According to the South African Minister of Finance, who has responsibility for national financial policy, South Africa also follows a “four-pillar” policy. Recently, the Minister stated that South Africa maintains a “four-pillar” policy of having four big, locally owned banks regulated by the Office for Banks. The “four-pillar” policy in South Africa lay at the heart of considering the Nedcor Bank bid for Stanbic.
The new entrants in the banking are with computer background. However, over a period of time they would acquire banking experience. Whereas the middle and senior level people have rich banking experience but their computer literacy is at a low level. Therefore, they feel the handicap in this regard since technology has become an indispensable tool in banking.