Unlike other small institutions, they are targeting individuals in all income groups and businesses, says CEO Yatin Narsai
SA’s latest mutual bank has opened for business to individual clients and companies as the nation develops plans to spur a recovery from the economic damage wrought by the Covid-19 pandemic.
Its mobile app offers accounts for retail and business customers, including the informal sector. It does not extend credit and will compete with SA’s traditional and challenger banks. The bank is one of the last to begin operating among a cohort of newly licensed entrants to the market in recent years, including African Rainbow Capital Investments’s TymeBank and Discovery’s Discovery Bank. Its zero-fee offering is also going toe to toe with similar accounts launched by SA’s biggest and oldest lenders in response to fresh competition.
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