South Africa

Currently in South Africa, 12 million people or 23.5% of the population are considered financially excluded with 9% informally served. Although South Africa has not committed to the Maya Declaration, National Treasury of the Republic of South Africa joined the Alliance for Financial Inclusion (AFI) in 2010 and South Africa recognizes financial inclusion as an important tool for poverty alleviation and has been working on forming a strategy at the national level. The South Africa Reserve Bank facilitates financial inclusion with the help of National Treasury. While the highly uneven access to and use of financial services and the banking structure is a challenge, the highly developed infrastructure including mobile technology provide opportunities for financial inclusion.

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Sources: The Banking Association of South Africa, World Bank