South Africa: Capitec Gives Mzansi a Run for Its Money in Rural Areas

Johannesburg — THE cracks are starting to show in the Mzansi bank account, launched last year by SA's large retail banks, as smaller banks offer cheaper banking and extend services to previously neglected areas.

South African banks launched the low-cost Mzansi account last October in an effort to provide affordable and accessible banking to the poor in accordance with the financial services charter, which stipulates banks must provide services within 20km of 80% of all people in living standards measure group 1-5.

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