June Debt Relief Update

South African banks have so far approved more than R30,6 billion in relief to individuals and businesses affected by the Covid-19 pandemic and national lockdown. Separately, over R10, 6 billion has been extended to distressed businesses under the Covid-19 Loan Guarantee Scheme.

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Supplementary Budget June 2020

During his supplementary budget speech, the Minister of Finance, Tito Mboweni, called on South Africans to confront the problems facing the country head-on. Yet, there was little detail in the budget on the structural reform and growth enhancing policies that are urgently required for any realistic chance of South Africa achieving a reduction in unsustainable government debt and a primary surplus by 2024.

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Tips to prevent Card Not Present (CNP) Fraud

Card-not-present fraud (CNP) is the leading contributor to gross card fraud losses, which occurs when a person’s card number is used fraudulently by someone else to make a purchase while the physical card is in their possession.

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Sabric Annual Crime Stats 2019

SABRIC, the South African Banking Risk Information Centre, on behalf of the banking industry has released its annual crime stats for 2019 and is pleased to announce that robust mitigation strategies deployed by member banks and partners are showing results.

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Covid-19 Loan Guarantee Scheme

South African banks have approved just over R7 billion in loans for 4 800 qualifying small businesses, since the Covid-19 Loan Guarantee Scheme was launched in mid-May. This amount is expected to grow as the number of applications for loans continues to increase.

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SABRIC Welcomes New CEO

The South African Banking Risk Information Centre (SABRIC) is delighted to welcome Nischal Mewalall, who today starts his tenure as CEO.

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May Debt Relief Update

In the two weeks between 09 May and 23 May 2020, Banking Association South Africa (BASA) members extended an additional R3 billion of debt relief to individual customers experiencing financial distress due to the Covid-19 pandemic and national lockdown. This brings the cumulative amount of relief offered by BASA members since they started assisting individuals to R14,48 billion.

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Islamic Financial Service Products Grew in 2019

The value of Islamic financial services products grew strongly in 2019, with the deposits reaching R35 billion (2018: R23 billion) and loans and advances amounting to R12.4 billion (2018: R10.6 billion), according to data from the South Africa Reserve Bank.

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April Update: Debt Relief for Customers

In the two weeks between 25 April to 09 May 2020, Banking Association South Africa (BASA) members extended an additional R3,84 billion of debt relief to individual customers experiencing financial distress due to the Covid-19 pandemic and national lockdown. This brings the cumulative amount of relief offered by BASA members since they started assisting individuals to R11,58 billion.

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COVID-19 Loan Scheme Q&A

As a result of the novel coronavirus and the steps taken to curb its spread, many businesses face a significant loss of income. In this context, government is partnering with commercial banks to provide financial support to small and medium-sized firms to enable them to meet their operational needs over the next few months.

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