Sarb governor wants more banks

The Reserve Bank, having handed out the first three bank licences in 11 years, is keen to see more entrants into the industry to drive down consumer costs. This year has seen Discovery start a bank as well as TymeDigital. Bank Zero has a provisional licence, with plans to start operations by the end of 2018.

“The preference is for more entrants because that brings down the cost of banking,” said central bank governor Lesetja Kganyago. – Bloomberg