Banks under pressure to make services more cost-effective

Andiswa Mkosi
28 August 2012

Finance Minister Pravin Gordhan says more needs to be done to ensure South Africans have access to fair and cost-effective banking.

The National Treasury wants banking services offered to middle- and low-income groups to be simple, transparent, accessible and competitively priced.

Gordhan met bank officials yesterday to discuss the role banks could play in solving the country's socio-economic problems.

Leaders in the sector agreed that the ongoing European and global financial crisis posed difficulties, but gave the assurance that local banks remain well-capitalised and liquid.