Tag: creditworthiness

South Africa’s economic landscape is challenging even the most resilient consumers. In recent years, high inflation and soaring interest rates have taken a toll. At the same time, stagnant economic growth, rising fuel prices and a weaker rand are putting tremendous pressure on household finances.

While some South Africans may have been notified by their banks, many consumers are not aware of the recent change in South Africa's credit reporting system, where banks are now required to report overdrafts if consumers are overdrawn by more than R500 for a period of 30 days.

As Artificial Intelligence (AI) technology continues to evolve globally, its integration into the South African business landscape is becoming increasingly prominent. Companies across various sectors are leveraging AI to drive efficiencies, optimise operations, and create new revenue streams.

The South African retail industry operates in a complex and challenging environment. Economic uncertainty, rising costs, and unpredictable consumer demands have created conditions in which retailers must constantly adapt to survive.

Around the developing world, informal retail continues to be a powerful social force, employing millions of people who might otherwise not have jobs, driving economic activity in spaces that formal business has not penetrated, and providing essential goods and services for the under-served. Giving this sector a deep knowledge of their market – enabling them to stock preferred brands and products, and even offer credit to loyal customers.