Browsing: South Africa’s banking sector

South Africa’s fintech market has been growing fast over the last five years.

According to German consumer data company Statista, it is projected that the largest segment will be digital payments, with a total transaction value of US$14,340 million in 2022.

  • With a population of over 60 million and a high mobile penetration rate of 180 per cent, there’s a ready market for the money lending business in South Africa
  • Financial inclusion in the country is still a challenge as 32 per cent of the population has no access to financial services, including bank accounts and loans
  • South Africa’s banking sector has largely been controlled by four major banks with a market share of over 80 per cent but digital lenders are catching up fast
South Africa's Finance Minister Enoch Godongwana
South Africa’s Finance Minister Enoch Godongwana. NCA regulates digital lenders in the country. (Photo/Business Tech).

With a population of over 60 million and a high