Guiding consumers since 2009

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. 

Recent Articles

Featured What happens to your finances when the interest rate drops?

An interest rate cut simply means that the cost of borrowing is lower, and therefore cheaper. This is sometimes a tool used to encourage economic growth. But what does such a cut mean for your finances?

Raise a deposit for your house in 5 steps

If you’re a first-time home buyer, you could be lucky enough to be  approved for a 100% bond, but if you aren’t, a 10% deposit might be required. This  could be a daunting prospect.  However, a few financial tweaks to your lifestyle and spending habits could get you a foot in the property door and, once you’ve purchased a property, significantly reduce your long-term bond repayments.

Get personal with your finances – and tie the knot

As time passes, your financial products may not live up to your needs. Therefore, it’s important to take stock of what you’re paying for and adjust where necessary. We got in touch with financial advisers to find out how you can get your finances in order, and what you should do to ensure you’re financially stable.

Personal loan or business loan? The best way to finance your business

When starting your own business, you may have to rely on external funding. Perhaps you qualify for a personal loan, but would it be better to take out a business loan instead? We got in touch with a specialist to find out whether it’s best to take out a business loan or a personal loan to assist you with your ongoing business or start-up.


Cash Rewards up to 20% when you swipe your Absa Card at Spar

Price: Available on request
When: Daily
Where: Nationwide

The Royal Elephant Hotel Valentine's Day Special

Price: Available on request
When: 14 February 2020
Where: Centurion

Premier Hotels Vegan Dinner Special

Price: R225 per person
When: Monthly
Where: Nationwide