A leading South African bank will start providing stokvels from next year, further expanding its grassroots savings network. Here's more... The post Leading South African bank to introduce stokvels by 2025 appeared first on SA People.

South Africa's banking scene is set for some big changes, as Old Mutual is launching a new bank while HSBC is leaving the country.

South Africa's Capitec Bank on Tuesday reported a 36% rise in interim profit, higher than its forecast range, helped by lower loan losses. Capitec's headline earnings - the main profit measure in South Africa - rose to 6.

South Africa’s big legacy banks have been shifting their physical presence in the country, with some—like Nedbank and Absa—significantly reducing their footprint over the past five years.

South Africa’s National Treasury endorsed Bajabulile Swazi Tshabalala, a former senior staffer at the African Development Bank, to become the next head of the pan-African lender.Most Read from BloombergA 7,

Capitec Bank Holdings Ltd. wants South Africa’s leaders to fix the structural constraints that have impaired the country’s potential in the past and prioritize economic growth to cement the gains registered since May 29 elections that resulted in a coalition government.

South Africa faces an increasing number of fraud cases, and certain types of banking fraud are thriving, as banking fraud accounts for most cases reported. Impersonation fraud, also known as identity theft, has surged by 337% over the past year, reaching its highest level as criminals increasingly open or take over accounts using stolen identities.