27 September 2012The percentage of South Africans with a bank account increased from 47% in 2005 to 63% in 2011 after the launch of the country’s first Financial Sector Charter in 2004, Finance Minister Pravin Gordhan said on Wednesday.Addressing more than 350 delegates from over 70 countries at the opening of the 4th Global Policy Forum in Cape Town, Gordhan said South Africa’s experience of the Financial Sector Charter provided a lesson on how to confront the challenges of financial inclusion.The first charter was negotiated in 2004 and resulted in the Mzansi bank account, which has been taken up by three-million users, while banks also began rolling out more branches, he said.The second Financial Sector Charter was gazetted for comment by the Department of Trade and Industry in March.Gordhan said the long-term sustainability of financial systems hinged on the ability of these systems to serve all citizens.“The inequality, the social and political distrust of elites, and the neglect of the poor and the impoverishment of millions as a result of the financial crisis, that we still haven’t recovered from, poses serious challenges to the economic, political and social stability and progress of ourselves,” he said.He said the National Treasury was developing a “twin peaks” regulatory framework for financial services which would come into effect in the next 18 months.The new model would see the development of different regulatory focuses between prudential regulation and consumer protection, while the National Treasury would remain responsible for policy implementation, including one of encouraging greater financial access.He said an IMF report on financial stability released in April was concerning, as it indicated that innovative products were already being developed to sidestep the new financial regulations.The financial sector is faced with various challenges, include a disconnect from the real economy, said Gordhan, who pointed out that banks needed to serve more people and entrepreneurs to generate growth and create jobs.Another challenge was how multi-national banks were serving emerging markets, he said.It was also important to develop regulations to ensure that the poor were protected should new crises emerge.Central banks also needed to ensure that their respective banking sectors weren’t overly dominated by a few big banks, as this could stifle competition and the development of new and affordable financial products.Also addressing the conference on Wednesday, the deputy governor of the central bank of the Philippines, Nestor Espenilla, said the central bank’s policy of focusing of micro finance had led to 200 community banks providing financial services to almost a million micro entrepreneursEspenilla said that along with increasing micro finance, the Philippines government had also encouraged more financial education and consumer protection.Source: SANews.gov.za
The Play Your Part Roadshow proved to be a hit in 2016, driving home the message that South Africans can make our country great by working together. South Africans are urged to keep an eye out for the bright yellow Play Your Part Cube that will be visiting various venues around the country. If you do spot it in your area, be sure take a look inside. (Image by Mathiba Molefe)The Play Your Part Cube, along with its partners and various stakeholders had a successful expedition across the country to all 9 of South Africa’s provinces to share inspiring stories and insights into how regular South Africans can make our country great through active citizenship.Carrying a range of different tools like tablets, cameras and interactive screens, the Cube acted as a platform for people to engage with Brand South Africa, Play Your Part and partners.In the Cube, people can pledge to their fellow South Africans that they will do their best to help improve the country for all in any whichever way they can.For more information, check out the Play Your Part Roadshow page.WATCH: The story of the 2016 Play Your Part Roadshow.
It’s one event that gives fitness-conscious citizens of the Capital a chance to showcase their love for healthy living. The Airtel Delhi Half Marathon, now in its seventh edition, has been pushed back by almost a month and will be held on November 23.Last year, it was held in mid-December and attracted more than 31,000 entries from all over the world.For the 2014 edition, the organisers are expecting even more competitors. The entry fee has been kept at Rs 1300 for the half marathon (for professionals) and Rs 600 for the Great Delhi Run (for amateurs).Bipasha Basu, the face of the event, said that she expected bigger participation of women.”The last edition saw a 28 per cent rise as far as female participation is concerned. This year I expect an even more enthusiastic response from women,” Bipasha said at the official launch of the 2014 edition. “If women are fit, we will have a fit household and if we have a fit household, we will have a fit country.”Last year, Ethiopia’s Atsedu Tsegay set a meet record of 59.12 minutes for the 21.097km course. The registration for this year’s event has opened and can be done at www.adhm.procamrunning. in.The organisers Procam International also launched India’s first running loyalty club ‘Endurunz Club’ where members will get rewarded for the activity.If they carry on running on a daily basis, they will get Runz (points) and can win awards like invites to Procam events.