Finance Ministers says banks must be more inclusive

By Khanyisa Tabata
23 August 2011

Banks need to address the problem of lack of access suffered by the majority of South Africans.

Finance Minister Pravin Gordhan told the Banking Association of SA’s annual banking summit that he wants 70-percent of the population using banking services by 2013.

Gordhan says excessive bank charges are also cause for concern but added that the banking sector was moving in the right direction.

Gordhan encouraged banks to be more supportive of small and medium businesses.

He said more resources should be directed to this sector to promote entrepreneurship and to ensure small and medium businesses made a more meaningful contribution to the economy.