Discovery via Twitter.

JOHANNESBURG - The country’s banking sector is set for a major shake-up after Discovery today announced that it has received its banking licence from South Africa’s Registrar of Banks in terms of the banking act. 

Discovery said in a statement that It now awaits the Competition Commission’s final response and is in the process of assessing the implications of the conditions.

“The grant of the banking licence is subject to specific regulatory conditions, including conditions relating to the proposed shareholding in the Bank and Competition Commission approval.”

Also read: Discovery expects their bank will start operating before next year

“In addition certain other regulatory approvals are still required to complete the transactions proposed,” the company said. The country’s big banks, including Standard Bank,

Nedbank and FirstRand have not had stiff competition since the entrance of Capitec more than a decade ago.  

The South African reserve bank has already given provisional licenses to Tyme and the South African Post Office-which is looking at taking over the multi-billion rand to distribute social grants to 17 million South African from Net1. 

Discovery’s chief executive Adrian Gore has previously pledged that its banking unit is on track to be up and running by the middle of 2018.

- BUSINESS REPORT