Financial Services to the Unbanked: The Case of the Mzansi Intervention in South Africa

Kostov, Phillip orcid iconORCID: 0000-0002-4899-3908, Arun, Thankom Gopinath and Annim, Samuel Kobina (2014) Financial Services to the Unbanked: The Case of the Mzansi Intervention in South Africa. Contemporary Economics, 8 (2). pp. 191-206. ISSN 2084-0845

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Official URL: http://we.vizja.pl/en/issues/volume/8/issue/2#art3...

Abstract

The Mzansi intervention is a major initiative designed to provide banking services to the unbanked South African population. This study investigates the underlying variables that define the choice of a Mzansi account from a consumer perspective. Unlike previous studies, we do not assume that demand for financial services is a given but instead that it is underlain by perceptions and attitudes. Financial attitudes and perceptions are found to exert significant effects on financial choices. In particular, aspirations and forward-looking values are instrumental in facilitating access to finance.


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