Quick reads for this week
iTouch launches new mobile security solution
iTouch – a provider of enterprise customer communications solutions – has announced the launch of its new mobile security solution, Mobile Virtual Identity (MVI). This patent-pending product leverages blockchain-derived technology to mitigate mobile digital fraud by protecting consumers’ mobile identities.
According to iTouch, enterprises such as banks and governments that adopt the solution will add a significant security layer to their processes.
“They will be protecting not only their customers’ data in compliance with the Protection of Personal Information Acts (POPIA, GDPR, etc), but also their customers from falling victim to fraudsters, costing enterprises hundreds of millions every year.
“As the digital landscape evolves, the tactics of fraudsters continue to exploit vulnerabilities and compromise user data. In 2022 alone, South African banks reported losses exceeding R1 billion due to digital fraud, according to the South African Banking Risk Information Centre (Sabric). Addressing this pressing issue, iTouch has developed MVI to combat this growing problem,” it said.
Absa launches inaugural Absa Stokvel Awards
Absa has announced the launch of its inaugural Absa Stokvel Awards, an occasion designed to honour the prestige of money-saving circles, known locally as stokvels that form part of the mainstay of South African communities.
According to Absa, these are the first-ever stokvel awards in South Africa, and this is the first time that the successes of these unconventional money-saving circles are recognised by one of the largest financial institutions in the country.
“Stokvels are more than just savings groups; they are a cherished tradition, a lifestyle of collective empowerment, and a testament to the spirit of ubuntu. These group savings circles bring together friends, families, and neighbours, fostering financial inclusion, disciplined saving habits, mutual support, and community development to support social and economic development across the nation,” says Tawanda Rumhuma, executive: savings and investments at Absa’s Everyday Banking.
WesBank introduces residential solar finance
WesBank has announced that it has added residential solar finance to its offerings, extending its product-mix beyond vehicle and leisure finance solutions, and giving personal clients in South Africa access to a credit facility to finance the installation of solar solutions at their homes.
Wesbank said depending on their affordability-level and credit score, customers can qualify for WesBank solar finance of between R65 000 and R500 000.
“Solar power has become increasingly desirable in South Africa to mitigate the increasing cost of electricity to embrace sustainable living, and of course to escape the inconvenience caused by prolonged planned and unplanned power outages. As a key proponent in the promotion of green mobility through electric vehicle financing, it is fitting that WesBank also offers solutions that aid our broader clientele on their journey to reduce their carbon footprint and have a positive environmental impact that makes economic sense,” said Lebo Gaoaketse, head of marketing and communication at WesBank.
PERSONAL FINANCE