South Africa: What’s Happening In South African News – May 26, 2022

Cape Town —  

If a Bank Fails, Up to R100,000 of  Funds In Your Account Will Be Guaranteed

The South African Reserve Bank’s has a new Corporation for Deposit Insurance that will cover depositors for the first R100,000 they saved, in the event that the bank fails. Customers in the past only received R50,000 back when a bank fails. The Reserve Bank said this will be funded by the banking sector and not the government.  This decision follows a decision by the Reserve Bank to place UBank –  a small retail bank focused primarily on providing financial services for mine workers and their families – under curatorship for its deteriorating capital  adequacy profile in recent months.

South African Consumers Eating Less Bread

South Africans, rich and poor, are eating less bread as wheat imports are impacted by the conflict between Russia and the Ukraine.  Tiger Brands has reported, in its six-monthly financial results to the end of March 2022, that there has been a 2% decrease to R7.4 billion in revenue for its grains division – driven mainly by volume losses in its wheat milling and bakery operations.

Northern Cape Raisin Farmers Get R28 Million Investment Boost From PepsiCo

Northern Cape province is the second largest producer of raisins in the country. PepsiCo, through the Kgodiso Development Fund, will support emerging farmers in the sector.

The funds will be employed for two projects in the province – one to set up a vine academy and demonstration farms and two to offer funding to black emerging farmers in the industry with loans.

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