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Banks Entice South African Millennials With Rap, Free Food

  • Country’s top lenders take on first new entrants in 12 years
  • Lenders reinvent digital offerings as some shutter branches
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From free burgers and ride-hailing services to hip-hop concerts and discounted gasoline: South African banks are going all out to win customers as competition hots up.

The biggest lenders are facing an onslaught of entrants for the first time in 12 years. They’re responding before the newcomers find their feet by pushing loyalty programs, revamping digital offerings for technology-savvy millennials, targeting existing customers with extra products and services and cutting fees.