{
  "id": 12121904,
  "title": "Is Sanlam too late to the bank party?",
  "url": "https://urgent.news/2026/10/05/is-sanlam-too-late-to-the-bank-party-12121904",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-05T09:23:20.000Z",
  "source": {
    "name": "The Citizen",
    "slug": "the-citizen",
    "url": "https://www.citizen.co.za/business/is-sanlam-too-late-to-the-bank-party/"
  },
  "original_language": "en",
  "account": "Is Sanlam too late to enter the bank market in South Africa? Despite the launch of a partnership with GoTyme Bank and plans to offer retail credit and transactional banking services to its 10 million-plus clients, Sanlam's banking offering is set to launch nearly eight years after Discovery Bank and two years after Old Mutual. This delay raises concerns about Sanlam's ability to stand out in a market dominated by 86 million clients across 10 banks.\n\nSanlam's CEO, Paul Hanratty, claims that GoTyme's lower operating costs will enable the bank to offer higher interest rates on savings. However, this alone is not enough to differentiate Sanlam's offering from existing players. The bank's proposed credit products and rewards program, Sanlam Reality, are seen as generic and unlikely to attract significant customers.\n\nThe investment in Sanlam's banking effort has cost hundreds of millions of dollars, with corporate expenses and other expenses increasing to R374 million in the first six months. However, these costs have not yet resulted in profitability, with the credit, banking, and rewards segment reporting a loss of R179 million.\n\nWhile Sanlam may be able to attract a small number of transactional banking customers, it remains to be seen whether these customers will be \"sticky\" enough to stay with the bank for other products and services. The success of Sanlam's banking venture is not guaranteed, and past attempts by companies like Pick n Pay, Bidvest, Grindrod, and Sasfin have resulted in abandonment or winding down of efforts.",
  "summary": "There are real risks to entering the market nearly eight years after Discovery",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}