Sanlam Aims for 4-Million Banking Clients by 2030

Sanlam aims to attract between 2 million and 4 million banking clients by 2030, according to its strategic plan. The financial services group is expanding its partnership with GoTyme, a company backed by Patrice Motsepe, to achieve this goal.

The company plans to launch its new banking app through GoTyme in November, as part of its strategy to enter the competitive banking sector. Sanlam, valued at R178bn, expects its banking proposition to break even by 2030.

Sanlam is also focusing on expanding its MiWay offices in Parktown, Johannesburg, as it invests up to R200m annually to scale its banking operations. This includes building a R10bn loan book to support its growth strategy.