10 Million South Africans Bank with Standard Bank, the State of Banking in SA

10 Million South Africans Bank with Standard Bank, the State of Banking in SA

  • Standard Bank has announced that they now have 10 million South African customers due to more clients joining in 2021
  • Many South African banks have reported that they have had a significant increase in their number of customers this year
  • While other South African banks had over 10 million customers before Standard Bank did, those figures include international customers

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JOHANNESBURG - Standard Bank has annoucned that they now have 10 million customers in South Africa due to significant growth in 2021.

The bank is considered one of the top 5 financial institutions in South Africa and will celebrate its 160th anniversary next year. Capitec, which have only been around for 20 years, reached 10 million customers in 2018 already

According to News24, other South African banks have over 10 million customers, but that figure includes international customers, particularly those from other African countries.

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Standard Bank, South Africa, South African banks, 10 million customers, Capitec
Standard Bank now has over 10 million customers in South Africa. Image: Waldo Swiegers/Bloomberg via Getty Images
Source: Getty Images

2021: The year of new bank accounts

Most banks in South Africa experienced noticeable growth in 2021 as more people chose to open bank accounts, IOL reports. FNB, Standard Bank and Capitec reported a sharp increase in their number of clients.

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Kabelo Makeke, the head of consumer and high net-worth clients for Standard Bank, said that the bank has put a lot of effort into keeping up with global trends and their customers' needs.

“We strive to understand our clients as deeply and empathetically as we can. We use our extensive employee skills and digital capabilities to help meet their needs and enable them to achieve their goals,'" Makeke said.

Reactions to Standard Bank's milestone

@fatimamakda3 believes:

"Worst bank ever. Not sure how they have reached 10m customers."

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@BMaturity said:

"Still way behind Capitec by over 6m."

@Mbhonezz shared:

Ayanda Ndaba believes:

"We need more commercial banks in South Africa."

@Suzzy_Lee_ said:

Elon Musk shares that he could pay up to R175 billion in tax this year

Earlier, Briefly News reported that Chief Executive Officer of Tesla Inc, Elon Musk, took to his Twitter this morning to confirm that he will be paying more than $11 billion (about R175.49 billion) in taxes this year.

Musk may face a tax bill of more than $10 billion for 2021 if he exercises all his options due to expire next year, calculations last week by Bloomberg News showed.

It is reported that this is an amount that could constitute a record payment to the United States Internal Revenue Service.

Source: Briefly News

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