foreign direct investment into the nation.
According to Mashatile’s office, he will continue to engage with various local and international private sector partners to mobilise investment support and strengthen public-private partnerships to realise the country’s economic growth and transformation objectives.
“The Deputy President will also use the opportunity to advance the strategic priorities of the Government of National Unity (GNU), which include creating sustainable economic growth, addressing poverty and the high cost of living, and building an ethical, capable developmental State,” his office said.
During this visit, the Deputy President will also engage with representatives from several organisations. These include Bloomberg Media, Financial Times, Sasol, Brand South Africa, the London Stock Exchange, Investec’s Investors Roundtable, Standard Bank, JP Morgan, City Bank, Goldman Sachs and the South African Chamber of Commerce.
He is expected to also pay a courtesy call on the Duke of Edinburgh and meet with the Deputy Prime Minister of the United Kingdom, Angela Rayner.
The Deputy President is leading a delegation comprising various Ministers. He is accompanied by the International Relations and Cooperation Minister Ronald Lamola; Minister in the Presidency responsible for Planning, Monitoring and Evaluation Maropene Ramokgopa; Public Works and Infrastructure Minister Dean Macpherson; Small Business Development Minister Stella Ndabeni Abrahams and some Deputy Ministers from various departments. – SAnew.gov.za
Gabisile
Mon, 09/30/2024 - 11:05
Standard Bank Group, the biggest bank in Africa by asset, and Meridiam, an independent investment Benefit Corporation and an asset manager, hosted a joint event to unlock investment opportunities in alternate energy infrastructure on the continent. Meridiam has been building its investment credentials on the continent since 2015 and has partnered with Standard Bank for …
Lower interest rates, declining consumer inflation, and decreasing petrol costs will provide much-needed financial relief for household budgets. However, with a double-digit increase in electricity tariffs in 2024, a trend that has persisted for several years now, households should consider using these savings to protect themselves from future electricity tariff hikes. This is according to …
Standard Bank Group, Africa’s largest bank by assets, has been recognised as one of Time Magazine’s World’s Best Companies and Newsweek’s World’s Most Trustworthy Companies. TIME and Newsweek are esteemed media organisations that have maintained a reputation for exceptional journalism for nearly a century. “These accolades from two iconic global news magazines demonstrate that our …
With the start of matriculation preliminary exams, parents are feeling the pressure to help secure university placements and financial aid for their children. South African public universities saw over 1.2 million students enrolled in 2023, which means admission was highly competitive. According to the Department of Higher Education and Training, the volume of full-time university …
Standard Bank Group is gearing up to host the fourth instalment of its highly anticipated Climate Summit. The Summit, which will be held in Johannesburg next month, is one of the cornerstones of Standard Bank Group’s sustainability strategy. Standard Bank Group has committed to mobilise a cumulative amount of ZAR 250 billion in sustainable finance …
Around 5.7% of first-time buyers fall behind with their repayments or change to a more affordable car within the first 12 months. Standard Bank says the industry has recorded an increase in these cases in recent years. “It is common for first-time buyers to be caught off guard when interest rates rise. In recent years, …
Standard Bank recorded a 52% increase year on year in new credit cards issued up to the end of August 2024 compared to the same period in 2023. But the average approved limits are slightly lower this year. “With living costs soaring in the past two years, these high volumes suggest consumers could be relying …
1 September 2024, Cape Town, South Africa – Gumtree South Africa (Gumtree SA) has once again revolutionised the online classifieds experience, this time with the launch of Pay & Ship, a secure payment and delivery solution. By prioritising user safety and convenience, this innovative development reinforces Gumtree’s commitment to being the country’s ‘most trusted online …
Op-Ed by Toni Anderson, Head of Standard Bank Home Services The South African residential property market has faced significant headwinds through the course of the year with a further slump in home loan applications. As interest rates climbed to cool off inflation, the home loans sector experienced a sharp decline, echoing the cautious sentiment of …
Despite the recent decline in South African households’ net wealth shown by the latest South African Reserve Bank Bulletin, Standard Bank’s data reveals that there is a subset of high-income consumers who continue to save and invest. These clients – generally earning over R1 million annually – have been cushioned by their prior savings and …