Latest news with #SAMA
The Citizen
18 hours ago
- Sport
- The Citizen
Mount Edgecombe resident strides to double gold
ON the surface the sport of race walking seems fairly straightforward; athletes must swiftly walk to the finish line across varying distances. However, there is more to the sport than meets the eye. The technique involved in race walking is equally important as athletes must have at least one foot in contact with the ground during their strides. They also are not allowed to bend the knee of their advancing leg – it has to be straight. Also read: Mount Edgecombe resident to raise funds on the run at Comrades Athletes also risk being disqualified by eagle-eyed judges who hold up paddles with symbols indicating which rule they've broken. It is for this reason that the achievements of Mount Edgecombe resident Caryn Loudon are incredible. The 59-year-old recently competed at the SA Masters Athletics (SAMA) Track and Field Championships in Oudtshoorn in the Western Cape. Loudon, representing KZN, won gold in the 5km and 10km race walking events in her age group (55-59). She finished the 5km race in 34 minutes and her 10km race in one hour, 10 minutes. 'I was really happy with my times. I managed to shave four minutes off in the 10km event so I achieved a personal best (PB), which was so rewarding. Overall the championships were incredible, the conditions worked in my favour as it was a little cooler and there was a bit of a breeze. We also had a break between the 5km and 10km events; normally at SA champs you are taking on both events a day apart,' she explained. Also read: Durban North resident crowned SA blackball champ Now a member of Riverside Harriers Athletics Club, Loudon's foray into Race Walking came at the Athletics North Club based at Crusaders. 'It was after the birth of my second child and I was looking for a way to lose a bit of weight and keep fit. I would join the club walks and eventually they encouraged me to take on the time trials. I tried and my coach said I had actually completed a KZN qualifying time and he encouraged me to compete in the masters division. I sort of fell into it and 20 years later I've competed at close to 16 SA Masters championships,' she said. For more from Northglen News, follow us on Facebook , X or Instagram. You can also check out our videos on our YouTube channel or follow us on TikTok. Click to subscribe to our newsletter – here At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
Arab News
3 days ago
- Business
- Arab News
Digital shift keeps Saudi credit card borrowing above $8bn and just 2% below record level
RIYADH: Credit card loans from Saudi banks posted their second-highest figure on record in the first quarter of 2025, after an annual rise of 12.53 percent. According to the Saudi Central Bank, also known as SAMA, this borrowing of SR30.66 billion ($8.18 billion) is just 2 percent below the all-time peak recorded at the end of 2024. SAMA figures also revealed that consumer loans reached SR479.78 billion in what was a 6.41 percent rise during the same period. The vast majority – over 90 percent – of consumer lending falls into a broad 'other' category, which includes debt consolidation, personal family expenses, or any borrowing not classified under the specific purposes. This indicates that many Saudis take personal loans for a range of needs, from home renovations to weddings, but each of those specific uses is a relatively small slice of the overall figures. Multiple factors are supporting the rapid growth of the credit card segment. A central driver is the national push toward a cashless society under Vision 2030, which has seen SAMA implementing policies to promote electronic payments and reduce dependence on cash. This includes expanding point-of-sale infrastructure, mandating that businesses accept electronic payments, and fostering fintech innovation. As a result, 79 percent of all retail transactions in 2024 were electronic, card or digital payments, up from 70 percent the year before, according to an April release by SAMA. In parallel, banking penetration has expanded, with nearly all bank cards in the Kingdom now enabled for contactless payments. By 2023, 98 percent of in-person card transactions were contactless — up from just 4 percent in 2017— according to Visa executive Andrew Torre, speaking to Arab News in October. The COVID-19 pandemic accelerated this shift to tapping cards and phones, ingraining cashless habits. With nearly 50 million payment cards in circulation and a decline in ATM usage, the ecosystem is primed for card spending over cash. Another factor is consumer behavior and economic policy. Strong consumer spending in Saudi Arabia — supported by economic growth and initiatives to boost household income — has encouraged more use of credit for purchases. Rather than delaying purchases, many consumers are comfortable using credit cards to buy now and pay later, especially with the availability of installment plans. Additionally, banks and payment networks are actively marketing credit cards with attractive promotions. Cashback deals, reward points, airline miles, and no-fee installment offers are abundant, which incentivizes consumers to use credit cards for both large and small purchases. The entry of Shariah-compliant credit cards has also played a role. By addressing religious sensitivities, Islamic banks have made credit cards acceptable to a wider customer base that previously avoided interest-based products. Furthermore, the growth of e-commerce and digital services in Saudi Arabia has naturally increased credit card adoption. Online retailers, food delivery apps, ride-hailing, and travel platforms often work best with card payments, so as these services proliferate, so does card usage. Consumer loan usage and slower growth trends Credit cards and personal consumer loans differ fundamentally in structure, usage, and cost. Consumer loans in Saudi Arabia are typically taken as a fixed amount to be repaid in installments over a set term, usually at relatively lower interest or profit rates. They are often used for significant expenses like buying a car, financing education, or other big-ticket needs, and come with a structured repayment plan that helps borrowers budget effectively. By contrast, a credit card provides a revolving credit line up to a predefined limit, with no fixed repayment period as long as the borrower makes minimum payments. Traditional consumer loans, which are often called personal loans, remain much larger in absolute terms than credit card debt in Saudi Arabia, but their growth has been relatively sluggish in recent quarters. These loans — which exclude mortgages — totaled SR471 billion by the end of 2024, and saw annual growth in the mid-single digits compared to double-digit growth for credit cards. In early 2024, growth was even slower. In the first quarter, consumer lending was up less than 1 percent year-on-year, and in the second quarter around 2 percent, before accelerating later in the year according to SAMA data. The uses of consumer loans are generally for big one-time expenditures or needs. The largest defined sub-category is financing for vehicles, which accounted for roughly 2.5 percent to 3 percent of total consumer loans in 2024. Other specific purposes include education loans and loans for furniture and durable goods, and vehicle and private transport means. The recent slower growth of consumer loans compared to credit cards can be attributed to a number of factors. High interest rates over 2022 to 2023, as global rates climbed, made borrowing via fixed loans less attractive, potentially dampening demand. By contrast, credit card lines were often already in place and could be tapped without a new loan application. Another factor is the growing availability of credit card installment plans and Buy Now, Pay Later services, which are increasingly used to cover expenses that previously required personal loans. With zero-interest installment offers and flexible repayment options — particularly appealing to younger consumers — many now prefer to finance mid-sized purchases through these tools rather than committing to long-term bank loans. All of this has led to personal loan growth being moderate. Nonetheless, consumer loans did rise in absolute terms, primarily driven by continued needs for cars, education, and other big expenses. The credit card segment's growth outpaced consumer loans by a wide margin, highlighting a shift in how Saudis finance their spending toward more flexible, short-term credit and digital payment tools, and slightly away from traditional fixed personal borrowing.
Zawya
4 days ago
- Business
- Zawya
STC Bank wins Temenos' Fast Track Growth Award
Riyadh, Saudi Arabia: STC Bank has been awarded the Fast Track Growth award at the annual Temenos Forward Awards, in acknowledgment of its remarkable growth in users since its launch as a full-fledged digital bank just three months ago. STC Bank is one of the leading digital banks in the Kingdom of Saudi Arabia. It began its journey as a digital wallet before transitioning into a fully licensed digital bank under the supervision of the Saudi Central Bank (SAMA). The bank's rapid growth is attributed to its ease of use and innovative features, such as instant money transfers via mobile number, competitive rates on international remittances, bill payments, and more. Existing wallet users can seamlessly migrate to the bank's platform, while new customers can open a bank account in less than two minutes. Temenos, a global leader in banking software for over 32 years, has been instrumental in supporting the banking sector through its core banking platform, Temenos Core. This platform empowers users with access to modern digital lending and deposit solutions. The collaboration with Temenos supports STC Bank's commitment to adopting advanced technology and innovation to redefine banking standards in the Kingdom and the broader GCC region. For more information or to explore STC Bank's features, download the app on the Apple App Store or Google Play, or visit For more information about STC Bank, please visit:
Eyewitness News
4 days ago
- Health
- Eyewitness News
MPs question Motsoaledi spending R9 million to hire 12 counsel to defend NHI
JOHANNESBURG - Members of Parliament (MPs) have questioned Minister of Health Aaron Motsoaledi over the hiring of 12 counsel at a cost of R9 million to defend the National Health Insurance (NHI). But Motsoaledi has defended the expenditure, saying litigation comes at a high cost and the department needs the expertise of senior counsel as it defends its flagship universal healthcare policy. The minister was briefing the National Assembly as part of the social cluster in Parliament on Wednesday. Motsoaledi said his department is facing several lawsuits challenging the NHI as well as the National Health Act. He justified the expenditure, saying litigation in its nature is costly to defend. Some of the organisations taking the department to court include the South African Medical Association (SAMA) and the Board of Healthcare Funders (BHF). "Those who have been involved in litigation will know how expensive senior counsel is. It's not us. So, it's seven cases, seven junior counsel, and five senior counsel." President Cyril Ramaphosa is also facing his own NHI-related legal challenge after the court ruled that his decision to sign the act was reviewable, ordering him to provide the record of his decision. He is appealing the ruling.
Argaam
4 days ago
- Business
- Argaam
POS transactions hit SAR 11.7B last week: SAMA
The point-of-sale (POS) transactions in Saudi Arabia reached nearly SAR 11.7 billion in the week ended May 24, compared to about SAR 12.4 billion a week earlier. The number of POS transactions reached about 206 million last week, compared to nearly 217.6 million in the previous week, according to data issued by the Saudi Central Bank (SAMA). POS transactions represent consumer expenditure through debit and credit cards at major shopping centers, retail outlets, pharmacies, and others. The data indicated that the value of sales via POS increases in the weeks that coincide with the disbursement of salaries to government employees (the 27th of each month), in addition to the weeks that coincide with school vacations and the weeks preceding Eid Al-Fitr and Eid Al-Adha. On the other hand, the value of sales decreases in the weeks preceding salary disbursement and those coinciding with the start of the back-to-school season. The moving average value of POS transactions stood at about SAR 13.17 billion in 2025. Adopting the four-week moving average, the value of POS transactions soared during 2024 compared to 2023 and 2022. The average value of sales ranged between SAR 11 billion and SAR 14 billion in 2024, compared to SAR 10 billion to SAR 13 billion in 2023 and SAR 9 billion to SAR 12 billion in 2022. For the week ended on May 24, consumer spending was focused on the food and beverage (F&B) and the restaurants and cafes sectors, at 14.1% or SAR 1.65 billion each. Riyadh led in terms of POS transaction value by region, with approximately SAR 4.32 billion, representing 36.9% of the total. Jeddah followed with SAR 1.70 billion (14.5%). According to the latest data from the Saudi Central Bank (SAMA), e-payments in the retail (individuals) sector reached 79% of total payments carried out by individuals in the Kingdom during 2024. This achieved the target ratio in the Financial Sector Development Program, one of Vision 2030's programs, which aims to reach an e-payment ratio of 70% by 2025. Over the past few years, Saudi Arabia has witnessed remarkable progress and rapid growth in e-payment adoption, thanks to the myriad strategic efforts and initiatives launched by SAMA, in cooperation with the financial sector, to support the growth of the payments sector and stimulate the use of various e-payment methods in the Kingdom.
