Approximately 75% of the South African adult population aged 16+, is considered “banked”. This includes around 10 million adults who receive social grants (SASSAA), of which 8.2 million (82%) receive less than R3000.00 per month according to FinMark Trust.
Not surprisingly, this leaves a huge gap in the market for the formal banking sector to grow their businesses with potential entry level banking customers.
Continue reading South Africa’s cheapest bank accounts
A worrying statistic for South African consumers:
The Payments Association of SA (PASA) announced that there are more than 100 telemarketing companies who have been blacklisted for debiting consumers for services for which they either did not provide or for which consumers did not sign up for.
According to PASA CEO Walter Volker, many of these companies are guilty of fraudulent transactions where banking details of individuals are obtained illegally.
PASA claims that efforts are under way to “weed out the rotten apples” in the industry. A shocking 120 000+ of the 31 million payment orders processed monthly had been disputed by consumers.
Continue reading More than 100 telemarketing companies blacklisted for debiting consumers illegally
Team SnapBill attended this year’s Net Prophet event last week which brought together an array of diverse people from Entrepreneurs to technology knowledgeable discussing all things digital.
As a growing startup ourselves, we could relate to many of the challenges discussed and left feeling inspired to outgrow our own expectations of our business, after-all, if someone was confident enough to leave the golden “valley” of digital culture to get a bite of the South African market… then we need to take a serious look at what our local markets have to offer and stop trying to be Silicon Valley in Africa.
Continue reading Net Prophet 2014 and some of the lessons learnt… Just f’ing do it!