6 challenges to financial inclusion in South Africa

South Africa is a country of well-known promise and peril. Despite being the largest economy on the African continent, the nation is plagued by high levels of unemployment, a poor education system and staggering income inequality. Underscoring the country’s struggle to translate its rich natural resources and other assets into social benefit, South Africa ranked 149th out of 162 in its ability to convert wealth into well-being, according to a recent assessment by Boston Consulting Group.

While financial inclusion – the adoption, usage and sustainability of financial services – is generally linked to socioeconomic development, it faces numerous challenges in South Africa. BCG recently carried out research into the state of financial inclusion in the country, which revealed some of the key reasons why South Africans are not big on banks.

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