South Africa Shines in Financial Inclusion Report
Friday, August 28, 2015
SAS CORES high on a global index measuring progress in financial inclusion in emerging markets.
The Brookings Financial and Digital Inclusion Project (FDIP) report released on Monday gives SA a score of 80%, 8 percentage points behind Kenya, in the overall ranking on financial inclusion.
The study analysed the number of people making use of formal banking and financial products in 21 countries, including SA’s Brics counterparts Brazil and India.
Brazil ranked third behind SA with a score of 78%, and Rwanda and Uganda tied for fourth place at 75% each.
SA, with its peers, shared a commitment to financial inclusion, taking concrete policy, regulatory and technological steps to ensure unbanked members of the population will have access to basic financial services.
The Brookings researchers found that by 2014, around 75% of South African adults had bank accounts, and 5% used non-bank financial products. ATM or debit cards have become more common, with 34% of the banked population owning a South African Social Security Agency (Sassa) MasterCard.