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Wednesday, 28 January 2015 17:09

SecureID Limited, an industry leader in smart card supply and personalization business, announces the launch of its new and first polycarbonate plant in Africa called SecureCard Manufacturing

Itis the first polycarbonate smartcard manufacturing plant in Africa capable of producing large supplies of cards to the tone of 200 million cards per year in line with global standards.

Wednesday, 28 January 2015 09:45

According to a new MasterCard report entitled “A Progressive Approach to Financial Inclusion” South Africa is making significant headway in furthering financial inclusion

The “A Progressive Approach to Financial Inclusion– Middle East & Africa” report measures adoption and degree of usage of financial products for 30 countries globally.

A ‘Transitioning’ South Africa displays a penetration of payments products at a rate of more than 50 percent but less than 75 percent, according to the researchers’ metrics.

The four stages of adoption of payments products are:

·      Early Days: This stage represents the beginning of the progression. For all countries, adoption of payments product is less than 50 percent, and adoption of other products is typically very low (less than 25 percent). Countries include Pakistan, Egypt, Indonesia, Bangladesh, Philippines, Peru, Nigeria, Mexico, Columbia, Tanzania, Uganda, India and Saudi Arabia.

·       Transitioning: In this stage, payments product adoption starts to break out with over 50 percent penetration. In several countries, adoption of one or more products also begins to gain traction and catch up with payments adoption (e.g., long-term savings/investments in China, credit in Italy). Countries include Brazil, Russia, South Africa, Malaysia, Italy, China and Poland.

·       Payments Ready: In this stage, payments product adoption reaches a critical threshold of mass adoption (greater than 75 percent). Countries are expected to be ready from a payments perspective (e.g., infrastructure) to enable advanced levels of some other products. Here advanced levels vary by product and are based on current levels of adoption in the 30 countries, specified as over 60 percent for lending, over 70 percent for long-term savings/investments, and over 45 percent for insurance. Countries include US, UAE and Kenya.

·       Most Advanced: In this stage, payments product adoption is ubiquitous, and adoption of all other products is expected to be at advanced levels. Countries include Spain, Belgium, UK, Japan, Germany, Sweden and Singapore.

 

The country is on the same progression towards financial inclusion as Russia, Italy, Poland, Brazil, China and Malaysia, displaying alignment with three of its four BRICS partners. “Financial inclusion cannot be achieved by a single entity; it takes a broad coalition of key stakeholders. There is a need for greater innovation, public-private partnerships and consumer education to ensure South Africa becomes a truly financially included society,” says Mark Elliott, Division President, MasterCard, South Africa. With 67 percent of South African adults owning a payment product, only six percent of consumer purchases are non-cash despite just over half (51 percent) of adults receiving money via non-cash means (i.e. electronically). This means that while South Africans receive a large percentage of their income via electronic payment methods, they are not using their electronic payment products to transact – they are still depending on cash to do so.

“Adoption of products is an important first step for financial inclusion, but usage is equally important. The majority of South Africans may be financially included, however they are not making maximum use of the range of financial products at their disposal,” Elliott says.

In South Africa, lending adoption and insurance adoption were found to be at 42 percent and 43 percent respectively, exceeding long-term savings adoption, at 38 percent. However, according to the Barclays Africa’s Prosper Report, South Africans intend to grow their savings base. This is consistent with the report findings that South Africa is on a positive trajectory towards financial inclusion.

The report highlights that financial inclusion is a progressive measure, with payments as the optimal entry point. In almost all the African countries studied, payment product adoption exceeds the adoption of the other products studied, although local factors affect the different products in different ways.

“The public and private sector must identify current adoption and usage gaps, and actively pursue ways to close these gaps to boost the rate of financial inclusion. This encourages MasterCard to work even closer with our customer financial institutions and government to expand our acceptance footprint and electronic payment usage across South Africa.”

 

Grey Thomas - Staff Writer

Wednesday, 28 January 2015 09:44

Recently launched Big Data Intelligence rapid-deployment solution by SAP is to simplify and accelerate Big Data initiatives for business

The new rapid-deployment solution combines the SAP HANA platform, SAP Event Stream Processor, and optionally SAP IQ software and the Apache Hadoop software library.

Wednesday, 28 January 2015 09:42

OneCloud Software, a leader in the fast-growing hybrid cloud management market, have announced the launch of the OneCloud Partner Program

The program offers managed service providers (MSPs) and resellers the resources they need to grow their business with the OneCloud Recovery solution.

Tuesday, 27 January 2015 11:39

United Bank for Africa Plc, the bank operating in 19 countries on the continent, plans to expand to Angola and South Africa

The decision by the bank was based announced in Davos as Nigeria is currently struggling to cope with crude prices that plunged by more than half in the past six months which caused the naira to devalue and interest rates to rise to a record 13 percent.

Tuesday, 27 January 2015 11:18

Misys, the leading financial software company, has launched FusionBanking Lending, an all-in-one lending solution that provides banks the ability to manage the full loan lifecycle on a single platform

This comprehensive front-to-back office solution streamlines the entire loan lifecycle across all lending asset classes.

Tuesday, 27 January 2015 11:07

Fiserv, Inc., a leading global provider of financial services technology solutions, announced the availability of LoanLaunch™, formerly known as Common Origination Platform™

LoanLaunch provides the framework for enterprise loan originations on a single platform giving lenders a holistic view of borrowers across all channels and products.

Monday, 26 January 2015 10:05

Azimo, the online money transfer service, announced that customers across Europe can now send money to recipients in Benin, Burkina Faso, Ivory Coast, Guinea-Bissau, Mali, Niger, Senegal and Togo in West African CFA francs for instant cash pick-up

Azimo’s online service provides a fast, safe and low-cost way to transfer money across borders, either to bank account or for cash pick-up at thousands of locations across the region.

Monday, 26 January 2015 10:02

ICICI Bank, India’s largest private sector bank, have announced the launch of banking services on Twitter dubbed ‘icicibankpay’

This first-of-its kind service in India enables ICICI Bank customers to transfer money to anyone in the country who has a Twitter account, check account balance, view last three transactions and recharge prepaid mobile.

Monday, 26 January 2015 10:01

TSYS® and Ingenico Group, global leader in seamless payments, have announced a new agreement to offer merchants a seamless and secure solution for accepting all payment types

TSYS is the first processor to Class A certify Ingenico Group's new PCI 3.0-certified smart products — the iCT 220 Contactless and iPP310 PIN pad.