3 New Banking Options to look out for in 2018
3 big new banks that you could be using in South Africa by next year: #SouthAfrica can expect at least three big new #banking options within the coming months – all of which will be entering a highly competitive market.
A poll conducted in August by #BusinessTech, generating over 10,000 responses found that #Capitec is far and away the bank most South Africans would switch to, garnering 44% of the votes. Capitec said recently that it has added 400,000 customers since February 2017 to become the second biggest bank in the country by this metric.
Its success has forced South Africa’s other banks to compete more effectively, and has led to #Absa and #FNB in particular to launch entry-level accounts that target Capitec’s market approach. However, Capitec will soon face stiff new competition of its own, through #PatriceMotsepe’s #Tyme which promises to cause ‘disruption’ of its own through a digital play.
Tyme joins insurance giant #Discovery, which also plans to launch a commercial bank, while government has plans for a retail offering of its through the South African #PostOffice – all of which are expected to launch sometime between now and late 2018.
