Home / News & media website / News / Four New Banks To Open In South Africa

FOUR NEW BANKS TO OPEN IN SOUTH AFRICA

South African consumers will soon have four new banks to choose from.

OM Bank is set to launch this year and forms part of the insurance stalwart Old Mutual.

Over the last two years, the insurer has built its banking systems so that it aligns with the strict regulatory requirements.

OM Bank CEO Iain Williamson said the bank will offer branches with a very large digital focus.

“We have had a team building the digital infrastructure of the bank for the past two and a half years. That is now all finished.”

OM Bank will also offer home loans to its customers through a deal with SA Home Loans.

The Young Women in Business Network (YWBN) Bank was first announced back in 2018, but the regulatory requirements for it to convert its operations from a CFI to a full-fledged mutual bank took a while to fulfil.

YWBN Bank is the first women-owned bank in South Africa and will focus on small businesses, along with unbanked South Africans.

The Postbank was signed into business by President Cyril Ramaphosa when he signed the Postbank Amendment Bill into law in September last year.

Now the Postbank can evolve into a fully-fledged state-owned bank.

The South Africa Innovative Financial Services Cooperative (SAIFSC) hasn’t yet received its banking licence yet so it will focus on a formalized stokvel unit.

It missed the August 2024 deadline set by the authorities so its launch has been postponed to 2025.

Image credit: First Coast News


LATEST
Woolies And Checkers To Open Dark Stores
Trevor Noah Makes History As Grammy Presenter
Panama Complains To UN About Trump
Data Breach Linked To Pick n Pay Supplier
Infinity Pool To Link Dubai Skyscrapers
Trump Pardons 1500 Capitol Rioters
Princess Anne In Cape Town
TikTok Is Back
Woolworths Asks For Respect For Staff