Banking & Insurance

There has been a remarkable shift to digital payments in South Africa and the rest of Africa in recent years. To put this into perspective, McKinsey anticipated that electronic payments would accelerate by an estimated 150% to reach $40 billion in revenues and 188 billion in transaction volumes between 2020-2025.

With the National Health Insurance (NHI) Bill having been signed by the President, South Africans are more confused than ever before. While most have some level of understanding of what the NHI is, the vast majority are still not clear on what the bill entails.

The past year has seen a significant increase in the number of people looking to invest in solar technology for household use. However, despite the convenience, cost-saving and home upgrading potential that comes with renting or owning solar panels, it also comes with several risks.

Paying monthly contributions to a registered medical aid scheme ensures your healthcare cover and offers financial benefits facilitated by the government through tax relief. This tax relief, known as "tax credits", is a percentage deducted from your tax liability and subsequently refunded to you.

At the heart of every successful organisation is a healthy, motivated workforce. In today's competitive job market, where talent retention, productivity and innovation are crucial, organisations must seek new ways to gain a competitive edge.

If you have an entrepreneurial spirit and have already laid the groundwork to turn your dream into a successful business, now is the time to consider what kind of legacy you are building. This begins with your employees and the security you offer as a leader. Entrepreneurs have the power to shape lives and communities by the thousands, and they should be able to protect what they’ve built.

Despite higher inflation, interest rates and cost of living, the South African insurances market experienced a revival during the last two years, with the gross written premium across the local insurances market expected to show an annual growth rate of 5.14% from 2024 to 2028 (CAGR 2024-2028), achieving a market volume of US$100.30 billion by 2028.

As social engineering attacks continue to rise in sophistication and prevalence, the Payment Card Industry Data Security Standard (PCI DSS) has evolved to address this growing threat. PCI DSS v4.0 places a strong emphasis on social engineering awareness and prevention, going beyond generic security training to mandate specific technology and controls.

Policyholders and insurers alike should take note of a judgement recently handed down in the High Court of South Africa, Gauteng Division, Johannesburg. The case concerned a claim for specific performance in terms of a life insurance policy. The policyholder lodged a claim with his insurer through its authorised agent on or about 27 September 2017.

While the President has signed the National Health Insurance (NHI) into law, the bean counters at National Treasury have yet to start looking for their excel sheets needed to ensure the NHI is fully costed. The first reason is due to the confusion of objective versus political ideology. The NHI has been touted as introducing “universal healthcare coverage” (UHC).