Neobanking is set to boom in South Africa, with nearly a quarter of South African internet users expected to have a digital-only bank account by 2023.
With a further 6% planning to open a neobank account by 2027, just under a third could have a neobank within five years. “However neobanks do still require an internet connection and proof of identity so they’re not necessarily a silver bullet for the unbanked,” Barry adds.
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