Four New Banks To Begin Operations In 2018
3 brand new banks and a new look PostBank will begin operating in 2018. This means 4 new Debt Review departments that Debt Counsellors will be dealing with on a regular basis in the future.
Tyme received it’s provisional licence back in 2016 and is backed by Billionaire Patrice Motsepe. It will focus a lot on mobile banking as opposed to branch based banking. They promise to be a “simple” bank making life easier for consumers. They will also be paying for your data to do banking. So using the app will be free for consumers to use. No data required or data fees.
We all know Discovery want to own you and everything you do. They have you insured with them and have you working out at their partner’s gyms and are tracking your driving and walking. Now, they want to have you banking with them and are going to make it very desirable and offer you a ton of “points” to do so. After working closely with FNB for a while (and even poaching some of their staff), plans for the bank are finally coming to fruition this year after they first surfaced back in 2015.
Zero also plan to be App based and affordable. They are set to come into play at the end of the year and were given their provisional licence recently. Bank Zero is the brainchild of tech entrepreneur Michale Jordaan and Yatin Narsai (formerly FNB). They promise to cut the paperwork and be very transparent with a heavy focus on various mobile and digital platforms.
Though they have been around for a while they have been doing so under something of a gap in legislation that has allowed them to operate without a proper licence..till now. They are finally getting their paperwork in place. Postbank will be focussing on the development market and have positioned themselves as helping promote radical economic transformation through financial inclusion. This will mean lots of developmental loans to entrepreneurs. Combining the new look (fully fledged) bank with handling SASSA grants could be a major boost for the troubled Post Office.
Other than all competing with each other, it seems that for the most part, these “new” banks will mainly be competing with Capitec for clientele, who say they added 400 000 clients (or more) last year alone. Regardless Debt Counsellors will soon find that they will begin helping consumers who have accounts with these banks and the various PDAs will be working these banks into their systems once they are up and running.