Analysis of the South African Mobile Banking Market

Growth and Partnership Opportunities in the Mobile Banking Market
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Published: 5 Jul 2013

South Africa has an established financial services system that is comparable to various first world countries. However, the income disparity of the individuals in the country prevents a large portion of the South African population to access financial products and services and become part of the formal economy. The biggest barrier to entry for individuals is the high cost of banking in South Africa. Mobile devices and information, communication, and technology (ICT) are perceived as some of the main enablers that have the ability to change this status in the country. ICT is, therefore, a critical enabler in extending financial services to the ‘unbanked’ population of South Africa.

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