The formal financial sector is often accused of not providing access to rural, indigenous communities, most of whom do not have a bank account. Efforts to promote access to banking services for the marginalised communities through the Mzansi Account met with limited success. Most accounts had to be cancelled due to culture shock, inferior service quality and the onerous cost of the service. Our recent study on access to stock investment services shows that the marginalisation of underprivileged sectors is not declining, as local collective investment groups remain removed from equity investment opportunities. Portfolio managers and investment strategists contend that this market segment is poor, challenged by stock investment apathy and is often inaccessible due to limited knowledge of English and the high financial cost of servicing these markets. Informal savings groups are accused of prioritising social capital, saving for conspicuous consumption and pursuing non-profit financial...

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