South Africa could introduce bank account portability: report

[BusinessTech]

South Africa could introduce bank account portability: report

South African banking customers could one day switch banks and keep the same account details - in the same way they are able to switch mobile networks while keeping their cell numbers.

 

[supersunbird]

I want!!!

 

[cr@zydude]

This will be great!

 

[neoprema]

That would be something i don't think even 95% of the 1st world countries can do... awesome.

 

[backstreetboy]

This will be great.

 

[ToxicBunny]

That would be epic!

 

[Milano]

That would truly force SA banks to sit up and listen for the first time. Hoping this is not pie in the sky but actually comes to fruition. Essential that this is applied to both personal and business bank accounts.

 

[Alton Turner Blackwood]

This could turn out to be a nightmare, though I'm all for it.

Swipe or T&G you card at Tops for a few bottles of wine knowing that Tops take about a week before they bank their transactions. As you walk out the bottle store you use the USSD code to change banks from ABSA to Tyme, once the port is successful, you close your account. Tops banks the transaction, whoops, the customer went AWOL

Though I suppose they'll probably link the transaction to your person (ie ID), so that transaction will chase you wherever you go.

 

[Milano]

This could turn out to be a nightmare, though I'm all for it.

Swipe or T&G you card at Tops for a few bottles of wine knowing that Tops take about a week before they bank their transactions. As you walk out the bottle store you use the USSD code to change banks from ABSA to Tyme, once the port is successful, you close your account. Tops banks the transaction, whoops, the customer went AWOL

Though I suppose they'll probably link the transaction to your person (ie ID), so that transaction will chase you wherever you go.

Yeah I am sure accounts would first need to be in good standing or whatever in the same manner as when porting a number.

 

[krycor]

There are a few other things that need to happen such as faster direct payments and mobile wallets needs to be standardized across providers