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Personal Finance weekly update

By Vernon Pillay Time of article published Aug 3, 2020

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HERE ARE NEWS ITEMS YOU MIGHT HAVE MISSED:

FNB TO LAUNCH A VIRTUAL PAYMENT CARD IN OCTOBER

First National Bank (FNB) is launching a virtual payment card for individual and business customers. The product is available to individual customers of FNB’s debit, Fusion and credit cards and for business customers with debit cards. The virtual card, which will be available by October, may be accessed via the FNB app and the RMB Private Banking app. Customers can use virtual cards for QR code payments via Scan to Pay for a contactless experience at point of sale. Users with a compatible Android device can enable their virtual card for Tap to Pay. Customers no longer have to rely on a physical card at merchants that have Tap to Pay functionality, as they can use an Android smart device or an Apple device where the merchant accepts QR code payments.

FPI AWARD WILL RECOGNISE PROFESSIONAL PRACTICES

The Financial Planning Institute of Southern Africa (FPI) endorses a list of advisory practices across South Africa that comply with its Approved Professional Practice criteria. These are practices that have “embraced financial planning as their core service, embedded the FPI Code of Ethics and Professional Responsibility in their practice and contribute to the growth of our profession”, says Lelané Bezuidenhout, chief executive of the FPI. To complement its well-established Financial Planner of the Year award, the FPI has launched the FPI Professional Practice of the Year award. FPI Approved Professional Practices are urged to enter the competition. Entries close on August 3.

STOKVEL SAVERS ADOPTING DIGITAL TOOLS - NEDBANK

Nedbank says its collective savings accounts (stokvels) are not only seeing a continued increase in new applications, but there is also a rapid adoption of digital channels attributed to the shift in banking behaviour during the lockdown. Since the Nedbank Stokvel Account was launched in September 2018, more than 4 104 accounts have been opened. The most popular types of stokvel are savings stokvels, grocery stokvels and burial societies. Women are the best savers, making up 55% of the 170 017 stokvel account members across the country. Electronic funds transfer deposits increased by 134% year on year, which Nedbank says was probably a result of the growing awareness of the lower cost, convenience, safety, enhanced user experience and overall ease of going digital.

OLD MUTUAL LAUNCHES FLEXIBLE INSURANCE COVER

Old Mutual has launched a modular personal insurance package that allows you to build your cover to suit your lifestyle and budget. “Our new personal cover range responds to the everchanging needs of our customers,” says Priya Naicker, the head of strategic retail marketing at Old Mutual. “Today, people are following non-linear career paths, enjoying non-traditional and blended families, as well as re-assessing parenting and gender role norms. This highlights the need for personal cover that is comprehensive, flexible and modular, keeping pace with our evolving lives. This is exactly what our new proposition offers. Because we understand that circumstances, goals and ambitions change, we ensure that customers have the option to add and remove modules or extras as their needs and budget shift,” says Naicke.

PERSONAL FINANCE

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