Discovery Day!!! 🚀 pic.twitter.com/OpX8FFniyz
JOHANNESBURG - Financial services group Discovery is preparing to launch the much-touted bank at its headquarters in Sandton, Johannesburg today.
The Discovery Bank is expected to give stiff competition to South Africas’s biggest banks including Standard Bank, Nedbank and FirstRand.
It is also one of six banks and banking services to be announced in recent months.
The South African Reserve Bank gave provisional licenses to Tyme Bank. The Post Bank is planning to extend its services to become a full-service bank that can accept deposits.
Capitec said in September it was looking to venture into business banking, and African Bank is planning to launch transactional banking products.
Bank Zero – a mutual bank co-founded by former FNB chief executive Michael Jordaan is preparing to launch later this year.
Just last week, the Competition Commission approved its R1.8billion deal with FirstRand to exit its Discovery Card joint venture.