Author: Gugu Lourie

The Financial Sector Conduct Authority (FSCA) has fined African Bank Limited R700,000 for misleading advertising in its #KeFestive social media campaign. The FSCA found that the ads wrongly called a personal loan an “investment”, breaking banking rules. Why African Bank Was Fined The FSCA said African Bank’s December 2023 ad—featuring a celebrity—used the slogan “It’s not a skoloto chomi! Ke investment” (meaning “It’s not a quick loan, it’s an investment”). This was false and misleading because loans and investments work very differently. The FSCA’s Conduct Standard 3 of 2020 requires banks to: Ensure ads are clear, fair, and truthful (Section 6(1)). Avoid false promises or misleading claims (Sections 6(3)(a) & (b)). African Bank also failed to properly review the ad before…

In 2024, South Africans are traveling less internationally but are increasingly purchasing from global online platforms. Data from Discovery Bank reveals shifting consumer trends, with travel spending stabilizing post-pandemic while e-commerce transactions surge. Key Travel Trends for South Africans Top international destinations: UK, Mauritius, Australia, US, and UAE. Travel costs rise: Despite fewer trips, spending per trip has increased. Discovery Bank savings: Clients saved over R700 million on flights, car hire, and accommodation via Vitality Travel. Spending Habits: Affluent vs. Mass Market High-net-worth individuals spend 3% more on travel and 1% more on dining than the national average. Everyday affluent consumers prioritize dining and takeout, spending slightly less on travel. Mass market segments focus more…

The shift toward paperless parking systems is transforming the way shopping centres and malls manage vehicle access, payments, and security. While first-world countries have rapidly adopted advanced digital parking solutions, South Africa is gradually catching up, facing unique challenges and opportunities. This article explores how paperless parking systems compare between South Africa and developed nations. What is Paperless Parking? Paperless parking eliminates the need for physical tickets by using: License plate recognition (LPR) Mobile apps for payments SMS or QR code-based validation Contactless payments (NFC, Apple Pay, Google Pay) This system improves efficiency, reduces congestion, and enhances security. Paperless Parking in First-World Countries Countries like…

South Africans are rapidly adopting a variety of new subscription services – from AI and sport bookings to groceries and eCommerce – with Discovery Bank clients leading the way. In 2024, subscription spending has diversified across AI tools, sports bookings, grocery deliveries, and eCommerce platforms. This shift reflects growing consumer demand for convenience, automation and personalised digital experiences AI subscriptions, in particular, have tripled in spending share since 2023, the fastest-growing category. Discovery Bank clients are at the forefront, adopting AI subscriptions at 160% the national average. This surge highlights AI’s rapid integration into daily life. These insights come from Discovery Bank and Visa’s…

Online entertainment is now the fastest-growing category in South Africa’s digital spending, surging by 110% since 2023. Consumers are flocking to streaming services, sports betting, and event bookings, with Discovery Bank clients leading the charge. The latest Discovery Bank and Visa SpendTrend25 report reveals key insights into South Africa’s evolving entertainment habits, analyzing credit card spending from 2019 to 2024. Key Trends in Online Entertainment (2024) 110% Growth in Online Entertainment – The biggest jump in digital spending. Streaming, Sports Betting & Event Bookings dominate. Discovery Bank clients spend more & get early ticket access – driving a 20% increase in average transaction value. Sports bookings (like paddle) grew by 64%…

A breathtaking 1,450 sqm triple-story residence in Bryanston’s most exclusive gated enclave—one of only 11 prestigious homes—has hit the market for R48 million. Designed by renowned architect Aurelio Cimato, this 5-bedroom, en-suite home offers immediate occupancy and redefines luxury living with magnificent views, cutting-edge amenities, and seamless indoor-outdoor flow. Listed by Lynn Petzer of Lynn Estates, this architectural marvel blends sophisticated elegance with entertainer-friendly spaces, making it a rare find in Johannesburg’s elite property market. Key Features: Ground & Upper Levels: Grand double-volume entrance with glass doors & spiral staircase Entertainer’s lounge with mirror ceiling, 10-seater dining, and built-in bar Floor-to-ceiling glass doors opening to a covered terrace, rim-flow pool & landscaped garden State-of-the-art…

Phygital shopping, the seamless blend of physical and digital retail experiences, is gaining momentum globally and in South Africa. According to research, 21% of South African consumers now prefer phygital options like browsing online before buying in-store or using click-and-collect services. Discovery Bank and Visa released their new SpendTrend25 report, their third annual collaborative report of South African consumer spending habits based on an in-depth analysis of credit card spend data. Combining their extensive datasets and analytical expertise, SpendTrend25 tracks how consumer spending habits have evolved between 2019 and 2024 among Discovery Bank clients and the broader South African population. The Global & Local…

Virtual cards are rapidly growing in popularity among South African consumers, driven by heightened demand for security, convenience, and rewards. According to the Visa and Discovery Bank SpendTrend25 South African Consumer Survey, 45% of respondents now use virtual cards, citing benefits such as reduced fraud risk and seamless digital transactions. Why Virtual Cards Are on the Rise VisaNet data reveals that digital wallet transactions experience six times fewer fraud incidents compared to physical cards, reinforcing their safety advantage. Additionally, virtual cards eliminate the wait for delivery, users can generate and activate them instantly via banking apps. Consumer Insights from SpendTrend25 To deepen its findings, Visa…

The all-electric Volvo EX90 has been crowned World Luxury Car at the 2024 World Car Awards, solidifying its position as the most impressive luxury vehicle launched in the past year. The seven-seat electric SUV impressed the global jury with its refined Scandinavian design, cutting-edge safety technology, and premium comfort—making it a standout in the competitive luxury segment. The prestigious award was announced today ahead of the New York International Auto Show, where the Volvo EX90 triumphed over strong rivals. A panel of 96 automotive journalists from 30 countries evaluated the EX90 in real-world driving conditions, praising its 510-horsepower twin-motor powertrain, silent yet dynamic performance, and ergonomic luxury interior designed for long-distance comfort. A Recognition of Excellence “We’re pleased to…

Opera has introduced its free browser AI, Aria, to Opera Mini, its popular Android-based browser with over 100 million users worldwide. This update brings powerful AI capabilities, including real-time web research, content summarization, and image generation, directly into the browser at no extra cost. AI Meets South Africa’s Growing Demand “AI is rapidly becoming an integral part of the daily internet experience, and we’re seeing a great interest in AI solutions among South Africans, so bringing Aria to Opera Mini is a natural addition to our most-downloaded browser. With the integration of our built-in AI, Aria, we’re excited to explore how AI can further…