Bongani Bingwa speaks to Karl Westvig, CEO of TymeBank, as the banking industry reacts to a controversial new ID verification fee imposed by the Department of Home Affairs. The cost of confirming a South African’s identity has jumped from just 15 cents to R10, a staggering 6,500% increase. Westvig says this is nothing short of a “tax on the poor,” warning that it threatens access to low-cost banking for millions. While some institutions like Capitec have committed to absorbing the fee, others say it could make onboarding new clients more expensive especially in the fintech space where margins are thin.
Bongani makes sense of the news, interviews the key newsmakers of the day, and holds those in power to account on your behalf. The team bring you all you need to know to start your day
Thank you for listening to a podcast from 702 Breakfast with Bongani Bingwa
Listen live on Primedia+ weekdays from 06:00 and 09:00 (SA Time) to Breakfast with Bongani Bingwa broadcast on 702: https://buff.ly/gk3y0Kj
For more from the show go to https://buff.ly/36edSLV or find all the catch-up podcasts here https://buff.ly/zEcM35T
Subscribe to the 702 Daily and Weekly Newsletters https://buff.ly/v5mfetc
Follow us on social media:
702 on Facebook: https://www.facebook.com/TalkRadio702
702 on TikTok: https://www.tiktok.com/@talkradio702
702 on Instagram: https://www.instagram.com/talkradio702/
702 on X: https://x.com/Radio702
702 on YouTube: https://www.youtube.com/@radio702
See omnystudio.com/listener for privacy information.