Tag: remittance

Is cash truly dead? Fintech innovations and digital payment solutions have risen rapidly, prompting many to think so. Yet, cash remains alive. It is still the preferred way to transact for millions, especially in Africa.

When was the last time you bought something with physical cash or wrote out a cheque? In fact, how often do you even have to do money transfers on your laptop rather than your phone? When did you last have a one-on-one appointment with your insurance broker? Pick any area of finance and you’ll likely find similarly big changes over the past couple of decades. 

The pivotal role of digital accessibility for goods and services has become abundantly clear over the past few years. The global economy, now more than ever, relies on the seamless flow of transactions across borders. Whether it involves individuals, businesses, or financial institutions spanning different countries, the realm of cross-border payments has taken center stage in our interconnected world.

The rise of financial technology (fintech) in Africa is not just a story of innovation; it's a narrative about empowerment and transformation. As the continent continues to grapple with the challenges of limited access to traditional banking services, fintech has emerged as a beacon of hope, offering a path towards financial inclusion and economic growth.

The “cashless revolution” spurred by the COVID-19 pandemic has proven durable and persistent. PwC’s Payments 2025 & beyond publication, released in 2021, reported a 42% increase in global cashless payment volumes. The 2023 McKinsey Global Payments Report found that global cash usage continued to decline – by four percentage points year on year – and that the growth rate of electronic transactions was nearly triple that of the overall growth in payments revenue.

The financial year to 31 March 2024 (FY24) saw the culmination of four years of strategic planning, with MultiChoice Group (MultiChoice or the group) now fully operational in its three core segments, namely video entertainment, interactive entertainment and fintech.

MultiChoice Group (MCG, or the group), Africa’s leading entertainment company, executed well on its operational objectives during the six months ended 30 September 2023 (1H FY24).

The integration of finance and technology, known as fintech, has revolutionised traditional banking and payment systems, transforming how we live, work and travel. Similarly, travel technology, or traveltech, has empowered travellers with convenient booking platforms and personalised experiences.

The South African Revenue Service (SARS) has been hinting at introducing a wealthy individual “specific asset” disclosure for some time – and it is finally here! As of the commencement of the 2023 Tax filing season, individuals holding assets valued at R50 million or more now need to provide a “high level” disclosure to SARS.

At Bidvest Bank, we don’t see entrepreneurship as a short-term journey. As the finance partner to South Africa’s most successful entrepreneurs, we are invested in travelling the long road with you. We want to start your business journey with you and be your trusted financial advisor during growth and expansion but also through the difficult times.