FinScope reveals significant increase in financial services inclusion in South Africa
Wednesday, March 12, 2014
This growth in financial inclusion is mainly due to an increase in borrowing, banking and insurance.
The study indicates that 30.7 million people in South Africa (16 years and older) have/use financial products and services (both formal and informal) to manage their financial lives.
There has been a significant increase in the number of people who have formal credit or loans from 13.1 million in 2012 to 14.2 million in 2013.
The number of people borrowing or receiving credit from a bank has increased from 4.5 million people in 2012 to 6.5 million people in 2013.