Digital banking innovation is beginning to shake up the traditional bank market in South Africa; South Africa’s Reserve Bank issued their first bank licenses in decades as they look to increase competition in the banking market; “The traditional banks are strong, they’re excellent, they’re well-run. But they’re all silo-based, and they are very focused on transactions,” explained Adrian Gore, CEO of Discovery Bank, to the FT; South Africa also has a serious debt issue with more South Africans borrowing money than holding jobs; newcomers like Discovery Bank, TymeBank and Bank Zero are hoping to offer better, more affordable options. Source.
