Short description
This book describes the state of access to financial services in South Africa in 2004, ten years after the democratic transition. It analyses key developments and innovations that have broadened access to financial services since 1994. It documents trends for public policy makers and financial institutions alike. And it suggests policy directions for the next decade of freedom. It also succinctly presents the state of play to the informed but non-expert reader.
Long description
The objective is to inform and influence the debate, following the signing of the Financial Sector Charter in 2003, in part by creating a common authoritative reference source which records what has been tried, and benchmarks the starting position in 2004.
There has been no published comprehensive overview of the financial sector – for example, financial services did not feature in government’s recently released 10 year review – although the sector is clearly moving to centre stage. As an authoritative 10-year review, it will be a reference source on developments in the financial sector. And, by synthesising a large body of recent research, it will provide a guide to the future.
The target audience includes policy-makers, regulators, bankers, development professionals, donors and the World Bank. While the book is aimed at South African readers, it will also be accessible and of interest to an international audience which has followed developments here.
David Porteous is currently CEO of FinMark Trust, an entity based in Johannesburg, founded in 2002, which has as its mission “Making financial markets work for the poor” in Southern Africa. David has experience of banking in both private and public sector, and has had first-hand experience of financing the development of micro-finance in South Africa in the nineties. He earned a PhD in economics from Yale University in 1993. His dissertation was published as a book, “The Geography of Finance”, by Avebury (Gower) in 1995. He has been the author of numerous articles and chapters of books; and speaks regularly at conferences and seminars in South Africa and abroad.
Ethel Hazelhurst is a research manager at FinMark Trust. She recently retired as surveys editor of Financial Mail after a long and distinguished career. She is a five-times category winner in the Sanlam Financial Journalist of the Year (including 2004) competition and was overall winner in 1999.