British entrepreneur Richard Branson's latest venture into South Africa, Virgin Money said on Wednesday it has already issued over 50,000 credit-cards in the six weeks since its launch.

Virgin Money is a joint venture between UK's Virgin Group and Absa - South Africa's largest commercial and private bank. The company has also approved more than 20,000 Car Cards used to pay for petrol and toll roads, according to a statement. Virgin Money has pledged to take on local banks who overcharge its clients.

Virgin Money has brought real competition to a fat-cat South African credit card market and stimulated a permanent shift towards lower pricing, said John Maxwell, the managing director of Virgin Money South Africa in a statement.

He added that the astounding response to the launch of the new credit is proof that South Africans are looking for a better deal from their financial institutions. The Virgin Money credit card is the first in the country to offer no annual fees, no loyalty fees, a flat interest rate of 5 percent, and an interest rate of 0 percent for the first three months of any purchase. The company also offers a variable rate of 15.75 percent thereafter.

"Simply put, we're offering a financial product that is superior to anything else in the South African market,' Maxwell added.

Many consumer groups have already accused the country's major banks for charging fees for services that are usually offered freely in other countries, which has opened up the market for competition.