O Financial Terms

Open Banking

technology

A system that allows third-party financial applications to access your bank account data — with your permission — via secure APIs. In South Africa, Op...

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Over-Indebtedness

debt

A legal term defined in the National Credit Act (NCA) describing a situation where a consumer’s total monthly debt repayments exceed what they c...

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Overdraft

Banking

Your bank lets you spend more than you actually have, up to a limit they've set. You're borrowing from the bank to cover the overage. Interest is char...

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