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Discovery Bank’s Client Numbers Announced

When launching in the middle of last year, Discovery Bank announced that they would be onboarding around 1000 clients every day (from July 2019 till Sept). Sign ups have been a lot slower than hoped for but are still significant given the current market.

A recent report reveals that by December 2019 they had signed up 78 000 new clients (with about half of those migrating from a previous form of Discovery card).

R1.2 Billion in Deposits

In just a few months they have managed to bring in deposits to the value of R1.2 Billion.

To give some context for that amount, African Bank, after years of rebuilding their brand and starting with a huge customer base, currently have R2.4 Billion in deposits and 23 000 active clients. Discovery Bank has also thus far extended R2.5 Billion in credit (limits).

‘Discovery Bank has also thus far extended R2.5 Billion in credit’

Future Growth

Discovery Bank are still set to take over around 200 000 accounts from their former partnership with FNB in the months ahead which means their numbers will continue to grow. So, things have been going well but just a lot slower than they hoped.