Financial inclusion is important in South Africa and a drive to bank the unbanked is evident in SA. This means that:

Question

Those without commercial banking accounts are provided with individual bank accounts.


Those without mobile banking accounts are provided with mobile bank accounts.


Those without conventional banking accounts are provided with cost-effective bank accounts.


Those without cost-effective banking accounts are provided with Land Bank accounts.

Answer 1

In the context of financial inclusion in South Africa, the primary focus is on providing individuals who do not have access to formal banking services with tools that help them participate in the financial system.

Among the options provided, the most accurate statement regarding the drive to bank the unbanked in South Africa would be:

Those without conventional banking accounts are provided with cost-effective bank accounts.

This option highlights the need for accessible and affordable banking solutions for those who traditionally do not engage with mainstream banking services. Efforts toward financial inclusion aim to reduce barriers to access and promote financial literacy, helping individuals to establish accounts that fit their needs without incurring prohibitive costs.