Financial services one of the more positive sectors

JOHANNESBURG – BankservAfrica yesterday identified financial services as one of the more positive sectors due to constant transaction growth from the rapid changes at banks.

Despite the economy contracting by 1.4percent in the fourth quarter of 2019 as all the sectors experienced decreases, finance, real estate and business services increased by 2.7percent.

The BankservAfrica’s Economic Transactions Index (BETI) for February showed that the rapidly evolving offerings from the fast-expanding South African banking sector had made it more appealing for consumers to open a new bank account.

It said the simplified application process and rewards had made this even more attractive in recent years.

Shergeran Naidoo, BankservAfrica’s head of stakeholder engagements, said the total number of transactions were increasing to more than 101million.