Discovery's bank licence approval may see unhappy clients jumping ship

Health insurance group Discovery has been granted a banking license, in a move that opens the way for it to pursue plans to set up a retail bank.

Business Day's Hilary Joffe says the announcement could see unsatisfied banking clients joining their offering.

Joffe predicts that the banking venture will be innovative and joined to the existing Discovery Vitality card programme.

There is already a Discovery card in existence that is linked to the vitality programme. It's expected that the card will be part of the offering.

Hilary Joffe, Editor-at-Large at Business Day

I wouldn't be surprised if Discovery wanted to get people to transfer their banking over to them.

Hilary Joffe, Editor-at-Large at Business Day

She says Discovery will likely introduced a new banking model using financial technology.

The granting of the banking license is subject to specific regulatory conditions and still needs approval from the Competition Commission.

The Commission needs to first approve the licence because Discovery's Vitality card is currently in collaboration with FNB, Joffe explains.

Take a listen:


Recommended

by NEWSROOM AI

CapeTalk welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the CapeTalk community a safe and welcoming space for all.

CapeTalk reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

CapeTalk is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
 #JustMen actor's raw honesty about his violent past and how he's changed

#JustMen actor's raw honesty about his violent past and how he's changed

John Maytham chats to one of the actors in #JustMen Sherman Pharo about the powerful and emotional performance.

Man who tweeted that Ferial Haffajee 'deserves a bullet' can be charged

Man who tweeted that Ferial Haffajee 'deserves a bullet' can be charged

Social media lawyer Emma Sadleir says that such online comments amount to crimen injuria and can be reported to police.

73% of Ethiopian coffee workers are women (and other Africa Connected insights)

73% of Ethiopian coffee workers are women (and other Africa Connected insights)

Pan-African broadcaster Lee Kasumba shares her first experience of Addis Ababa, Ethiopia on her #AfricaConnected journey.

Case against former top Sars officials postponed

Case against former top Sars officials postponed

The trio allegedly spied on the team handling the case against disgraced former police boss Jackie Selebi in 2007.

'Day Zero' frenzy played a role in declining CT film industry, says producer

'Day Zero' frenzy played a role in declining CT film industry, says producer

Cape Town's film industry has seen a sharp decline in international interest in the last couple of years.

City officials handing out flood kits at informal settlements

City officials handing out flood kits at informal settlements

Philippi, Nyanga, Langa, Strand, Strandfontein, Kensington, Khayelitsha and Atlantis have all been affected by the heavy rainfall.

Popular articles
Here's how to check your load shedding schedule in Cape Town

Here's how to check your load shedding schedule in Cape Town

Stage 1 load s​hedding has been declared nationally. The City of Cape Town has urged residents to take note of the schedules.

Man who dumped body of family dog in street demoted at top JHB law firm

Man who dumped body of family dog in street demoted at top JHB law firm

Media law guru Emma Sadleir warns employees online that there are many potential events that could bring a company into disrepute.

SPARK Schools provides Singapore-quality education for R19 400 per year

SPARK Schools provides Singapore-quality education for R19 400 per year

Our education system is poor, leading to a proliferation of private schools, most which are unaffordable even for the middleclass.

Get ready for another round of load shedding as Eskom workers shut down power

Get ready for another round of load shedding as Eskom workers shut down power

Eskom spokesperson Khulu Phasiwe says the power utility has instructed municipalities to implement stage one load shedding.

[WATCH] SPCA lays animal cruelty charges following violent attack on seal pup

[WATCH] SPCA lays animal cruelty charges following violent attack on seal pup

Video footage emerged on Facebook showing two fishermen brutally kicking and stabbing the animal.

[LISTEN] Wife of Siya Kolisi 'so proud' as husband Siya leads SA to victory

[LISTEN] Wife of Siya Kolisi 'so proud' as husband Siya leads SA to victory

The Springboks won a Test game against England on Saturday under the captaincy of Siya Kolisi.

UPDATE: Joburg man who dumped dead dog claims there were no vets nearby - SPCA

UPDATE: Joburg man who dumped dead dog claims there were no vets nearby - SPCA

The man has told the Sandton SPCA that he could not locate a nearby veterinary clinic in order to dispose of the dog's carcass.

Eusebius: 'Needing to know what happened before the Supersport video is BS'

Eusebius: 'Needing to know what happened before the Supersport video is BS'

Callers on The Eusebius McKaiser Show stand behind Ashwin Willemse who walked off the Supersport Rugby set on Saturday.