• Thu. Jun 8th, 2023

Economic inclusion important to expanding South Africa’s economy


May 26, 2023

Even so, the study indicated that SMMEs are not very prepared to serve this expanding appetite for non-money transactions. In spite of higher awareness of banking, the study really showed a decline in respondents’ ownership of a standard bank account. By the finish of 2022, only 25% had a organization bank account. All the surveyed SMMEs supplied money alternatives to buyers, with only two% providing a card machine or tap-on-telephone, and 1% providing contactless QR codes – their reasoning becoming that non-money payment alternatives are also complicated to use, and information charges are also higher.

Presently this disconnect is a challenge, but in future, this is also a good chance for everybody. Clearly, there is a have to have to create easy, reasonably priced, very easily understood fintech options that can displace money and unlock wider inclusion for everybody involved in a transaction. Regardless of size, turnover, headcount, or buyer segments, handy digital options underpinned by safe technologies level the playing field for entrepreneurs and guarantee that disadvantaged communities can participate meaningfully in the economy.

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