SA’s over-regulated finance sector keeps the poor out and stunts the economy
SA is recognised as having one of the world’s most sophisticated financial regulatory systems, yet despite comparatively high rates of participation in the financial services sector, there are still structural and systemic issues that limit real, effective financial inclusion. Unfortunately for many South Africans, over-regulation has made it unnecessarily difficult for small businesses and the economically marginalised to access basic financial services. In his medium-term budget policy statement, Finance Minister Malusi Gigaba drew attention to these difficulties when he said SA needed a transformative financial sector — a sector that is not only transformed, but is also transformative to the economy. This focus on holistic transformation in the financial sector is central to the current narrative around the need for an inclusive growth strategy. According to research presented at Finmark Trust’s Sadc Financial Inclusion Forum earlier this year, there is a growing body of evidence...
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