What are the most important insurance products that people should have? It is important that consumers understand that different types of insurance are designed to protect different aspects of their assets and their life. There are a number of products that should be considered, but they are all dependent on the individual and their financial situation. There is short term insurance which ranges from cover for your car, home, home contents and business insurance; which is only a requirement if the individual has any of these assets. Then there is long term insurance that provides cover for an individual for a range of risks such as illness, injury, disability and death. Each play a vital role in managing your financial future and ensuring that you and/or your family are covered for unforeseen circumstances. As South Africa’s number 1 direct life insurer, 1Life unpacks the importance and different types of long term insurance products and the importance of each in isolation, it is important however that individuals understand that these different types of policies should not be seen in isolation, and most likely a combination of products are needed. Funeral cover A funeral plan is an insurance policy that will pay out a selected amount of money, as a lump sum, to policyholders nominated beneficiary/beneficiaries. Funeral policies should allow an individual to cover a number of family members on one policy. All of whom that are covered on this policy would be referred to as lives assured and covered for a certain lump sum amount. This amount is payable in the event of the death of any of the assured lives that are covered on/by the policy. Funeral policies cover options range from R5 000 up to R100 000 (dependent on the insurer) and are there to assist you and/or your family in the event of a death, to have the funds available any cost associated with the death such as repatriation and funeral arrangements. Life insurance Life insurance is very . . .
Kriel Technology Group (Pty) Ltd brings VAULTCARD to Southern Africa - Most advanced and effective RFID protection solution available Bloemfontein, South Africa – 05 June 2017 – The VAULTCARD be available from Kriel Technology Group (Pty)Ltd – (www.ktgroup.co.za). Kriel Technology Group (Pty) Ltd today announced the availability of VAULTCARD™ – a new pocket-sized protector in the fight against contactless credit card fraud. The product offers a solution to growing consumer concerns over the safety of personal banking data, which can be accessed via widely available Radio-Frequency Identification Technology (RFID) skimming devices. Use of contactless technology cards are rising at a massive rate in South Africa. U.S. credit card fraud is on the rise. A study by NASDAQ showed that credit card fraud tripled from 2013 to 2014, affecting over 30 million U.S. consumers. Fraudsters can use the devices to clone cards and aid identity theft, with shoppers and commuters at most risk. VAULTCARD™ was created to solve this security issue. Priced at R 599.95, VAULTCARD™ is a credit-card sized device that uses revolutionary patent pending technology, based on highly sophisticated military jamming signals, to shield contactless payment cards from RFID fraud. VAULTCARD™ protects multiple cards stored inside wallets up to 8cm thick and can also be placed inside electronic passport holders to keep personal data safe from fraudsters. The card offers the most superior and effective RFID protection solution available, and was created by VAULTCARD’s parent company – Vaultskin – which specialises in the development of innovative accessories for mobile and data protection devices. What makes VAULTCARD superior to other solutions? Several products offer shielding using metal foil or white noise based jamming technologies, but these are susceptible to security ‘blind spots’, making them an unreliable solution. VAULTCARD™ provides superior protection that: . . .
Lots of little, can make a big difference. This is the philosophy of 100% not-for-profit social enterprise The Relate Trust, which sells handmade beaded bracelets to make money for charities globally - while creating hundreds of jobs for the underprivileged. The organisation is currently featured in Nedbank’s “See Money Differently” brand repositioning campaign, which highlights innovative ideas that make a big impact. So why did one of the top banks in South Africa choose to shine this focus on a not-for-profit social enterprise? Relate is the perfect example of making a little go a long way. In fact, as the advert states, “a R50 note becomes more than just money when you spend it on a Relate bracelet”. This is because when you buy a simple beaded bracelet at a till point, for under R50, you are supporting one of more than 90 credible causes. You also support the senior citizens who thread the beads to supplement their pensions. You support the youth who put together and pack the bracelets, while being upskilled in their chosen careers beyond Relate. And you support Relate’s enterprise development initiatives. The key to Relate’s success, allowing them to change lives in so many ways, lies in their unique business model - operating as a for-profit business would, and not relying on handouts. With all this in mind, you might “look at your money differently, and see beyond the paper”. “It is through opportunities from corporates like Nedbank, and from consumers, that we are able to do the good work that we do. Such high-profile acknowledgement of our brand enables us to continue to grow and help more and more people – in South Africa and around the world,” says Relate’s CEO Neil Robinson. To date, Relate has sold more than 2.6 million bracelets. All those small spends add up to make a meaningful and impactful difference: close to R50million for charities and job creation. The “See Money Differently” campaign asks you to “see money for the . . .
On Saturday 10th June, the debt review industry will be holding it's breath to see who the big winners in this year's Annual Debt Review Awards will be. The event is the debt review industry's mini "Oscars" and helps identify which firms consumers can trust. There are over 700 active debt counsellors in South Africa trying to service the needs of half of all credit users, who the NCR report are in serious debt trouble. These 10 Million Plus credit users often wonder who to turn to for debt assistance. The annual Debt Review Awards recognises the top 15 debt counselling firms in South Africa, along with those banks, vehicle finance credit providers and even short-term lenders who are leading the way with regard to debt review. The results of a 6-month long peer review are announced at a modest black tie event, held this year in Gauteng. The gala evening is attended by, among others, the National Credit Regulator, Banking Association of South Africa and the Debt Counsellors Association of South Africa. Credit providers such as Nedbank, ABSA, FNB and Capitec as well as Payment Distribution Agents DCM, DC Partner and Hyphen PDA all help cover the costs of the event. Consumers too get to share their stories about their personal journey through debt review with the audience. Debt review is a legal process which helps consumers and credit providers find more reasonable and manageable repayment amounts each month which allow consumers to cover their household needs each month. Consumers who come out of the process are debt free and enjoy a clean credit record. Hearing these stories helps keep those attending focused on the all-important consumer looking for debt relief through the process. With only a few days till the gala, anticipation is building in the industry as people wait to find out all the results. Once again the top debt counselling firms in the country will square off to see which firms will take the top spots and who will take home a Golden Piggy . . .
PayApp has launched DigiBanQ, the first digital-only, digital currency bank, built on cutting edge mobile-first web technology, integrating seamlessly into the customers digital lives, both customers and merchants can register online or on a mobile device in 90 seconds without downloading anything. PayApp DigibanQ offers everyday banking options via current and savings/deposits accounts, with the ability to be able to pay digitally direct from any internet enabled device, furthermore, customers will be able to make payments to anyone, anywhere, anytime simply by using a mobile number either on the web-app or via USSD. With PayApp DigiBanQ there is no minimum balance requirement, no maintenance fees, and 0% transaction fees. A customer/Merchants account number is their mobile phone number, this is also used for customer authentication together with strict digital core infrastructure security, making the platform extremely secure. Brian Dalton, founder of PayApp DigiBanQ, said: “The launch of DigiBank marks an important step in the evolution of the global digital currency market. DigiBanQ’s currency “Nuggets” has been developed to be highly stable in stark contrast to the volatility of both fiat and all other digital currencies. The differentiation is that Nuggets is designed as a transactional currency and not as a speculative currency. CLICK HERE to submit your press release to MyPR.co.za. . . .
If there is one thing more deeply entwined in every area of life than anything else – it’s money. Everything you do – from education to career to lifestyle – is about how you are going to earn it, save it, invest and benefit from it. Looking after it is paramount, but not that easy to do on your own. The benefits of engaging a professional advisor should far outweigh any fees you may be charged. The purpose is to increase your net value and secure your future. And perhaps there isn’t a price on that? When seeking financial advice, you need to know you are talking to someone who is not only qualified and thoroughly experienced, but also trustworthy, dependable, courteous, empathic, and genuinely concerned about what is best for you. Because it’s not only about making money – it’s about your life, dreams, family and future. Good financial decision-making is the key to enhancing standards of living, peace of mind and lifetime security. The numerous benefits of having sound professional financial advice: A well considered plan and strategy will provide an overall picture of your financial situation – and allow you to seize opportunities to monitor, review, and make the necessary changes to complement changes in your life circumstance. A financial advisor will give you not only the best of his or her mind, but also integrity, empathy and heart. A planner may often act as financial counsellor, coach and mentor to help motivate clients to live their lives and dreams to the fullest. An advisor is an important defense mechanism preventing you from deviating from your plan to your detriment. He or she is armed with the right tools and systems to help protect you from you, such as: cancelling investments or policies at the wrong time or for the wrong reasons. Advisors keep you focused on goals rather than the sensationalism of the media and unsettling, but usually transitory, world events. An advisor has the expertise and knowledge to help you choose . . .
If banks were waiting for a sign to kick mobile banking innovation into high gear – or indeed commence at all – the latest Think with Google report provides no clearer indication the time is now. According to the report, mobile usage is in an unthinkable boom. Focus once directed at Millennials should be consciously shifted to Generation Zs – a younger, demanding demographic who can’t imagine life without a mobile phone. Screen starters Attention must be paid to Generation Z’s digital reality. The report suggests the average age black teens get their first mobile phone is around twelve. This coincides with the age at which said teens start making their first purchasing decisions. Research shows this age of mobile adoption to be significantly earlier than their older counterparts, which was likely between the ages of 16 and 20. The younger generation is speedily catching up when it comes to e-commerce. A remarkable 66% of black teens are making purchasing decisions online, with the age group just above them (18-24) at around 88%. Of Generation Zs buying online, an astounding 52% are doing it from their mobile phones. Be prepared for the pioneers The behaviour and needs of Generation Zs is understandably difficult to predict, as they’re pioneers – the first generation who will never understand or have to imagine life without mobile phones. To correctly and affectively serve this market, financial service providers must be inconceivably agile in their offerings – and marketing thereof. A task made more difficult by the intrinsic nature of traditional financial institutions – particularly on the African continent – who’s very fabric is slow-moving, marble and glass structure. Banks are replete with red tape and have, up until now, been overtaken in the financial innovation race by Mobile Network Operators who’ve been quick to serve the up-and-coming digital generation. Financial service providers must do the same, if not to be excluded from the . . .
The Integrated Reporting Committee of South Africa (IRC of SA) unanimously voted to welcome the South African Institute of Professional Accountants (SAIPA) as a member as of 15 March 2017. It is a prestigious appointment that benefits both the IRC of SA and SAIPA, providing professional growth and development opportunities across the board. “There are only eleven other organisational members, including one other IFAC accredited body in South Africa, which in itself is an achievement,” says Darren Gorton, Finance Executive, SAIPA. “The IRC of SA was founded in 2010 by Mervyn King, the creator of the King Report, and is focused on the need to develop better, and more sustainable, reporting standards. Our becoming a member of the institution is a privilege and forms part of our strategic vision for 2017 and beyond.” Chaired by Professor Mervyn King and boasting institutional members such as the JSE, the IOD, SAICA, CIMA, the IIA and the Banking Association of South Africa, the IRC of SA plays a fundamental role in developing guidelines and good practice for Integrated Reporting. The latter ignites the development of Integrated Thinking which delivers tangible value to both Professional Accountants and their clients. By becoming members of the IRC of SA, SAIPA now offers its own members the chance to build their portfolios and expertise within this exacting and rewarding field. “We are extremely focused on developing our own members and giving them the opportunities to become value creators,” explains Gorton. “This membership opens their access to learning and growth which will enhance their professional standing and capabilities.” Understanding integration The financial reporting landscape today is dominated by listed companies thanks to the Corporate Governance principles outlined in King IV, which replaced King III effective from 1 April 2017. This is driven by the fact that organisations which wish to remain listed have to show how they meet these . . .
The financial crisis of 2008 severely damaged the reputation of the banking sector. Nine years on, consumer surveys consistently find that the financial service industry is one of the least trusted sectors. Restoring that trust is imperative to creating a flourishing financial services sector that can fulfil its vital role in Africa’s economy Almost any consumer interaction with a financial services firm requires an act of trust on behalf of the consumer; it is therefore of crucial importance to the industry that consumers have a high level of trust in financial services providers. Trust in innovation In the 2016 Edelman Trust Barometer, it found that while only 54%of respondents trust the financial services industry as a whole, 62% feel the industry is acting responsibly in the way it is bringing electronic payments to the market. As an industry, it has responded quickly to shield consumers from liability on card fraud and is working collectively to protect broader financial systems. The above shows there is an opportunity if handled well, to use innovation to build trust. 69% of those surveyed by Edelman trust the innovation of new electronic and mobile payment options, thus were ready to leap forward to use them; they saw massive conveniences and greater personal efficiency even in the face of added risks. Earning trust in a complex continent Africa is a continent with a myriad of cultures, geography and incomes, but innovations that touch consumers on a personal level can counter balance security concerns, Edelman’s report found that 82% of those surveyed agreed that “makes my life easier” is an important trait for building trust. Look at Mpesa; the concept has made the lives of many in Kenya easier. Albeit they were forced to use it, but within the financial service the introduction of the platform was a game changer and is now trusted by millions. So what can companies do to take advantage of this opportunity? Focus on discovery, . . .
(Port Elizabeth) – BREXIT, a surprise US election and other global socio-economic and political upheavals are having direct effects on Nelson Mandela Bay businesses, which companies in the region simply cannot afford to take lightly. This is the warning from leading analyst and former Standard Bank Group chief economist Dr Iraj Abedian, who describes the current national and international conditions as “unprecedented” on a global scale. Abedian is heading to the Bay next week (May 10) as part of the NMMU Business School’s Strategic Conversations series of dialogues, during which he will address the impact of prevailing global geopolitical conditions with local business leaders. He is an honorary professor of economics and visiting lecturer in the NMMU Business School’s MBA programme in addition to his role as founder and chief executive officer of Pan-African Holdings. “The current instability is unprecedented not only in terms of the pace of change but also in the rate at which the known institutions of governance are decaying. The rising level of popular discontent is also at its highest pitch ever,” said Abedian. He described it as a “systemic problem” characterised by the twin traits of unsustainability and volatility, which, he added, business leaders should ignore at their peril. “No country, no business sector and no firm will be immune to any system disruption. As such, wherever we are, local businesses need to take a keen interest in such matters.” While he acknowledged the risks created by such global disruption, Abedian said there was also a positive aspect, which created opportunities for forward-thinking African business leaders. On the home front, he said businesses also needed to start thinking proactively about the issue of radical economic transformation, a phrase that has risen to prominence in the South African political discourse in recent weeks. “Whilst this term is thrown into the melting pot of the ANC succession . . .