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40% of South African households cannot afford a shock spending of R10,000 or more, according to a new study published by Old Mutual. This has increasingly pushed South Africans to friends, savings and, to a lesser extent, stokvels to make ends meet. Above the R5,000 mark, however, research notes that formal loans are increasingly starting …

Bank of America (BoA) is expanding its mobile service for small and medium-sized (SME) customers. An announcement from the financial institution (FI) this week says it is now allowing small businesses to apply for loans through its mobile app. “Our new small business mobile lending experience provides a convenient, mobile-friendly solution to meet the needs …