South African Banks Need Better Offerings to Help Drive Equality
- Access to credit not only solution, central bank governor says
- Most Black ownership measures showed decline from 2016 to 2019
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South Africa’s banks need to better tailor their products to consumers’ needs to increase equality rather than just offering more credit, the central-bank governor said.
“People think financial inclusion is like shoving credit down the throats of the poor and that is not quite financial inclusion,” Lesetja Kganyago said in a virtual event. While access to credit is very important, it must be tested against affordability, he said.