Moneyweb
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3 minute read
14 Dec 2020
12:46 pm

‘Fastest growing’ bank

Moneyweb

Discovery's CEO says they are entering their next phase of growth and integration.

Image: Moneyweb

Discovery contends that against certain key metrics at least, its venture into banking is the “fastest growing” in the South African market. At the end of November, it had crossed the 500 000 account mark, with R5.1 billion in retail deposits and R15 billion in cumulative spend. Its customers are using a total of R3.7 billion in credit, with an arrears rate 65% lower than the market. This has been achieved in 14 months. The half-a-million number is laudable, given the proposition, but other entrants have blown past this with a simpler proposition targeting a different segment of the market....