Inclusion, not marketing must inform new banking systems

SOUTH Africa is in the midst of a banking gold rush, with new players like TymeBank, Bank Zero, OM Bank, and the Pepkor-Investec partnership all claiming to democratise finance.

- NYANISO QWESHA

OUR new banking entrants have the technology, the capital, and the ambition to transform lives. But they must treat inclusion as a mission, not merely a marketing slogan, says the writer.

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But before we celebrate, we must ask, are these banks truly addressing the real financial needs of ordinary South Africans, or are they just offering a digital face to fuel shareholder growth?

To be fair, the initial shifts have been positive. TymeBank’s low-fee model and instant, in-store onboarding genuinely lowered the barrier to entry. Bank Zero introduced a welcome focus on transparent pricing and a mutual ownership ethos.

These innovations have injected much-needed competition into a sector that has long been criticised for its slow pace and predictable offerings. Yet, beneath the promise of fintech disruption, millions remain excluded. Informal traders, domestic workers, and rural communities still lack access due to cash-based lives, documentation barriers, and costly, inconsistent data. To them, calls for digitisation ring hollow.

This digital-first obsession risks creating a banking sector that is incredibly innovative for the already included but virtually invisible to the excluded. It is a fundamental misreading of the South African financial landscape, which is layered and complex.