BankservAfrica press releases

SA economic slowdown prompts declining economic transactions in July

BankservAfrica’s latest data suggests gains in first three months of 2018 is retreating as economy struggles

The South African economy continues to show signs of slowing down as indicated in BankservAfrica’s Economic Transaction Index (BETI) where economic transactions in July tracked lower across all reporting periods.

Real-take home takes a fall in June - BankservAfrica

Real-take home pay for June experienced its largest decline since early 2017 owing to rising inflation and the delay of annual salary adjustments and back-pay in the public sector, the leading employer in South Africa. This is likely to have an impact on the economy with consumer spending expected to take a knock.

SA take-home pay levels expected to remain under pressure until July

Take-home pay declined dramatically for May as government wage settlements were delayed.  According to the BankservAfrica Take-home Pay Index (BTPI) for May, the delay dragged down average real take-home pay and is likely to continue until July. The BankservAfrica Private Pensions Index (BPPI) for May however continued its 15-month consecutive increase trend bolstering consumer spending in the economy.

Economic transactions show rapid declines in May

The BankservAfrica Economic Transaction Index (BETI) for May reflected the most significantly noticeable monthly decline, since December 2016.

BankservAfrica hosts national payments workshop at SWIFT Arc 2018

“At last year’s conference in the Ivory Coast, BankservAfrica started the conversation on the need for a national payments design for enabling modernised economies while addressing key socio-economic issues such as financial inclusion, which is a recurring issue for many African countries, including South Africa,” says Chris Hamilton, CEO of BankservAfrica. 

Personal income tax change brings relief to SA take-home pay in April

South Africans earning below R432 300 per annum received some relief from the revised personal income tax that came into effect at the beginning of April. According to BankservAfrica’s Take-home Pay Index, this amounted to a 1.5% salary increase above inflation in April. The BankservAfrica Private Pensions Index (BPPI) for April also showed a 5% growth for privately banked pensions.

SA economy reflects growth despite April’s tax increases

The local economy continued to grow despite the various tax increases that came into effect at the beginning of April, according to BankservAfrica’s Economic Transaction Index (BETI) which reflected growth across all measurement periods in April. With consumer confidence at its strongest in Q1 2018, this reflects the economy’s growth despite the VAT changes.

Take-home pay shows steady growth in March

Growth in South African take-home pay picked up marginally, reflecting steady, yet slower growth in March, according to BankservAfrica’s latest Take-home Pay Index. This represents a recovery from 2016 when salaries were on a decline and unable to keep pace with the rate of inflation