South Africa's banked population now at 75%

South Africa's banked population now at 75%
Published: 18 November 2013
Johannesburg - South Africa's banked population has grown substantially from 23.9 million people in 2012 to 27.4 million people in 2013, an 8 percent increase that signifies strong growth in financial inclusion, a consumer survey organized by The FinMark Trust has revealed.

The survey measures and profiles levels of access to financial services among South Africans aged 16 and older, and highlighted that 75 percent of South Africans are now banked.

Dr Prega Ramsamy, CEO of FinMark Trust, explained that the overall increase in the banked population has been driven by two key factors: the roll out of the South African Social Security Agency (SASSA) MasterCard Debit cards, which contributed 1.9 million people to the banked population in 2013, and organic banking growth.

"The success of the SASSA Debit MasterCard card roll out is having a significant impact on the South African payments system, on socio-economic development and most importantly on the cardholders who can now manage their finances in a much more dignified, convenient and safe way," says Philip Panaino, Division President, MasterCard South Africa.

Since March 2012, 10 million SASSA Debit MasterCard cards have been issued to grant recipients, following the introduction of a new grant disbursement system introduced by SASSA to minimise fraudulent grant applications and collections and reduce grant administration costs by distributing all grant payments electronically.

- Ventures Africa
Tags: Banking,

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