Mobile money will be even more relevant in SA after Covid-19
Cash is still king for many in SA, so for mobile money to work it must be better than physical money — which it is
In 2018, four out of five South Africans — 80% — had bank accounts, according to non-profit research organisation FinMark Trust. On the face of it, it seems that financial inclusion is making steady progress. On closer examination, that 80% figure doesn’t tell the whole story.
FinMark went on to note that in 2018. 40% of those bank accounts were either dormant — they hadn’t been accessed in 30 days; or “mailboxes” — accounts from which all money is withdrawn as soon as it enters...