The digital bank says it has 489 000 clients as of 13 September, versus 370 000 accounts at the end of June.

The new kid on the banking block now has two million customers − a target reached five months ahead of the bank’s plans.

The digital banks report an upswing in on-boarding new customers, as more consumers look to branchless banking channels for their financial services.

The bank says overall credit utilisation declined during the lockdown and arrears, including non-performing loans, are still within expectation.

The digital bank now has 1.4 million customers, of which 700 000 are active bank accounts

The bank’s half-year results show total credit card spend was R2.6 billion and total credit limits granted sat at R2.5 billion.

The bank enters the final phase before launching next year and says it has already put safety nets on fraud and attacks.

The new digital bank now has more than 22 000 clients, with over 50 000 accounts, after 1.5 million hours spent building 120 interconnected systems and infrastructure.

The digital bank calls for patience as it “slowly and responsibly” migrates its existing customers to the new banking facility.

Since the digital newcomers entered the market, the incumbent banks have been slashing their prices one after the other.

Although welcoming competition in the market, the incumbent banks are watching the new players closely.

New digital-only bank, Bank Zero, goes into beta testing, with plans to open in the second half of 2019.