Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 31 n°159

The Banking Industry in South Africa 2018

Posted by fidest press agency su venerdì, 7 settembre 2018

The South African banking sector which has total assets of R5.14-trillion, remains highly concentrated with the five largest banks holding 91% of total assets as of 31 December 2017.While the country’s big banks dominate, the sector is also diversified with 36 South African banking institutions registered with the Reserve Bank and 30 foreign banks with approved representative offices in South Africa. There are over 6,000 credit providers registered with the National Credit Regulator.The banking landscape is changing rapidly as banks face increasing competition from technology-based financial services – from newly established banks to retailers offering mobile transactional banking accounts.Competition coming from newly-licensed commercial banks and growing credit granting from other credit providers is likely to encourage the big four banks to place increasing emphasis on growing customer numbers with innovative product offerings, especially to attract lower-income earners.Competition from newly established Discovery Bank, Bank Zero and TymeDigital, which aim to disrupt the sector, may force big banks to intensify efforts to modernise technology platforms to satisfy customers’ demand.

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