MICROCAPITAL BRIEF: FinMark Trust’s Annual FinScope South Africa Survey: Financial Inclusion Down from 77% to 73%

FinMark Trust, a nonprofit trust based in South Africa, has released the 2011 results of its annual FinScope South Africa survey, which indicates that 73 percent of adults use financial products and services, a drop from the 2010 level of 77 percent.  Those remaining “financially excluded” include those who save money at home and borrow from family and friends rather than financial institutions.

The most significant predictors of financial inclusion identified include financial literacy; the ability to save money; and access to facilities such as water, sanitation and electricity.  FinScope argues that “attitudes and perceptions towards financial institutions may be a barrier to financial inclusion. The FinScope survey indicates that South Africans are concerned about bank charges and fees, while financial illiteracy and a lack of knowledge about other financial institutions are evident.”

By Ariana Malushi, Research Associate

Finscope: “Media release: Results from FinScope SA 2011”
http://www.finscope.co.za/new/pages/default.aspx

MicroCapital.org, November 1, 2011, ”MICROCAPITAL BRIEF: Standard Bank: Majority of Africans Lack Access to Microfinance, Other Financial Services”
https://www.microcapital.org/microcapital-brief-standard-bank-majority-of-africans-lack-access-to-microfinance-other-financial-services/

MicroCapital.org, August 16, 2011, “MICROCAPITAL BRIEF: Survey: Nigeria Falls Behind South Africa, Kenya, Botswana in Financial Access”
https://www.microcapital.org/microcapital-brief-survey-nigeria-falls-behind-south-africa-kenya-botswana-in-financial-access/

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