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Your search keyword '"POOR people"' showing total 2 results
Start Over Descriptor "POOR people" Topic banking industry Region south africa
2 results on '"POOR people"'

1. SOUTH AFRICAN BANKS AND THE UNBANKED: PROGRESS AND PROSPECTS.

Author

Schoombee, Andrie

Subjects
BANKING industry, POOR people, SOCIAL classes, ETHNIC groups, FINANCIAL institutions
Abstract

This article discusses various issues related to the South African banks and the low-income earners. Commercial banks traditionally do not serve low-income earners, micro-entrepreneurs and the poor, chiefly because the high costs involved make it unattractive. The big four of South African banking are no exception in this regard. The new government and its supporters claimed that the big four had backed the race-based policies of the previous regime, demonstrated by their unwillingness to serve, in general, the black community. These banks have been pressurized into rectifying this situation. A period of approximately ten years has passed since the big four banks cautiously ventured into low-income market, and the banks themselves know that a lot has to be done.

Published
2004
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2. Banking on the unbanked.

Subjects
*POOR families, *SERVICES for poor people, *FINANCIAL services industry, *BANKING industry, *POOR people, *LOW-income consumers, *DISCRIMINATION in financial services, *INCOME, *FAMILIES & economics, SOUTH African economy, 1991-
Abstract

This article looks at banking in South Africa and the effort to incorporate more South Africans into the country's banking system. According to the FinMark Trust, an independent body promoting broader access to financial services, over half of South Africans over the age of sixteen, close to 16 million people, do not have a bank account. The main reason is the lack of regular income, a common affliction in a country where over 40% of people are unemployed. Without a salary slip, it is difficult to gain access to banking services, and fees are hard to bear. Without much money, many see no point in having an account anyway. And it is little help that banks and automatic teller machines (ATMs) are rare in poor areas. South African banks, however, have signed a charter committing themselves to do their bit to redress the inequalities inherited from apartheid.

Published
2005

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