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CityPress - - Business - COM­PILED BY NEESA MOODLEY

Old Mu­tual do­nates R3m to schol­ar­ship pro­gramme

Old Mu­tual re­cently made a do­na­tion of R3 mil­lion to sup­port the Man­dela In­sti­tute for De­vel­op­ment Stud­ies (Minds), a not-for-profit trust set up in 2010 to ad­dress de­vel­op­ment chal­lenges in Africa.

Minds will of­fer schol­ar­ships to be­tween 500 and 1 000 stu­dents a year at about 50 uni­ver­si­ties across the con­ti­nent.

Minds founder and ex­ec­u­tive chair Dr Nkosana Moyo said he was de­lighted that Old Mu­tual was help­ing to drive the ini­tia­tive and that “a pool of young lead­ers com­mit­ted to fa­cil­i­tat­ing greater co­op­er­a­tion be­tween African coun­tries will play a crit­i­cal role in achiev­ing the con­ti­nent’s fu­ture suc­cess”.

Old Mu­tual has com­mit­ted a to­tal of R3 mil­lion over three years to 2019.

Old Mu­tual Emerg­ing Mar­kets CEO ex­ec­u­tive Ralph Mupita said that, as a fi­nan­cial ser­vices provider with an ex­pand­ing foot­print in Africa, Old Mu­tual was proud to be a cor­ner­stone in­vestor in this vi­sion­ary ini­tia­tive.

Check your credit score within a minute

You can now eas­ily and safely check your lat­est credit score on­line for free in less than a minute. Fi­nan­cial tech­nol­ogy start-up and fi­nan­cial com­par­i­son web­site Fincheck has part­nered with South Africa’s ma­jor credit bu­reaus as well as in­ter­na­tional com­pa­nies to en­sure cur­rent and ac­cu­rate credit score in­for­ma­tion is pro­vided on the new Fincheck ser­vice.

Fincheck CEO Michael Bowren says the site has ap­plied in­ter­na­tional best prac­tice stan­dards of on­line se­cu­rity equiv­a­lent to those of South Africa’s big banks, us­ing the same 256-bit en­cryp­tions. The My Fincheck Credit Score up­dates au­to­mat­i­cally leave no “mark” on your name. When other com­pa­nies check your credit score, it is marked against your name.

A credit score is a nu­mer­i­cal rep­re­sen­ta­tion of how good you are at pay­ing back money. Bowren says a credit score of 300 is the low­est and 800 is the high­est.

“If you are sit­ting any­where be­tween 630 and 700, this is ac­cept­able. A low credit score means that you are less likely to re­pay on time, a high credit score shows that you are more likely to re­pay money on time. There­fore, in terms of risk, a lender or bank is more will­ing to lend you money if you have a high credit score as it rep­re­sents that you are more likely to re­pay your loan.”

Bowren says that, in the past seven months, Fincheck has noted some in­ter­est­ing con­sumer be­hav­iour. The num­ber of South Africans us­ing Fincheck has rock­eted from 3 000 to 100 000, and the num­ber of fi­nan­cial prod­ucts and ser­vices be­ing com­pared has in­creased from 26 to 35.

“The per­sonal loan sec­tion is the most pop­u­lar, fol­lowed by tax-free sav­ings, home loans and ve­hi­cle fi­nance. We also see a grow­ing in­ter­est in in­vest­ments. We re­ceive a large num­ber of queries from con­sumers want­ing to en­sure a fi­nan­cial provider is reg­is­tered and le­gal. Clearly, South African con­sumers are wary of who they ap­ply to – and rightly so,” he says.

FNB Life cus­tomers earn up to 1 000 eBucks a month

FNB Life cus­tomers who have a life cover pol­icy can now earn up to 15% of their monthly pre­mi­ums back in eBucks and col­lect 1 000 eBucks re­ward level points each month.

The per­cent­age of life cover pre­mi­ums paid back in eBucks will be cal­cu­lated based on your to­tal monthly pre­mium and your eBucks re­ward level. Ad­di­tion­ally, FNB Pre­mier, Pri­vate Clients, Pri­vate Wealth and RMB Pri­vate Bank eBucks mem­bers will also be able to col­lect 1 000 re­ward level points each month for all of the life cover poli­cies they hold.

Lee Brom­field, CEO of FNB Life, says that fol­low­ing the ex­pan­sion of FNB’s com­pre­hen­sive life cover prod­uct range that now takes care of death, dis­abil­ity and crit­i­cal ill­ness risks, up to R100 mil­lion, R50 mil­lion and R5 mil­lion, re­spec­tively, “we found it fit­ting to lever­age FNB’s ex­ist­ing eBucks re­wards pro­gramme to give more value to pol­icy hold­ers”.

“We’ve spent a great deal of time study­ing mar­ket and con­sumer trends, and firmly be­lieve that our ex­panded com­pre­hen­sive life cover prod­uct range and re­wards of­fer­ing brings a new di­men­sion into the life in­sur­ance space,” adds Brom­field.

For cus­tomers who hold more than one qual­i­fy­ing pol­icy that of­fers pre­mi­ums back in eBucks, the per­cent­age of pre­mi­ums earned back will be cal­cu­lated on the sum to­tal of their re­spec­tive pol­icy pre­mi­ums. Pre­mi­ums earned back in eBucks will de­pend on cus­tomers’ eBucks re­wards lev­els: Re­ward level 1 – 1% back in eBucks; Re­ward level 2 – 2.5%; Re­ward level 3 – 5%; Re­ward level 4 – 7.5%; and Re­ward level 5 – 15%. To qual­ify, cus­tomers must be eBucks mem­bers and must be up to date with their monthly pre­mium pay­ments made from their FNB Cheque or RMB Pri­vate Bank ac­count. Only the per­son who pays the pre­mi­ums will earn eBucks.

You can con­tact FNB Life Cen­tre on 087 736 7774 or email fn­blife@fnb.co.za for more info.

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