News

CoFI Bill Submissions

BASA expresses our gratitude for allowing us additional time to compile a submission which is representative of the views and inputs of our members. As you know some of our members are also conglomerates, therefore our comments are not limited to “banking” only.

Cheques Are No Longer Valid

The South African Reserve Bank (SARB), Financial Sector Conduct Authority (FSCA), Payments Association of South Africa (PASA) and the Banking Association South Africa (BASA) are jointly communicating to the public that the issuing and the acceptance/collection of cheques will cease, effective from 31 December 2020.

November Update: COVID-19 Loan Guarantee

As at 24 October 2020, banks had provided over R50 billion in financial relief – R33,61 billion in payment breaks on credit agreements and R16,71 billion under the loan guarantee scheme – to South African businesses and individuals who are financially distressed due to the Covid-19 pandemic and national lockdown.

2020 Medium Term Budget

The Medium Term Budget Policy Statement (MTBPS) was a frank assessment of the public purse and the state of the economy and clearly set out some of the painful trade-offs that will need to be made in the years ahead if South Africa’s Economic Reconstruction and Recovery Plan is to succeed.

Reconstruction and Recovery

The Economic Reconstruction and Recovery Plan (ERRP) unveiled yesterday by President Ramaphosa – the product of months of consultation with NEDLAC social partners – lays out a clear and inclusive path to recovery and reconstruction.

October Update: COVID-19 Loan Guarantee

As at 26 September 2020, banks had provided R49,69 billion in financial relief – R33,61 billion in payment breaks on credit agreements and R16,08 billion under the loan guarantee scheme – to South African businesses and individuals who are financially distressed due to the Covid-19 pandemic and national lockdown.

Covid-19 Opinion

South African banks have done a huge amount over the last few months to support their customers and the economy of the country during the Covid-19 pandemic and national lockdown.

Islamic Finance Conference

Islamic Finance Update June

The value of Islamic financial services products grew strongly in the period to June 2020, with the deposits reaching R37 billion (2018: R23 billion) and loans and advances amounting to R14.6 billion (2018: R10.6 billion), according to data from the South Africa Reserve Bank.

September Update: COVID-19 Loan Guarantee

There has been an increase in the rate of uptake in the Covid-19 Loan Guarantee Scheme, despite demand for credit from the private sector continuing to slow, due to uncertain business conditions, unreliable electricity supply and a weak economy.