Since 1999, no new banks have launched in SA. The big four — Standard, FNB, Nedbank and Absa — have operated as a cosy cartel. Even the one entrant to grow to large-bank status in that time, Capitec, has adopted a traditional branch-based distribution model. Only Investec has operated without branches — but to a slim spectrum of high net worth clients. Yet in 2018, three banks launched, all on a branchless model but aiming at the universal target market of the large banks. They are TymeBank, Bank Zero and — the most eagerly anticipated of all — Discovery Bank. TymeBank started as a subsidiary of the Commonwealth Bank of Australia (CBA), which has a larger market cap than the entire SA banking sector. Even before registering as a bank, it offered money-transfer services through Pick n Pay. Though it doesn’t have any branches, TymeBank will have 750 points of sale through the Pick n Pay and Boxer stores. Most transactions are free if they are carried out at Pick n Pay, and only R2 if ...

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