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Retail

CONSUMERS can now deposit cash directly onto their bank card at till points in any Shoprite, Checkers or Usave store. Together with other established in-store services like cash withdrawals, money transfers, and bill payments, this new functionality means shoppers can now perform most basic banking tasks at all supermarkets within the Shoprite Group. Each of the group’s almost 1 700 supermarkets in South Africa will be able to process these transactions during their normal operating hours. Cash deposits of up to R3 000 can be made at a flat rate of R19.95 per transaction for the major South African banks.

Banking

NEDBANK clients can now withdraw cash at ATMs using the Nedbank Money app and a QR code. Preni Naidoo, Nedbank executive for self-service banking, says: “The QR code functionality lets you load a cash withdrawal on the Nedbank Money app. Thereafter, you simply scan the QR code on the ATM screen to withdraw your cash quickly and securely without having to use your bank card. In fact, you can preload your withdrawal before arriving at the ATM. Then you simply scan the code when you get there.” To find out which ATMs offer this functionality, visit nedbank. co.za/digitalnew or use the Money app.

Warning

THE Financial Sector Conduct Authority (FSCA) warns against dealing with CFX South Africa, which purports to be a forex trading platform. CFX South Africa is not authorised to render services under the Financial Advisory and Intermediary Services Act. The authority says you should always check that an entity or individual is registered with the FSCA to provide financial advisory and intermediary services, and what category of advice it is registered to provide. Visit www.fsca.co.za.

Investing

THE National Treasury’s announcement that the section 12J tax incentive on venture capital investments will not be extended has seen a rush by investors to invest before the cutoff date of June 30. Cape-based Anuva Investments saw keen interest in its property-backed loan option fund, developed in conjunction with Flyt Property Investment. Zane de Decker, chief executive at Flyt, says: “The announcement that section 12J will not be extended does not come as a surprise; in fact, we were expecting as much and have been working extensively on developing our products to accommodate investors, who still have until June 30 to make the most of the tax incentive.”