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.