Blade Nzimande, Fscc Chairperson
25 0ctober 2004
The launch of the Mzansi national bank account today is a real victory for all those who have campaigned for financial institutions to serve the needs of all our people, and especially the workers and the poor.
On behalf of millions of our people who have not been part of the banking system until now, I want to welcome the launch of the Mzansi account. This is the first step in meeting the agreement reached at the Nedlac Financial Sector Summit in 2002 to achieve universal access to basic financial services for every South African.
When we launched our “Make the Banks Serve the People” campaign in 2000, we were told that our demand of universal access to affordable and appropriate financial services for every South African was unrealistic, unviable; that it could not be achieved. Today marks the day we leave those arguments behind.
The launch of the Mzansi account by all the major banks and the Post Office means the more than 10 million people in our country who are unbanked, can now open an account which is a debit card and also enables them to deposit, withdraw and save money at affordable charges.
I am pleased to say we have also reached an agreement with the banks, through Nedlac and the Financial Sector Charter Council, to include new features as minimum requirements for the Mzansi account within the next six months. These will include:
Establishing arrangements with the Department of Social Development so that social-grant recipients get their payments at no cost to themselves Improving transactional services targeted at the informal business sector, including street traders.
The Mzansi implementation process will be monitored and evaluated to ensure the account meet people’s needs for affordable, accessible banking by, for example, ensuring that there are sufficient access points to meet the needs of densely populated areas like Soweto. The banks have also agreed to work with organised labour and community groups on financial literacy and education programmes.
We urge the millions of our people who have been kept out of the banking system until now to sign up for Mzansi and prove that banks not only should but indeed can serve the needs of the workers and the poor.