Global information services provider MBendi recently summarized South Africa's financial services industry as complex, multi-faceted, and difficult to categorize. In addition, their data showed that South Africans are confronted with a bewildering array of products and services, with new ones being added almost daily. MBendi also concluded that changes in South Africa's external environment are leading to unpredictable change in the financial industry. Responding to these trends, financial services advisor Which Way to Pay is expanding their operations, to include South Africa.
Traveling abroad and sending money home by foreigners are just a few of the reasons people check currency exchange rates and money transfer services, only partially accounting for the rise in numbers of transactions in the last ten years. With an increasing number of companies offering these services, consumers are often at a loss as to which one to use. Money transfer services are ideal for dealing with smaller amounts or one-off transfers to almost anywhere in the world safely, says Mark Maffia, spokesperson for Which Way to Pay South Africa. Additionally, he adds, they've increased the number of companies on their comparison online site for customers to use as research.