A South African microfinance company has announced plans for a full-service digital bank.

Barko Financial Services is launching the bank in a bid to provide more accessible and affordable banking to low-income South Africans. The products on offer will include deposit and savings accounts, as well as loans.

Kobus de Wet, Barko CEO, says the goal is to build a bank for South Africans who are unbanked or underserved by traditional institutions, adding that the digital bank will introduce new products to market faster and at a lower cost, through the use of an online banking cloud.

‘This means we can pass on savings with products and services that improve the financial lives of the people that bank with us.’

2 November 2021
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