“Financial services can help drive development. They help people escape poverty by facilitating investments in their health, education and businesses. They make it easier to manage financial emergencies – such as a job loss or crop failure – that can push families into destitution. Many poor people around the world lack the financial services that can serve these functions. Instead, they rely on cash, which can be unsafe and hard to manage – World Bank“.

Financial inclusion, measured by bank account ownership, is very high in South Africa. The FinScope Survey conducted by FinMark Trust every year estimates that 77% of adult South African save bank accounts, although they tend not to use them for daily transactions.