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South Africa is Furthering Financial Inclusion – MasterCard Report

According to a new MasterCard report entitled “A Progressive Approach to Financial Inclusion”, South Africa is making significant headway in furthering financial inclusion.

The report explores the progress that 30 developed and developing countries have made in enabling access to and driving usage of different financial products including payments, lending, long-term savings or investments, and insurance.

South Africa is in a ‘Transitioning’ stage in driving both payments adoption and usage through private and public partnerships. A ‘Transitioning’ country displays a penetration of payments products at a rate of more than 50 percent but less than 75 percent, according to the researchers’ metrics.

“Financial inclusion cannot be achieved by a single entity; it takes a broad coalition of key stakeholders. There is a need for greater innovation, public-private partnerships and consumer education to ensure South Africa becomes a truly financially included society,” says Mark Elliott, Division President, MasterCard, South Africa.

For more information, see the full press release.