Latest news with #StandardBank
TimesLIVE
40 minutes ago
- Business
- TimesLIVE
Agripreneur leaves lucrative job to pursue farming dream
After 20 years of working as a mechanical fitter at one of the biggest freight and logistics companies in South Africa, Samuel Moeketsi decided to leave his lucrative job to fulfil his lifelong desire of being a farmer. Like many boys who grew up in rural areas, Moeketsi was a herder responsible for his grandparents' flock of goats in the village of Losasaneng in the North West — this is where his love for the animals was ignited. As he grew older, he realised that farming goats made good business sense. 'There is a huge market locally and internationally for goat meat. It has become part of our day-to-day protein intake and though beef and mutton are big players in the red meat market, there is also a big demand for goat meat and I saw that as an opportunity to close the gap,' he told Sowetan. Now, Moeketsi farms commercial Boer goats and Bonsmara cattle on a two-hectare plot in Koppies, Free State. 'I left my job in 2022 and the business only took off in 2024, which proves that the journey was not easy. My wife and I started by farming cabbages and that was a big flop. We then had to come up with a different strategy and started to invest in the land we had bought to make it farmable,' he said. Though he managed to overcome several challenges when starting, the 45-year-old said he still experiences some challenges in his business. 'Diseases, theft and funding continue to be problems I find myself having to solve. Another big issue for me is finding employees who are good at animal handling,' he said. The farmer uses technological systems such as CCTV cameras and biosecurity to combat theft. He also implemented compulsory weekly training sessions for his employees and conducts research to learn about animal vaccination. 'I've also chosen not to sell from the farm directly, to avoid having criminals who would come and monitor the place.' While Moeketsi learnt most of his farming skills from his grandparents, he said Standard Bank's Agri Transformation Programme, which he recently graduated from, equipped him with everything he needs to fast-track his journey as an agripreneur. 'The programme was very handy because it taught me good farming practices, how to manage the business side of things and taught us skills such as how to make a business plan. As a result, I've had a zero mortality rate because of the methods I used from the programme,' he proudly said. While he has mastered producing animals with good body conditioning and high-quality meat, Moeketsi plans to venture into the agro-processing industry where he will manufacture lactose-free products including ice-cream made from goat milk. 'I'm also looking at exporting to the Emirates, where 90% of their protein is goat meat.'
The Herald
a day ago
- Business
- The Herald
Time to shine spotlight on unsung heroes
They will be vying for the respective category titles which include: Environment, Sports, Arts and Culture, Business/Entrepreneur, Education, Community, Civil Society, Gender Based Violence, Health and Safety as well as the Standard Bank Youth Category known as 'Make your Mark'. The latter is the event's gold sponsors' youth initiative to support young change-makers and social innovators who are making an impact in their communities. The 'Make Your Mark' award provides special recognition to recipients who demonstrate exceptional leadership, innovation and dedication. The Head of client coverage, personal and private banking for Standard Bank Eastern Cape, Unathi Maqalekane, said it aimed to become the catalyst that transformed these individual initiatives into a reality in alignment to the company's vision 'Africa is our home and we drive her growth'. 'The Herald NMU Citizens of the Year Awards gives special recognition to ordinary individuals who create a positive impact within the community. 'Similarly, our focus is on creating positive impacts for our clients, our employees, our communities and the environment. 'On that account, we are excited to continue as a valued partner because we share a similar commitment to uplift society to drive Africa's sustainable growth.' Maqalekane said c elebrating the unsung heroes was crucial as they were often the backbone of communities and organisations, providing essential support that might not always be visible. 'Recognising their efforts by virtue of these accolades shows that their contributions are valued and appreciated and can inspire others to step up and offer their own support thereby creating a culture of community and belonging.' The acting dean of students at Nelson Mandela University, Vuyo Bongela, said their decision to continue as a partner stemmed from a shared vision to celebrate those who embodied the spirit of ubuntu. 'We believe that being recognised in this way not only affirms the emotional journey of the winners, but also validates the purpose and passion that fuels their work. 'It raises their visibility, often enabling them to access greater support and extend their reach, ultimately amplifying the positive change they bring about in their communities. 'As our tagline charges us to 'change the world', we believe such endeavours contribute to this bold mission,' Bongela said. If you know of anyone who exemplifies the true meaning of upliftment and positive change, let's honour them. Nominate your local hero on this link: For any queries, please contact The Herald marketing manager, Berna Ulay-Walters on ulayb@ The event sponsors are: Co-title sponsors: Nelson Mandela University | Gold sponsor: Standard Bank | Bronze sponsor: Continental Tyre SA | Support partners: Vodacom, Three Peaks Wine and JTC Decor Events | Venue sponsors: Sun Boardwalk. The Herald
The Citizen
3 days ago
- Business
- The Citizen
Rising scam alert: Fake FICA notices and extortion tactics target bank customers
There has been a significant rise in extortion, email, and text scams (phishing) targeting banking customers in recent months. Standard Bank's Head of Fraud Risk Management, Adv. Athaly Khan, warns against the growing sophistication of these schemes, with fraudsters continually adapting their tactics to deceive individuals into sharing sensitive information. In some cases, victims are even coerced into transferring money into the fraudsters' accounts. Standard Bank offered these general tips to avoid falling victim to fraudsters: Verify authenticity: Always verify the authenticity of any app or communication claiming to be from a financial institution. Always verify the authenticity of any app or communication claiming to be from a financial institution. Do not share confidential information: Never share credentials such as PINs, passwords and one-time passwords (OTPs) with any third-party. Never share credentials such as PINs, passwords and one-time passwords (OTPs) with any third-party. Report suspicious activity: If you encounter any suspicious activity or believe you have been targeted by a scam, report it immediately to your financial institution and the relevant authorities. If you encounter any suspicious activity or believe you have been targeted by a scam, report it immediately to your financial institution and the relevant authorities. Use strong passwords: Ensure that you use strong and unique passwords for your online or digital banking platforms. Ensure that you use strong and unique passwords for your online or digital banking platforms. Enable two-factor authentication: Where possible, enable two-factor authentication for an added layer of security. Here are common tactics used by scammers in recent months and ways to protect yourself: Fake non-compliance notifications Fraudsters are exploiting the bank's need for compliance with the Financial Intelligence Centre Act (FICA). They are purporting to be the bank, sending customer's emails and SMSs, claiming that their accounts are not FICA compliant. 'Their emails and SMSs include malicious links, urging customers to click on or risk their account being blocked or closed,' Khan explained. 'Upon clicking on the link, customers may be routed to a fake login site or prompted to capture sensitive information such as their card number, expiry date, customer verification value (CVV), or One-Time-Pin (OTP). In some instances, the link may cause disruption on the customer's device, giving the fraudsters remote access and total control.' Extortion Scams Extortion scams often involve threats to harm individuals, expose sensitive personal information about them or tarnish their reputations unless a ransom is paid. 'We're increasingly seeing fraudsters impersonate respected bodies such as the South African Reserve Bank (SARB), SARS or the SAPS,' Khan explained. 'They claim to be investigating customers for serious offences, anything from fraud to money-laundering. In some schemes, victims are given a fake account number and instructed to transfer all their funds for the duration of the investigation. In others, the criminals allege they possess compromising material such as private photographs, financial records or other personal details, and demand payment in exchange for keeping it confidential.' Khan further said that these fraudsters go to extreme lengths to convince the targeted individual that they are from legitimate authorities. This includes telephone calls, emails, documents and they sometimes suggest physical meetings. 'The internet has become a prime hunting ground for fraudsters. Customers need to be wary of information they share on social media platforms as cybercriminals are becoming increasingly sophisticated in their orchestration,' Khan added. What to do if you are targeted: Stay calm, do not panic. Fraudsters often use fear to manipulate victims. Take time to verify the legitimacy of the claims. Never send money or click on a link in response to unsolicited messages. Legitimate organisations, including banks, will never ask for payments or sensitive information this way. If you believe your bank account may be compromised, contact your bank's fraud department right away. They can help you secure your account and investigate the issue. Regularly review your bank and credit card statements and report any suspicious activity. Read original story on At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
IOL News
4 days ago
- Business
- IOL News
Standard Bank and GIBS launch Youth Forward programme to combat youth unemployment
This initiative is set to empower 50 black youth-owned businesses with essential tools and support to thrive in the current challenging economic landscape. Image: Standard Bank/Facebook As the country gears up to commemorate Youth Month this June, Standard Bank Business and Commercial Banking, in collaboration with the GIBS Entrepreneurship Development Academy (EDA), is taking action against the rising tide of youth unemployment by launching the 2025 Youth Forward Programme. This initiative is set to empower 50 black youth-owned businesses with essential tools and support to thrive in the current challenging economic landscape. The urgency of this initiative resonates deeply with the latest figures from Statistics South Africa, revealing that youth unemployment for individuals aged 15-34 has surged to a staggering 46.1% in Q1 2025, a notable increase from 44.6% in the previous quarter. Alarmingly, the unemployment rate for youth aged 15-24 stands at 62.4%, emphasising the pressing need for inclusive programmes that break down barriers to economic opportunities for young South Africans. During this significant month, which marks the 1976 Soweto Uprising — a pivotal moment in the fight for equality in education — the focus shifts towards the vital investment in youth development. 'Youth Month is not only a time to reflect on the sacrifices of our young people but also to invest in their future,' said Naledzani Mosomane, Head of Enterprise Development at Standard Bank South Africa. 'Through the Youth Forward Programme, we aim to transform the entrepreneurial landscape for black youth, equipping them with the skills, networks, and resources to build sustainable businesses.' This sentiment is echoed by Ms. Guinivere Pedro, Senior Programme Manager for the GIBS EDA, who expressed enthusiasm about the collaboration. 'We are excited to continue working with Standard Bank to unlock the potential of young entrepreneurs,' she stated. 'This programme equips participants with practical tools and strategic thinking to sustain and grow their businesses.' The Youth Forward Programme is specifically tailored for entrepreneurs aged between 18 and 35, running businesses with at least 51% black ownership and a minimum annual revenue of R100,000. To qualify, applicants must be South African citizens with registered businesses that have been operational for at least 12 months. The programme combines online and in-person learning experiences, with a preference for participants based in Gauteng and neighbouring provinces due to the location of physical sessions in Johannesburg. Successful participants will receive structured business training, mentorship, and access to a valuable network of peers and industry leaders. This initiative is part of Standard Bank BCB's broader commitment to fostering inclusive entrepreneurship through its Enterprise and Supplier Development (ESD) programmes. These efforts are dedicated to empowering township entrepreneurs to launch, manage, and grow small, medium, and micro enterprises (SMMEs), thus making a substantial contribution to South Africa's economic development. If you are a young entrepreneur ready to take your business to the next level, this programme presents an exciting opportunity. Applications are open and will close on 3 June 2025. Interested applicants can complete the application process here. BUSINESS REPORT
Coin Geek
4 days ago
- Business
- Coin Geek
South Africa: Digital assets not subject to forex controls
Getting your Trinity Audio player ready... Digital assets are not capital or currency and are not covered by South Africa's foreign exchange controls, a local court has ruled. The high-profile court case pitted Africa's largest lender, Standard Bank (NASDAQ: SBGOF), against the South African Reserve Bank (SARB) and a local firm, Leo Cash & Carry (LCC). The central bank had seized over $1 million held in a Standard Bank account by the firm, which had been declared insolvent. Standard had placed a hold over the funds as the client owed an overdraft facility extended years ago. However, the central bank declared the funds in the account as forfeited to the state as, before it collapsed, LCC had purchased $37 million worth of BTC and transferred it abroad without official authorization, breaching forex laws. Standard Bank's legal team argued that 'crypto' is neither currency nor legal tender in South Africa, so the Exchange Control Regulations didn't apply. In his ruling, Judge M.P Motha sided with Standard Bank, and according to him, 'The answer lies in one's interpretation of the word currency.' 'Cryptocurrency is not money. The construction that cryptocurrency is money, by looking at the definition of money which includes foreign currency, is strained and impractical,' the Pretoria High Court judge ruled. The judge further ruled that 'crypto' 'falls outside the ambit of capital.' The judgement means that any flow of digital assets outside South Africa does not fall within the scope of the country's 'austere exchange control framework – at least for now,' says the local division of American law firm Baker McKenzie in its analysis. Wiehann Olivier, the head of digital assets at consulting firm Forvis Mazars, concurs, noting that the ruling creates a loophole that allows unlimited external transfers of digital assets. 'Currently, you can externalize as much cryptocurrency without any limitation as imposed from the exchange control perspective,' he told local outlet Moneyweb. 'Regulators will act swiftly' The loophole creates an easy workaround for South Africans seeking to move their money offshore. It also plays into the narrative that global central banks have held for years: that digital assets are used to circumvent capital controls, making them susceptible to abuse and criminal use. Experts expect the South African Reserve Bank to act swiftly and fix the flaw in its system. 'Given the risk this presents to the exchange control system as a whole, such legislative action seems inevitable, and it is likely that the Exchange Control Regulations will be amended in short order,' Baker McKenzie says. Olivier believes that even the central bank wasn't aware of the grey area, otherwise it would have plugged the loophole. 'In the background, [SARB] will most likely be making amendments to the exchange control regulations going forward, probably in the next 12-18 months because of the significance of the fact that you can externalize so much money without oversight,' he stated. The primary factor that supported the ruling is that the SARB, like most other central banks, has clarified that digital assets are not legal currencies. Even in pro-crypto nations like Russia, digital asset payments remain prohibited. This oversight could prove costly for South Africa as residents could purchase digital assets en masse and use them to send money offshore unchecked. The need for digital asset regulations in South Africa South Africa has the continent's most advanced digital asset laws, which has allowed regulators to issue licenses to over 200 VASPs. However, the ruling has exposed some of the gaps that still exist. In his ruling, Judge Motha noted that at this point, regulators could no longer claim digital assets as a nascent sector as their defense. 'Cryptocurrency has been in existence for over 15 years, one cannot say SARB has been caught napping,' the judge noted. Desiree Reddy, the South African director at global law firm Norton Rose Fulbright, noted, 'The decision underscores the pressing need for legislative reform to provide clarity and certainty in this rapidly evolving area.' Watch: Tech redefines how things are done—Africa is here for it title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
