South Africa’s banks are looking to open the lending taps to businesses and the state as they try to benefit from the government turning to the private sector to help with service delivery. However, struggling consumers will find their odds of opening credit lines are still strained.
Higher interest rates and inflation will hurt local banks by increasing bad debt and making it more difficult for South Africans to repay their loans.However, there’s an exception, as the big banks now want to ride the government’s eagerness for public-private partnerships. The lender’s corporate and investment bank has been a bright spot in recent quarters, generating R6.8 billion in headline earnings in 2023 even as operating expenses jumped.
The program has made South Africa a top destination for green-power investments across the continent.
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