NewswireToday - /newswire/ -
Delhi, New Delhi, India, 2007/01/23 - A research by FinMark Trust on the financial usage revealed that during 2005 and 2006, South African banking sector registered more than 1.5 million new members, thanks to the introduction of Mzansi bank account.
The number of South Africans holding bank accounts jumped by 11% to 15.9 million in the year 2005 as against 4% in 2004. During the same period, the adult population (those above 16) increased by more than 4,00,000.
Around 51% of all adults in South Africa hold bank accounts, as compared to 46.6% in 2004. Mark Napier, CE, FinMark Trust, stated that Mzansi has unarguably been an important contributor in raising the number of South Africans who are banking and called it a great case study for South Africa.
FinMark Trust’s FinScope SA 2006 indicated that around 1.9 million, or 6%, of the South African populace was using Mzansi in 2006, far less than the claims made by the Banking Association of 3.3 million accounts opened by June. Napier stated that the unawareness among the people regarding the type of bank accounts they were holding could be the reason for this discrepancy. E.g., PostBank account holders were shifted to Mzansi and they continued to believe themselves as PostBank customers instead of Mzansi account holders.
A Research Analyst at RNCOS, who has recently done a report named “Banking Sector in South Africa”, said that approx two-third of the Mzansi account holders were not banked previously. The Mzansi account was introduced in October 2004 as one of the allegiances by the banks under the financial sector charter to make banking low-priced and more accessible to the large portion of South Africans.
The industry report also addresses the facts and issues that are critical to your success in South Africa banking sector:
- Insight into market trends
- South African banking sector in global perspective
- Variation in the regional market on the basis of policies
- Growth sectors and factors bringing change
- Competitive environment and market leaders
- Effect of Mzansi accounts on South Africa banking sector
- Financial sector charter and BEE
- Opportunities, key Challenges and strategies
- Future outlook
- Key players
The report provides extensive research and equitable analysis on the proliferating SA banking industry.
RNCOS, incorporated in the year 2002, is an industry research firm. It has a team of industry experts who analyze data collected from credible sources. They provide industry insights and analysis that helps corporations to take timely and accurate business decision in today's globally competitive environment.