Quick reads for this week

African Bank taps SAS to strengthen model risk governance

African Bank has announced that it has partnered with global analytics leader SAS to modernise its model governance framework, deploying a SAS-hosted managed service on Amazon Web Services (AWS). This marks the first implementation of SAS’s hosted services on AWS in South Africa.

“Models play a central role in how modern financial institutions operate, underpinning critical decisions across credit, fraud detection, capital management, and regulatory compliance.

“As our modelling environment grows in complexity, so must our governance frameworks. This partnership enables us to establish a comprehensive governance platform that allows our teams to redirect capacity toward innovation while maintaining the highest levels of control and transparency," says Maureen Tsaagane, senior manager of model risk and analytics at African Bank.

African Bank says the solution offers full lifecycle oversight, from development to retirement, within a single governed environment. As AI and machine learning models become more embedded in banking, governance, fairness, and explainability are now boardroom concerns.

“Model risk is not just about identifying weaknesses in models it's about ensuring the reliability of the tools that shape business strategy,” says Tsaagane.

David Cosgrave, SAS South Africa country manager says: “With SAS, African Bank will have complete oversight of every model, every version, and every associated risk rating".

Discovery Invest unveils flexible retirement plan for longer lives

In a bid to address the financial challenges of increased longevity in South Africa, Discovery Invest says it has launched the Lifespan Linked Income Plan

According to Discovery Invest, research from the World Economic Forum shows retirees often outlive their savings by over 10 years, with women facing a gap of up to 13 years. Discovery data reveals that more than 60% of retirees live beyond their life expectancy, while many spend their final decade in poor health.

“The combination of longer lives and rising healthcare costs means retirees face a double risk,  outliving their savings and carrying a heavier medical burden in later years. Unfortunately, retirement planning hasn’t kept pace with the new challenges that retirees will face,” says Discovery Invest CEO Kenny Rabson.

The group says the Lifespan Linked Income Plan offers income flexibility, market growth, deferred longevity protection from age 80, and wealth transfer options. It also rewards healthy behaviour with income boosts of up to 50%.

“Longer lives demand smarter financial solutions. Our goal is to help South Africans retire with confidence, not fear," says Rabson.

Nedbank joins Home Affairs’ digital partnership to expand Smart ID access

Nedbank has confirmed its participation in the Department of Home Affairs’ (DHA) new digital partnership model, aimed at improving access to Smart ID and Passport services through banking platforms.

Initially piloted in six Nedbank branches, the initiative will expand to 20 more branches over the next year, with plans to reach underserved areas in the future. All South Africans, regardless of banking affiliation, will be able to apply for Smart IDs via the Nedbank MoneyApp.

“I am excited to welcome Nedbank as the newest member of our new digital partnership model. This collaboration reflects a shared commitment to improving lives and delivering dignity for all, says Home Affairs Minister Leon Schreiber. 

“Through this collaboration, which underscores our commitment to inclusive service delivery… Nedbank will play a key role in enabling more South Africans to access critical DHA services conveniently and securely,” said Ciko Thomas, group managing executive of personal and private banking at Nedbank.

By integrating DHA services into its secure MoneyApp, Nedbank says it aims to streamline applications, boost efficiency, and modernise service delivery across the country. “Longer lives demand smarter financial solutions,” Thomas says.

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