Sinenjabulo Sibeko
This week on Kaya Biz, we revisited the rand manipulation saga, a story that’s been simmering for nearly a decade.
Two of South Africa’s biggest banks, FirstRand and Standard Bank, are taking the Competition Commission to the Constitutional Court, arguing that accusations of rand-fixing have cost them dearly in reputation and revenue. It’s a case that could set a major precedent in the world of finance and corporate accountability.
In lighter news for the economy, South Africa’s new-vehicle market just had its best month in July since 2019. But it’s not just the numbers that caught our attention, it’s who’s buying and how they’re paying. From Gen Z choosing cars based on TikTok trends to buyers leaning on creative financing options, the landscape is shifting fast.
Here are the highlight stories from the week:
#FinTok: Balancing Social Media Trends With Professional Advice
Guest – Wanita Isaacs, Head of Key Accounts at Momentum
If you’ve picked up a money-saving tip from TikTok, you’re part of a global movement. The #FinTok hashtag has racked up over 4.7 billion views, and research shows that most Gen Z and Millennials feel social media has a positive influence on their financial decisions. But how do you separate solid advice from viral nonsense? We explored how professionals are stepping in to guide a generation of online money learners.
Rand Manipulation Case Heads to Constitutional Court
Guest – Kabelo Khumalo, Companies & Markets Editor at BusinessDay
FirstRand and Standard Bank say the Competition Commission’s allegations of being part of a currency-fixing cartel have hit them hard financially and reputationally. They’ll argue their case before the highest court in the land, pushing back against claims they colluded with 28 other banks to manipulate the rand-dollar exchange rate between 2007 and 2013. The stakes are high, with possible fines of up to 10% of their local revenues.
SA’s New-Vehicle Market Booms – But Who’s Buying?
Guest – Lee Naik, CEO of TransUnion Africa
It’s official – July was the best month for car sales in over four years. But it’s not just about post-rate-cut enthusiasm. We unpacked how affordability, flexible financing, and even social media trends are driving purchases, while uninsured car ownership is creating new headaches for insurers.
Can the Luanda Accord Rescue the Diamond Market?
Guest – David van Wyk, Mining Analyst
Natural diamonds are losing ground to synthetics, prices are under pressure, and the industry is looking for a lifeline. Could the Luanda Accord be it? We explored whether this new agreement could put some sparkle back into a struggling market.
Digital Banking Fraud Complaints Spike
Guest – Nerosha Maseti, Lead Ombud at the Banking and Credit Division at the NFO
Digital wallets and virtual banking cards are convenient, until they’re not. Fraud complaints related to these platforms have jumped by 73% in just a year, far outpacing ATM-related fraud. As banking shifts to our phones and smartwatches, the criminals are following.
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