Approximately 75% of the South African adult population aged 16+, is considered “banked”. This includes around 10 million adults who receive social grants (SASSAA), of which 8.2 million (82%) receive less than R3000.00 per month according to FinMark Trust.
Not surprisingly, this leaves a huge gap in the market for the formal banking sector to grow their businesses with potential entry level banking customers.
Continue reading South Africa’s cheapest bank accounts
A worrying statistic for South African consumers:
The Payments Association of SA (PASA) announced that there are more than 100 telemarketing companies who have been blacklisted for debiting consumers for services for which they either did not provide or for which consumers did not sign up for.
According to PASA CEO Walter Volker, many of these companies are guilty of fraudulent transactions where banking details of individuals are obtained illegally.
PASA claims that efforts are under way to “weed out the rotten apples” in the industry. A shocking 120 000+ of the 31 million payment orders processed monthly had been disputed by consumers.
Continue reading More than 100 telemarketing companies blacklisted for debiting consumers illegally