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A New Bank Market In South Africa
If banks and insurers in South Africa don't move quickly, they could miss out on the chance to profit from the large pool of financial assets held by the country's growing black middle class. Over the next five years, profits from personal financial services for black households with monthly incomes of 2,000 to 10,000 rand ($200 to $1,000) could become as large as those from the highly contested, primarily white market of households with incomes above 15,000 rand.
The take-away: Middle- and upper-class South African blacks are active consumers of financial services, but their product preferences differ from those of whites. Banks and insurers should tailor their offerings to meet the needs of both groups of customers.
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