Latest News & Developments
personal loans
Black farmers call for action to prevent Ithala Bank liquidation
Emerging businesses in KwaZulu-Natal are calling on the government to intervene and prevent the liquidation of Ithala Bank, which is vital for over 4 000 black farmers who rely on its financial support.
SARB cuts interest rate: too late for South African households?
The South African Reserve Bank's recent interest rate cut has sparked debate among industry leaders about its timing and effectiveness in alleviating financial pressures on households.
Chief Editor’s Note: South African banks reap rewards as high interest rates burden the poor
Local banks thrive on high interest rates, but the burden falls on the poor, highlighting the urgent need for reform in monetary policy.
SA Reserve Bank cuts interest rate ahead of festive season
Kganyago said the central bank is cutting the repo rate by 25 basis points (BPS), meaning rates will come down by 0. 25%.
Watch live: SARB Governor Lesetja Kganyago announce MPC’s decision on interest rates
Expectations ahead of the announcement pointed to no relief for financially constrained consumers.
SARB to implement a small interest rate cut despite plummeting inflation
Els said this was an economy that was running at a very low inflationary pace, thus suggesting that the SARB should cut rates by 50 basis points.
South African consumers prioritise essentials as economic pressures mount
As South Africans navigate a challenging economic landscape, their spending habits speak volumes about the prioritisation of essential needs.
SA auto industry eyes recovery as interest rate cuts begin
New vehicle sales in South Africa continued their downward trend in September, with total sales of 44 081 units, slightly down from the same period last year.
Inside the shadowy world of loan sharks and South Africa's vulnerable
A new report has lifted the lid on how loan sharks are essentially holding Sassa beneficiaries hostage and there is nothing that can be done about it, legally.
FSCA warns public about fraudulent Miway Express Credit Solutions
Miway Express Credit Solutions has made false claims of being a registered financial services provider, according to the FSCA.
SARB maintains cautious stance despite signs of economic recovery
The bank also noted that general improvement in its forecasts over the review period brought forward the point at which headline inflation was expected to reach the target midpoint and, assuming no new shocks, remain around that level.
Report uncovers predatory lending practices to most vulnerable
Social grant beneficiaries were being targeted by unregistered lenders who use grants as security for high-interest loans and charge excessive interest rates per month.
New financial solution to defend clients against banks overcharging
Proactive Solutioning assists clients who have been overcharged to analyse their statements
Stage is set for a cut in interest rates this week
Many economists predict a cut of 25 basis points will be announced by SARB governor Lesetja Kganyago on Thursday.
South Africans can look forward to possible cut in interest rates later this week
The repo rate is currently at a 14-year high of 8. 25% and the prime lending rate is at 11. 75%.
Ramaphosa to review Simelane’s R575,000 VBS loan report before acting, says Presidency
“Ramaphosa is in receipt of a report from the minister of Justice and Constitutional Development Thembi Simelane, and as stated before the president will apply his mind over the matter,” said Magwenya.
Standard Bank records uptick in Chinese vehicle brand deals in SA
GWM Haval, is the most popular Chinese brand financed by Standard Bank since 2022 followed by Chery and BAIC.
Business as usual, says Ithala Bank CEO after FSCA suspends its licence
Ithala SOC Limited CEO, Dr Thulani Vilakazi, said the bank remains open and operational and will continue to service existing clients.
12-year-old debt: Joburg businessman ordered to repay R1 million to elderly sister
The 76-year-old woman, who now resides in a retirement village, loaned her brother R1. 1 million to help boost his struggling business.
These are the five big things South Africans are spend their money on
From school fees to medical aid, these are the most expensive things that South Africans are spending their money on.
SA Reserve Bank keeps elevated interest rates on hold
This means that the prime lending rate in the country will remain at 11. 75%.
No rate cut from SA Reserve Bank expected this week
The Sarb’s Monetary Policy Committee (MPC) is expected to keep the repurchase rate (repo rate) unchanged at 8. 25% since May, 2023.
Public servants are feeling the pinch
The government’s wage system processes thousands of garnishee orders running into millions of rands each month.
Cape Town’s next property millionaires could come from here
Small-scale developers are helping solve the impending housing crisis one brick at a time
Understanding interest rates as a homeowner and long-term saver
Banks and other financial service providers will hold their prime lending rate at present levels and will review after the next SARB’s Monetary Policy Committee (MPC) meeting in July.