The major change in the South African banking sector in recent years was the introduction of more than 20 new foreign banks and additional foreign competition by the opening of more than 60 representative offices of foreign banks in South Africa. The financial markets were also encouraged to modernise.
[6]  Goldin I, P Koutroupmpis, F Lafond and J Winkler (2022), ‘Why Is Productivity Slowing Down?’, Oxford Martin Working Paper Series on Technological and Economic Change No 2022-08.