Mobile phones are being used in South Africa as virtual bank accounts, following the introduction of services by Wizzit and then MTN Banking, a joint MTN and Standard Bank venture, earlier this year.

Excluded from the formal banking system for generations, 13 million South Africans have learned to literally hide their money under mattresses. To turn the tide, in September 2004, the Banking Association of South Africa tapped Fleishman-Hillard South Africa (FHSA) to create an ...

THE number of South Africans entering the banking system for the first time may have been overestimated. FinMark Trust said yesterday that only 550000 more people had bank accounts this year than last year.

RETAIL banks have been grappling for some time with the challenge of extending banking services to a far wider net of people than is currently the case. Total banking infrastructure consists of about 2500 - 3000 branches, 12000 ATMs, 120000 point-of-sale

THE introduction of the Financial Sector Charter in 2003 formalised the need to make banking more accessible to all South Africans, putting in place specific targets for the financial services industry. Now banks are hoping to meet those targets through a

We argue that by promoting the agreement of a financial access charter a government would signal a clear political commitment to changing the nature of financial markets in favour of greater access. It would also act as a practical framework for cooperation ...

UNEMPLOYMENT is one of the main factors stopping people from opening bank accounts, says the latest survey of the financial services sector. According to FinScope 2005, 57% of South Africans polled give lack of employment as the main reason for not having

All beneficiaries of the Unemployment Insurance Fund will no longer stand in queues for payments, but will now receive what is due to them electronically.

A YEAR after the Mzansi Account was launched, the low cost bank account has notched up 2-million customers, with about 6000 customers continuing to open accounts every day. However, despite this success, the fact that banks have not yet included a debit ...

Mark Napier, chief executive officer of FinMark Trust - an independent South African-based trust - yesterday outlined barriers impeding access to banking in southern Africa. Napier was worried by effective access to banking, saying it is only access that can guarantee usage ...