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Discovery to move into banking

By Danielle van Wyk

Discovery, the insurance powerhouse, has announced that are in the process of creating a new lender. This after reports that they have hired a new team of bankers to aid the process.

Despite them actively developing systems and infrastructure to implement this, the process is still said to take several years.

“We announced our intention to move into banking last year and at that stage we explained we would embark on the regulatory process which would take several years. It is still early days and there is no more than we can say beyond,” stated Discovery.

Currently they have commenced the application process but the authorisation and banking licence both require regulatory approval.

“We’ve got the capital, we’ve hired bankers, and we’re building substantial systems. We want to make an offering that’s relevant and can win market share,” they reportedly told BDLive.

  Handy tip: Shopping around for the best bank account for you can present as a headache at times, to make it easier, compare bank accounts here. 

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