SA Money Daily | Capitec is more worried about Apple Pay and WeChat than SA competitors, says CEO

Waterfall City owner Attacq to maintain 80% dividend payout ratio as it invests in water, power

View Online SA Money Daily The biggest business, economic and market news of the day. AHMED AREFF, BUSINESS DEPUTY EDITOR Capitec is more worried about Apple Pay and WeChat than SA competitors, says CEO Capitec CEO Gerrie Fourie says he's far more worried about  mobile telecommunications operators and digital payment offerings from multinationals like Apple and Samsung than local banking competitors.   "We are not only monitoring the South African [banking] players, we're monitoring the telcos and the international players," Fourie told News24 in an interview on the growing competition in mass-market retail banking. "The playing field is opening up much more than the likes of Discovery Bank, Old Mutual and TymeBank - you're also sitting with Vodacom and MTN as well as Apple Pay, WhatsApp and those players. I'm more worried about the international players coming into South Africa because they've got much stronger brands."   Fourie said Capitec had a board meeting this past week and the first 40 pages of his report to the board were on the rapidly evolving competitive landscape in South Africa's mass retail banking market. While that includes the so-called big local banks – FNB, Standard Bank, Absa and Nedbank – a growing cohort of digitally savvy rivals are also starting to disrupt the market. Read More Waterfall City owner Attacq to maintain 80% dividend payout ratio as it invests in water, power It wants its malls to be able to cope without municipal water for at least five days. Putting the squeeze on M&A parties is paying off for SA, says Patel The government says the increasing application of public interest criteria in the consideration of mergers and acquisitions is paying off, with R67 billion in new investment flowing into the economy and 236 000 jobs being saved over the past five years. Spar surges as it flags SA resilience, retreat from Poland Shares in Spar leapt more than 11% on Thursday after it said it was successfully defending its margins in SA despite consumer pressure, while it has also given up on its loss-making business in Poland. Sikonathi Mantshantsha | Why the IDC is the only success in a sea of SOE disasters As other state-owned entities face financial and operational disaster, the Industrial Development Corporation has just reported a net profit. A stable leadership team has been key to its success, argues Sikonathi Mantshantsha. SA Reserve Bank will be one of the last in the world to cut rates, says Citigroup "Without a cautious SARB, the rand could be far above R20/$." Joburg tumbles in rankings of world's top financial centres Johannesburg has suffered a sharp drop in its reputation as a top financial centre, falling from position 69 to 83 in the Global Financial Centres index. DOWNLOAD THE NEWS24 APP CONNECT WITH US

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