85% of adults in South Africa now have a bank account, says World Bank
The percentage of people over the age of 15 with accounts has risen sharply,SA saw a 16 percentage point increase in account ownership from 2017 to 2021.The World Bank says mobile money has been a game changer for Africa.The South Africa financial sector has made marked improvement in getting people to open bank accounts, with over 40 million people now having an account.
Though there was a big increase in SA since 2011, the last five years has seen the biggest rise in the number of accounts opened in the country. “In Sub-Saharan Africa in 2021, 55% of adults had an account, including 33% of adults who had a mobile money account — the largest share of any region in the world and more than three times larger than the 10% global average of mobile money account ownership.”Though the new and established players in the local banking sector have signed up millions of new customers, the Covid-19 pandemic has accelerated the move to card payments and the use of digital platforms.
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