Market focus

This report is focused on the ICT Technology Market for the Financial Services Industry in South Africa, together with the context in which the market is evolving.


BMIT has analysed this vertical industry with primary and secondary research input from:

  • BMIT databases and other secondary sources.
  • Enterprise ICT spending patterns, based on BMIT’s end user surveys and derived models.
  • Top-down industry revenue figures tied back to BMIT in-depth reports on IT and telecoms market segments, which in turn are informed by primary research (vendor interviews) and analysis of operator reporting.
  • Qualitative assessment of the financial services market in South Africa, based on extensive secondary research.
  • Trends, market sizing and growth of the market, relative to the growth and evolution of other dimensions of the telecoms marketplace.

Table of Contents

Introduction and Executive Summary

  • Introduction
  • ICT Technology in the Financial Services Sector
  • Executive Summary

SA Financial Service Sector Overview

  • Financial & Business Services Industry Sectoral Dashboard
  • Financial Services Landscape in South Africa
  • Financial Services Industry Assets
  • GDP in the Financial Services Sector
  • GDP Growth in the Financial Services Sector
  • Employment in the Finance Sector and ICT Employees
  • Businesses by size in South Africa (measured by number of employees)
  • Number of Financial Companies in South Africa
  • Major Players in the Finance Subsectors
  • Players in the Finance Subsectors – Digital Finance
  • Companies in the Medical Insurance Services Sector

Financial Services Regulation

  • Financial Regulatory Bodies in South Africa
  • Prudential Authority (PA)
  • Financial Services Conduct Authority (FSCA)
  • Regulation and oversight of Financial Payment Systems in SA
  • Payment System Financial Market Infrastructure (FMI)
  • DebiCheck and the Interchange Determination Project
  • The Conduct of Financial Institutions (COFI) Bill
  • Declaration of crypto assets as a financial product
  • Proposed Joint Standard on Cyber Security and Cyber Resilience Requirements for financial institutions
  • IMF Financial System Stability Assessment (FSSA) Report 2022
  • SARB Fintech Unit
  • Project Khokha (PK1 & PK2)
  • Intergovernmental Fintech Working Group (IFWG)
  • Overview of the regulatory framework for fintech
  • Global Fintech Hackcelerator @ Southern Africa 2019

Finance Sector ICT Spend

  • Finance Sector Telecoms Spend by Category & Customer Segment
  • Finance Sector IT Spend by Category & Customer Segment

Financial Inclusion

  • World Bank Financial Inclusion Initiatives
  • South African Reserve Bank Financial Inclusion Initiatives
  • Re-cap : Project Khokha (I&II)
  • Global Perspective
  • Africa Perspective and Scope for Digital Services
  • Financial Inclusion and the Mobile Industry
  • Mobile Broadband in Africa
  • Global Mobile Growth
  • Money Supply in South Africa
  • Financial Inclusion – FSCA Metrics
  • Financial Inclusion – Bank Accounts
  • Bank Account Channels and Financial Product Use
  • Insurance Uptake
  • The FSCA Mandate
  • SMMEs and Financial Services
  • SMME Market Maturity
  • SMME usage of Cash and Credit
  • SMME potential opportunities
  • The Rapid Payment Programme (RPP)
  • Rapid Payment Programme Features


  • SARB – Categories of Authorised Entities
  • SARB – AD Companies Authorised
  • SARB – ADLA Companies Authorised, per Category
  • Remittances Market – Comparison of Inflows vs Outflows
  • SA Remittances Market Breakdown by Country
  • Remittances Transaction Costs
  • Remittance Payout Options
  • Remittances Market Distribution in Africa
  • Remittances Market – Main Service Providers
  • The Domestic Remittances Market
  • Retailers’ Money Transfer Services
  • The Stokvel Market
  • Loyalty programmes
  • Loyalty programme rankings

Financial Sector Trends

  • Financial Sector Trends – Digital Banking (Global)
  • Financial Sector Trends – Advertising (Global)
  • Financial Sector Trends – Advertising trends
  • Financial Sector Trends – Immersive Spaces
  • Financial Sector Trends – Advertising (South Africa)
  • Financial Sector Trends – Banking
  • Financial Sector Trends – Insurance
  • Financial Sector Trends – Savings & Investments
  • Financial Sector Trends – Savings & Investments
  • Financial Sector Trends – FSCA Banking Trends
  • Financial Inclusion – NCR Perspectives on Consumer Credit
  • Financial Sector Trends – BMIT Observations

Opportunities Identified

  • Market Opportunities
  • Market Opportunities (continued)

Digitisation Roadmaps – Frameworks & Considerations

  • Digital Roadmaps are Multidimensional (an example)
  • Technologies, Processes & Opportunities
  • Pros & Cons of Digitalisation
  • Context for Digital or Near-Banking Developments
  • Regulatory Context for Near-Banking Developments
  • Digital Business Models
    Different Capability Requirements

Payment Methods & Technologies

  • Retailers
  • Digital channels in retail and banking
  • Point of Sale (POS) devices
  • Mobile Point of Sale (mPOS) devices
  • Mobile Phone (Software) Based POS Solutions
  • Mobile wallets
  • Alternative payment types
  • Remote payments
  • Mobile Banking Payments
  • Internet Payments and Payment Links
  • Virtual Cards
  • Buy Now Pay Later (BNPL) Payments
  • New Developments – Visa
  • New Developments – Mastercard
  • Cryptocurrency Payments in South Africa
  • Examples of Crypto trading & payments platforms in South Africa
  • FTX
  • Non-Fungible Tokens (NFTs)

Fintech and Broadband Networks

  • Helium – Decentralised GlobalLoRaWAN (IoT) Network
  • Helium’s expansion to 5G coverage (in the United States)
  • Alternative decentralised wireless networks
  • Vulacoin – a crypto-based payments system used for broadband-payments and stand-alone services

Fintech Landscape South Africa

  • Definitions of Fintech
  • Combinations of technologies
  • Fintech company specialisations
  • IFWG Fintech Market Segmentation Framework
  • Ecosystem

Company Profiles – Commercial Banks

  • Large Retail Banks – Operational Summary
  • Comparison of Bank Charges (Entry Level)
  • Comparison – Lower Income Segments
  • Comparison – Middle Income Segments
  • Comparison – Digital Bank Charges
  • Comparison – Transaction Charges (All)
  • Comparison of Monthly Fees & Cash Handling
  • Other Observations by Solidarity

Company Profiles – Digital Banks

  • Digital Banking Landscape in South Africa
  • Digital Banking Landscape in South Africa (continued)
  • Tyme Bank
  • Discovery Bank
  • Bank Zero

Company Profiles – Digital Bank Players

  • (8 profiles)

Company Profiles – Selected Fintech Companies

  • (23 profiles)

Company Profiles – Mobile Platforms: The intersection between Fintech, Retail and Mobile Operators

  • (11 profiles)

Fintech Directory – South Africa

  • Payment & Payment Solution Providers
  • Lenders & Lending Solution Providers
  • Savings & Deposits Providers
  • Insuretech Providers
  • Investments Providers
  • Financial Planning & Advisory
  • Capital Raising
  • B2B Tech Providers

Deliverables and format

  • Rich narrative PowerPoint
  • Online presentation (in PowerPoint format)

Related research

Further information

For further information and details on how to subscribe to this research please contact Anita Mathews on 011 540 8000 | 082 466 2317 |