Sasfin building a digital bank to serve small business
CEO Michael Sassoon says these banks are becoming commonplace, but no one understands how to build one for SMEs like Sasfin does
Sasfin says it is building a go-to digital bank for small and medium enterprises (SMEs) as competition in that sector intensifies in SA.
The business-banking specialist said that despite the increase in SME offerings by big lenders, it recorded an 11.9% increase in customer deposits to R4.98bn, driven mainly by its transactional banking platform B//YOND which was launched in 2018. This showed that Sasfin was attracting deposits from SMEs.