FinScope South Africa 2015
In the South African context over the past decade, the financial inclusion journey has seen the efforts of both the public and private sectors in ensuring a financial inclusion agenda that gives people access to financial services. About 80% of adults were formally included in 2014 – only 10% short of meeting the target of 90% of the adult population being formally served set for the end of 2030 as per the country's National Development Plan (NDP 2030). The high levels of inclusion in South Africa have two implications: 1) that the growth in financial inclusion may be reaching its saturation point; and 2) that focus should now be on understanding the quality of financial inclusion.
The objectives of the FinScope South Africa study are:
- To measure levels of financial inclusion (i.e. the proportion of the population using financial products and services – formal and informal);
- To describe the landscape of access (the types of products and services used by financially included individuals);
- To identify the drivers of, and barriers to, the usage of financial products and services; and
- To stimulate evidence-based dialogue that will ultimately lead to effective public and private sector interventions in order to increase and deepen financial inclusion.