The South African banking industry, in its consistent endeavour to address gaps in the market and also serve a broader community, has seen an addition to the current conventional banking system through the introduction of Islamic banking by a number of banks. Islamic/Shariah banking is an alternative banking system open to both Muslims and non-Muslims.
The Banking Association has a number of members who offer both conventional and Islamic banking products and others who offer only one type of banking products.
The two types of banking offer the consumer a choice, with the consumer bearing the responsibility to exercise such choice.
The South African banking sector has made great strides to provide accessible basic banking services since 2004. Today, over 70 percent of all LSM 1-5 have access to bank branches and ATMs within 15kms of their homes. Despite this, there are still about 11.3 million adults (16+) who are unbanked. Even if the majority of South Africans have access to basic banking services, most people do not have the financial literacy and skills to build the economic strength and independence needed to enhance their future financial well-being.
The Banking Association South Africa has been involved with a number of initiatives such as Teach Children To Save, and continues to work with community partners to promote financial education for individuals, businesses and organisations. From savings accounts to credit cards and overdraft fees, banking consists of many different types of products and services. These all have important consequences for how you manage your money and everyday finances. The Banking Association South Africa wants you to learn how to bank by teaching you the basics of banking and financial literacy.
We will provide you with the financial literacy and banking basics needed to manage your money and make informed decisions about banking products and services. The South African values based banking model calls on us to dig deeper into the basics of banking accounts, banking services and finance to create savvy users that build wealth and the well-being of individuals and the country.