UCount Rewards expands: Save at even more Shoprite Group stores
'We want to help our customers save where it matters most: on everyday purchases,' says Tshiamo Molanda, head of Youth and Mass Market Segments at Standard Bank.
'We know people are feeling the pinch. In this stagnant economy, every bit counts. By understanding where our customers shop, we can bring them more value in the places they already trust.'
Molanda says the extended partnership delivers on a promise made earlier this year to unlock even more value through the UCount-Shoprite collaboration.
'This is exactly what we committed to when we launched this partnership: more exciting savings, more brands, and more ways to help our customers do better every day,' she says.
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Daily Maverick
12 hours ago
- Daily Maverick
The Finance Ghost: Capitec, Weaver Fintech show growth is possible in SA
Local companies such as Capitec and Weaver Fintech are delivering solid growth in earnings despite South Africa's tepid economy. Goodness knows we are used to hearing about how tough things are in South Africa and how difficult it is to find growth. We regularly have to suffer through announcements such as the latest one from Truworths, where things are so bad in the local business that it has more than offset the growth in the UK, leading to a drop in headline earnings per share (Heps) for the group. And even when we go in with low expectations, such as in the case of KAP, companies can still disappoint us with their local performance. Luckily, there are local companies that restore balance to the world by delivering solid growth in earnings despite the tepid economy. We need to be careful with the definition of 'local' though, as there are many companies listed on the JSE that are generating great results based on factors that are external to South Africa. The JSE isn't SA Inc A good example of the gap between JSE-listed company numbers and the on-the-ground situation in South Africa is Standard Bank, where double-digit growth in Heps and the dividend is thanks mainly to the performance of its African businesses. South Africa only contributes roughly half of Standard Bank's earnings, with lower growth in the local business than in Africa in the latest period. And it's not only about top-line growth, with the outperformance in Africa leading to a positive impact on Standard Bank's margins, as the pockets of growth in Africa offer higher margins than in South Africa. It's also not helpful to use the gold sector as an example of a feel-good story around South Africa, as the reason for growth in earnings is based on global gold prices rather than the state of the local economy. Nobody who holds a JSE Top 40 ETF is complaining about this, but it's an important nuance to keep in mind when considering the JSE vs the South African economy. Luckily, there are names on the JSE that are showing strong growth, thanks to their performance right here at home, illustrating exactly how much potential there is for stock pickers in the financial services sector. Capitec: still the apex predator when it comes to growth Capitec is a company that just doesn't seem to ever stop growing. Come rain or shine in South Africa (and usually the former), it keeps posting great numbers. Capitec is easily the best-performing banking stock on the JSE this year (and over almost any time period you can think of) and it provides a case study of how a focused strategy can win market share and grow earnings even when the broader sector isn't exciting. Sure, that means that this growth comes at the expense of competitors, but Capitec investors are more than fine with that. A recent trading statement noted that Capitec's Heps for the six months to August 2025 will be up by 22% to 27%. The performance has been driven by both net interest income and non-interest revenue, accompanied by a stable credit loss ratio in an environment where all the banks are singing a positive tune around credit quality. Capitec is therefore achieving growth in the loan book without sacrificing quality, helping it win market share from the traditional banking names. It's just more of the stuff that Capitec investors are used to, really. And if there's one thing that investors love, it's dependable growth. Weaver Fintech: the new kid on the block Nobody is surprised anymore by great numbers at Capitec, as the bank is famous for the disruption it has caused to local banking. But there's another name coming through the ranks in financial services that is also causing disruption in the sector, albeit in terms of payments rather than banking. That name is Weaver Fintech, a company that I invested in earlier this year. Weaver used to be called HomeChoice, which for the longest time was a retail-led business that few people paid any attention to. But behind the retail branding, there was a strong lending business being developed. Then, with an acquisition in the buy-now, pay-later (BNPL) space, Weaver suddenly found itself at the forefront of one of the most exciting fintech verticals in South Africa. BNPL is disrupting the way that people pay for retail products. The product does exactly what it says on the tin: customers buy a product (and receive it) and only have to pay later. But unlike a credit card, it's possible to achieve this at absolutely no cost to the consumer – provided that the full amount is paid back in a matter of weeks. Where customers need a longer repayment period, the BNPL service providers offer competitive interest rates. But how can even the short-term deal be free, you ask? The secret sauce is that the merchant is footing the bill. Before you panic about how sustainable that is, it's hardly any different to the credit card commissions that would typically be paid by the merchant when customers pay by card. BNPL therefore gives the merchants a way to sell to a wider base of customers on similar economics to credit card sales. In a country like South Africa where so many consumers are literally living from one payday to the next, this can make the difference between an abandoned cart and a confirmed sale. BNPL is just one part of the Weaver story, with a broader financial services offering that is also performing well. In the six months to June 2025, Weaver grew revenue by 29% and Heps by 45%. Cash quality of earnings is evident, with the interim dividend up 47%. These excellent results have given the company confidence to expand not just the retail footprint (an important distribution channel for financial products), but also the size of the credit book. With such strong growth, the main risk is any deterioration in the credit quality of the book and whether Weaver will grow too quickly to keep things under control, an issue that has claimed many start-up scalps over the years. I'm very happy with my Weaver position in my portfolio, but I've sized it appropriately for a more speculative play that still has a long way to go. Having said that, Capitec also had to start somewhere. I'm happy to have gotten in at what feels like an early stage in the BNPL journey. DM
The Citizen
a day ago
- The Citizen
Home Affairs teams up with banks to issue IDs and passports
Home Affairs teams up with banks to issue IDs and passports South Africans will soon be able to apply for their smart card IDs and passports at selected bank branches, thanks to a new partnership between the Department of Home Affairs (DHA), First National Bank (FNB) and Standard Bank. The collaboration, launched on Wednesday, will also allow applications via mobile banking apps at a later stage. Both banks will make the service available to all South Africans, regardless of whether they are customers. Phased national rollout ALSO READ: Deputy Minister Njabulo Nzuza visits Germiston Home Affairs office after fire FNB has committed to an immediate rollout at 15 branches, expanding to 240 branches over the next year, with additional branches to follow as the project progresses. Standard Bank will launch the service in 20 branches this year and reach 300 branches by 2027. Home Affairs Minister Leon Schreiber welcomed the move, describing it as a 'new digital partnership model' that uses technology to increase access to essential services. 'This will dramatically increase Home Affairs' footprint and bring us closer to delivering our vision of Home Affairs at home,' Schreiber said. 'I am grateful to the banks for showing how we can solve long-standing challenges through collaboration.' ALSO READ: Home Affairs launches global centres to speed up passport services for expats Banking leaders speak out FNB Public Sector Banking CEO Sipho Silinda stated that the partnership, developed over more than a decade, will now be scaled up to reach a larger audience. 'Financial inclusion is linked to safe and secure documentation, and we are delighted to take our partnership with the DHA to the next level,' Silinda said. Standard Bank personal and private banking CEO Funeka Montjane said the initiative was about convenience, 'We are proud to be part of this forward-thinking collaboration that will save clients time and make it easier to access essential identity services,' Montjane said. The department will issue further announcements as the rollout continues.
The Star
2 days ago
- The Star
More banks join Home Affairs' digital drive for IDs and passports
Mthobisi Nozulela | Published 2 days ago The Minister of Home Affairs, Leon Schreiber, has announced that two more banks have signed up to join the Department's digital partnership to offer Smart ID and passport services, further expanding access for South Africans across the country. IOL previously reported that Home Affairs had teamed up with Capitec and FNB to offer these services at hundreds of bank branches across the country. Schreiber revealed that he had also extended an invitation to the CEOs of other major banks, including ABSA, Discovery Bank, Standard Bank, and others, to join the initiative and help broaden access even further. According to the department, more banks have now joined the partnership, including ABSA, Discovery Bank, and Standard Bank, bringing the total number of participating banks to five. "Capitec, First National Bank, Standard Bank, ABSA Bank, Discovery Bank. We anticipate that over 840 bank branches will provide Smart ID and Passport services nationwide within 12 months." Ministerial spokesperson Duwayne Esau said. However, while the move has been welcomed by many, some critics have raised concerns about the cost and efficiency of the expanded service delivery model. The Department of Home Affairs has moved to allay these fears, with Esau saying that the rollout will not cost taxpayers extra and is fully funded by fees paid by participating banks. "Zero. Home Affairs has upgraded the Online Verification Service (OVS) that is already used by the financial sector to verify the identity of clients," Esau said. "And has adjusted the fees that the private sector pays to use this service in order to fund maintenance into the future without burdening taxpayers. The same OVS system forms the backbone for rolling out biometrically-secured access points to process Smart ID and Passport applications without human intervention in many more bank branches and on digital apps". Esau also noted that the previous model offered limited access in rural and underserved areas, with only 218 Home Affairs offices and 30 bank branches, mostly in urban centres. "There were only 218 Home Affairs offices and 30 bank branches in the whole country, mostly in urban areas, that provided Smart ID and Passport services. "Through this digital reform, that total number will grow by over 300% to over 1,000 service points located in Home Affairs offices and bank branches across the length and breadth of South Africa, with a focus on rural and underserved communities" [email protected] IOL Business Get your news on the go, click here to join the IOL News WhatsApp channel
