Digital Banks in South Africa Take on the Incumbents

Digital banking innovation is beginning to shake up the traditional bank market in South Africa; South Africa’s Reserve Bank issued their first bank licenses in decades as they look to increase competition in the banking market; “The traditional banks are strong, they’re excellent, they’re well-run. But they’re all silo-based, and they are very focused on transactions,” explained Adrian Gore, CEO of Discovery Bank, to the FT; South Africa also has a serious debt issue with more South Africans borrowing money than holding jobs; newcomers like Discovery Bank, TymeBank and Bank Zero are hoping to offer better, more affordable options. Source.

Todd is the Chief Product Officer of LendIt Fintech.

He is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists.

He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences.

He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

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