South Africans Socking Away Money, Bank Deposits to Expand 9 percent
Released on: September 18, 2008, 11:55 pm
Press Release Author: Shushmul Maheshwari
Industry: Financial
Press Release Summary: With growing black middle class population, coupled with rising income level and increasing confidence on the banking system, deposits at the South African banks will increase substantially in coming years.
Press Release Body: According to our new report, “South Africa Banking Sector Analysis”, on the back of rising income level, increasing confidence on the banking system and growing black middle class population, the total bank deposits in South Africa are projected to grow at a CAGR of 9% during 2008-2012.
As per our research, prospects for the South African banking sector are reasonably bright as the emergence of black middle class will support the rising demand of banking services like deposits. It is estimated that over 10 Million adults in the country do not have access to even the most basic of banking services, including deposit facilities, payment facilities and cash withdrawal. But gradually rising income coupled with increase in awareness level is enabling this unbanked population to accessing the banking services like bank deposits.
We expect that the population in the middle class bracket will continue to rise during the forecast period, which will further boost the demand for banking services like saving and current account deposits and related services like payment cards.
“South Africa Banking Sector Analysis” provides comprehensive research and prudent analysis on the South African banking market. This extensive research will help the clients to identify the market trends and evaluate the leading-edge opportunities critical to the success of the banking market in the country. This study gives an overview on the various factors driving the banking industry, together with the forces that are blocking the growth of the industry.
This research supplements the past and current information on the South African banking market with forecast on various important industry aspects, including population, wealthy women population, consumer durables market (television, refrigerators and washing machines), Internet penetration, mobile subscribers, passenger car registrations, banking deposits and banking assets.
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RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.
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