Digital and mobile offerings have the potential to disrupt the banking industry in South Africa.
, critics of the 4IR movement dispute Ramaphosa’s claims that the technological revolution will lead to a more equitable South Africa.
Like most South Africans, Makokga chooses to buy prepaid cellphone data, rather than purchase a monthly plan. First, digital banks make banking more inclusive. Because they lack physical locations and, in turn, don’t require customers to travel to open bank accounts, they are ideal for serving the underbanked and unbanked populations in South Africa, Armstrong said.
“Once people are comfortable transacting online, doing anything else online becomes a no-brainer,” Armstrong said. “For me, it is an important thing. If digital banking can play a role in making South Africans more comfortable in virtual space, in virtual services, then it’s a great opportunity.”, who leads the economic diplomacy program at the South African Institute of International Affairs, echoed aspects of Armstrong’s optimism about online and digital banking.
Low or no-fee digital banks could help address this disconnect. “South African bank fees are four times higher than those in countries such as Germany, Australia and India,” Shipalana wrote in an October 2019focused on digitised financial services in the country.
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