As South Africa observes National Savings Month this July, a stark reality is coming into focus: Financial inclusion must evolve beyond simply opening bank accounts.
AS South Africa observes National Savings Month this July, a stark reality is coming into focus: Financial inclusion must evolve beyond simply opening bank accounts.
True financial security requires treating financial literacy as critical national infrastructure, according to Yinka Yomi-Tokosi, Managing Executive: Strategy & Investments at Access Bank South Africa.
With households facing severe cost-of-living pressures, Yomi-Tokosi argues that access to financial systems only becomes meaningful when consumers understand how to use those systems safely, confidently, and to their own benefit.
“A customer can have a bank account and still feel excluded from the financial system,” says Yomi-Tokosi. “They may not understand why fees were charged, how interest accumulates, what a debit order means, why a credit score matters, or how to identify fraud. The product may be there, but confidence is missing.”
