Applicants for the SASSA R370 Grant Should SCROLL DOWN and Read and Follow Instructions for the Online Application for their right category
Sassa R370 Grant Applicants Should Please TAKE NOTE of the following
BEFORE YOU APPLY

Apply for Sassa R370 via srd website ->>

Check Status for R370 Application ->>

featured article: Banking is characterized by a “Twin Peaks” regulatory model, where market conduct is overseen by the Financial Sector Conduct Authority (FSCA) and financial stability by the Prudential Authority (PA). This ensures that the sector remains one of the most stable and technologically advanced in the world.

1. Digital and Contactless Payments

Having moved aggressively toward a “tap-and-go” and “scan-to-pay” culture. Most banks have phased out manual checks and physical paperwork in favor of real-time digital ecosystems.

  • PayShap: This is a key industry-wide practice. It is a low-cost, real-time payment service that allows users to send money using a cellphone number (Proxy) instead of a bank account number.
  • Virtual Cards: Most major banks (FNB, Standard Bank, Nedbank) allow customers to create “virtual cards” within their apps for secure online shopping, which can be deleted and recreated instantly to prevent fraud.
  • Retailer Cash Withdrawals: To reduce ATM fees, it is common practice to withdraw cash at supermarket till points (like Pick n Pay, Checkers, or Shoprite) for a fraction of the cost of an ATM withdrawal.

2. Tiered Transactional Banking & “Pay-as-you-use”

Banks typically offer two main types of pricing structures for personal accounts:

  • Bundle Fees: A fixed monthly cost that includes a set number of transactions (e.g., unlimited electronic transfers and a few ATM withdrawals).
  • Pay-as-you-use (PAYU): A low or zero monthly fee where the user is charged for every individual action.
    • Example: Capitec’s Global One account is famous for its flat-fee model, charging a small, transparent amount for transactions like R1 for a Capitec-to-Capitec transfer or R2 for other banks.

3. Sophisticated Reward Programs

Banks use “behavioral banking” to incentivize certain financial habits. These programs are deeply integrated into the lifestyle of the average consumer.

  • FNB eBucks: Customers earn “eBucks” for spending at partner retailers or maintaining healthy account balances. These can be used to buy fuel, groceries, or even flight tickets.
  • Discovery Bank & Vitality Money: This bank uses a practice where your interest rates on loans or savings are linked to your “financial health” score. If you manage your debt well, your interest rate decreases.

4. Rigorous FICA Compliance

The Financial Intelligence Centre Act (FICA) is a cornerstone of banking. Banks are legally required to verify the identity and address of every customer to combat money laundering.

  • Practice: When opening an account, you must provide an ID (or passport/permit) and a recent “Proof of Residence” (like a utility bill or lease agreement).
  • Modern Twist: Banks like TymeBank and Bank Zero now allow “Digital FICA,” where you can verify your identity via a selfie and a scan of your ID through an app or a kiosk, rather than visiting a branch.

5. Credit Practices and the NCA

Lending is strictly governed by the National Credit Act (NCA), which prevents “reckless lending.” Banks must perform a thorough affordability assessment before granting credit.

  • Example: If you apply for a credit card at Standard Bank, the bank is required by law to see at least three months of bank statements or payslips to ensure your “disposable income” can cover the repayments.