Adam Ikdal is the head of The Boston Consulting Group (BCG) South Africa’s Johannesburg office. He said for example, financial institutions will need to work with telecom operators and others to create digital banking channels.
A Lack of trust on financial service providers has been cited as an impediment to enhancing financial inclusion in South Africa.
This is among “serious and stubborn gaps” impacting on such goals, a consulting group said.
“South Africa has several strengths that it can build upon to create a more financially inclusive society but also many troublesome weaknesses that will require dogged effort and cooperation to overcome,” said Adam Ikdal, a co-author of the report, “Improving Financial Inclusion in South Africa.”