South Africa’s newest bank going after people earning R15,000 to R50,000 a month

• OM Bank has launched in South Africa with a focus on clients earning R15,000 to R50,000 a month.
• The new bank faces an uphill climb, with 81% of South Africans already holding an account, and is expected to increase its customer base to 2.8 million by 2028.
• The lender plans to leverage an existing insurance-savings product to drive deposits to R10 billion by 2028 and potentially pay dividends by 2032.