Noida, India (PressExposure) September 01, 2009 -- As per the recent report âSouth African Banking Sector Analysisâ by RNCOS, a leading business research provider, the total bank deposits in South Africa is forecasted to grow at a CAGR of about 18% during 2009-2013. The continued growth in the number of black people joining the ranks of the middle- and high-income groups will be a key driver in propelling demand for depository services over the forecast period.
The prospects for the depository services are reasonably bright as the emergence of the black middle class will support rising demand of banking services like deposits. It is estimated that over 10 Million adults in South Africa still do not have access to even basic banking services like deposit facilities, cash withdrawal and payment facilities. However, the increased demand from the lower-income black population and pressure from the government through the implementation of the Financial Sector Charter (FSC) are forcing banks to penetrate into this untapped market by offering low cost services. For example, offering low-cost bank accounts, such as First National Banks' Mzansi accounts, has helped to boost the number of adults with bank accounts to around 19 Million as of the end of 2007.
Moreover, aggregate personal disposable income (in local-currency terms) is estimated to continue growing throughout the forecast period, which will provide an additional impetus to the growth of banking services, particularly depository products during this period.
âSouth African Banking Sector Analysisâ is a comprehensive research report that comprises quality research and in-depth analysis on the banking sector in South Africa. It studies the emerging market trends, recent developments and their impact on the sector. The report will help clients to analyze the leading-edge opportunities, key players, expected future outlook and all the other factors which are critical to the success of a new entrant in the South African banking sector.
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