Bongani Bingwa speaks to Karl Westvig, CEO of TymeBank, as the banking industry reacts to a controversial new ID verification fee imposed by the Department of Home Affairs. The cost of confirming a South African’s identity has jumped from just 15 cents to R10, a staggering 6,500% increase. Westvig says this is nothing short of a “tax on the poor,” warning that it threatens access to low-cost banking for millions. While some institutions like Capitec have committed to absorbing the fee, others say it could make onboarding new clients more expensive especially in the fintech space where margins are thin.

 

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Bongani Bingwa speaks to Karl Westvig, CEO of TymeBank, as the banking industry reacts to a controversial new ID verification fee imposed by the Department of Home Affairs. The cost of confirming a South African&rsquo;s identity has jumped from just 15 cents to R10, a staggering 6,500% increase. Westvig says this is nothing short of a &ldquo;tax on the poor,&rdquo; warning that it threatens access to low-cost banking for millions. While some institutions like Capitec have committed to absorbing the fee, others say it could make onboarding new clients more expensive especially in the fintech space where margins are thin.
&nbsp;
Bongani makes sense of the news, interviews the key newsmakers of the day, and holds those in power to account on your behalf. The team bring you all you need to know to start your day&nbsp;
Thank you for listening to a podcast from 702 Breakfast with Bongani Bingwa&nbsp;
Listen live on Primedia+ weekdays from 06:00 and 09:00 (SA Time) to Breakfast with Bongani Bingwa broadcast on 702: <a href="https://buff.ly/gk3y0Kj">https://buff.ly/gk3y0Kj</a>&nbsp;
For more from the show go to <a href="https://buff.ly/36edSLV">https://buff.ly/36edSLV</a> or find all the catch-up podcasts here <a href="https://buff.ly/zEcM35T">https://buff.ly/zEcM35T</a>&nbsp; &nbsp; Subscribe to the 702 Daily and Weekly Newsletters <a href="https://buff.ly/v5mfetc">https://buff.ly/v5mfetc</a>&nbsp;
Follow us on social media:&nbsp; &nbsp; 702 on Facebook: <a href="https://www.facebook.com/TalkRadio702">https://www.facebook.com/TalkRadio702</a>&nbsp;
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Get all the news you need to know each day with Bongani Bingwa’s Breakfast Show. Stay updated on developing stories and hear from the newsmakers making headlines as well as ordinary listeners affected by the stories. 

Get all the news you need to know each day with Bongani Bingwa’s Breakfast Show. Stay updated on developing stories and hear from the newsmakers making headlines as well as ordinary listeners affected by the stories.

The Best of Breakfast with Bongani Bingwa

The highlights from each day's breakfast show with Bongani Bingwa.

Breakfast with Bongani Bingwa

TymeBank CEO slams R10 ID check fee

https://api.omny.fm/orgs/5dcefa8e-00a9-4595-8ce1-a4ab0080f142/clips/31eca25d-f494-4dde-a64a-b30f005c62f6/transcript