African Bank claws its way back into financial services sector
African Bank is clawing its way back into SA’s financial services arena and looks set to reclaim its historic position as Capitec’s major competitor when it launches its transactional banking product in 2018. CEO Brian Riley would not divulge details, but in conversation with Business Day on Friday hinted that African Bank’s transactional offering, expected in June, would be positioned between digitally astute FNB and new entrant TymeDigital. The launch of African Bank’s transactional product will coincide with the entrance of Discovery Bank, boding well for competition in retail banking. Capitec, which also grew its transactional and deposit franchise out of a lending business, is likely to be African Bank’s toughest rival. With 9.2-million active clients, of which 4.1-million are primary bank customers, Capitec is way ahead of its challenger. "We’re looking at everything in comparison to what already exists [in the market], but we must look different," Riley said, after announcing...
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