Personal Finance news update
Sanlam commits R2.25bn to recovery funds
In response to the Covid-19 pandemic, Sanlam Investments has committed R2.25 billion to seed three impact funds with the core objective of preserving and creating jobs - in a drive to mobilise further capital from like-minded investors set on re-igniting economic growth. The three funds, the Investors’ Legacy range, have the goal of backing companies negatively affected by Covid-19 but which have a strong likelihood of outperforming after the pandemic if they receive the required financial support. Each fund focuses on a different part of the market - small, mid-sized and large companies - and will provide financing in the most appropriate form, whether in the form of loans or equity investment. The funds are aligned with the United Nations’ Sustainable Development Goals.
Car insurance for people who work from home
Short-Term insurer MiWay has launched MiWheels At Home, a car insurance policy designed specifically for South Africans who work from home. Policyholders who work from home - either full or part time - will save up to 20% on their premiums. The cover is designed for a changing work environment over the longer term and not only for the current lockdown. “Covid-19 has brought about unexpected changes that will last beyond lockdown and become the new reality for many South Africans. If you work from home and thus drive less, you should pay less. Our product ensures that even beyond lockdown, clients will get the benefit of car insurance that is tailored around their needs and saves them money,” says MiWay chief executive René Otto.
Capitec tops customer satisfaction survey
Capitec Bank has been ranked as the best South African bank for the second consecutive year in Forbes’s annual survey of the world’s best banks. Forbes partnered with market research firm Statista to assess banks in over 20 countries, with about 40000 customers rating the banks on overall recommendation and satisfaction, trust, terms and conditions, customer service, digital services and financial advice. The accolade comes at a time when banks’ walk-in service channels are taking a back seat to their digital offerings. With more than 7.4 million active users, Capitec’s digital banking services are the most widely used in the country. It has also noted a significant increase between January and May, welcoming more than 470000 new digital banking clients, a 6.8% increase on its digital client base.