Banking game changer
SA is set to welcome new competition in the banking sector as provisional licences are awarded to three operators
The SA Reserve Bank has granted three provisional banking licences this year for the first time in 11 years.These licences, issued under section 13 of the Banks Act, have gone to Post Bank, TYME (Take Your Money Everywhere) – a local mobile payments start-up acquired by Commonwealth Bank of Australia last year – and, as recently as this week, Discovery Bank."When the applications came in, I said to my department, where is the unit that deals with banking licence applications? We have had to put in processes to deal with that," says Kuben Naidoo, registrar of banks.The firms will need to submit a section 16 licence application within a year. TYME says it hopes to submit one in the next few months, while Postbank, which was granted a section 13 licence in July, plans to submit by May 2017 so it can include financial results for the year to March in its application, says acting Postbank MD Shaheen Adam.The bank is part of CEO Mark Barnes’s strategy to invigorate the postal service. He ...
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