Mzansi Account
Encyclopedia
The Mzansi Account is a low income transactional banking account that was developed in line with the commitments of South Africa
's Financial Sector Charter
. The Financial Sector Charter
requires banks to make banking more accessible to the nation and, specifically, to increase banking reach to all communities.
The Mzansi Account is the result of the major South African banks working collectively to provide a standard for new bank accounts, which is affordable, readily available and suits the specific needs of the previously unbanked
communities. Each bank has established its own pricing competitively.
The collaboration between the banks has allowed Mzansi account holders to make use of any of the participating banks’ ATMs at no additional cost – effectively creating a network of over ten thousand ATMs across the country and extending the banking platform to the greater community. This is augmented by point of sale functionality available at retailers.
The Mzansi Account is issued by the following South African banks:
By August 2006 3.3 million Mzansi Accounts had been opened across the 5 issuing banks.
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
's Financial Sector Charter
Financial Sector Charter
The South African Financial Sector Charter is a transformation charter in terms of the Broad-based Black Economic Empowerment Act.The Charter came into effect in January 2004 as a result of the Financial Sector Summit hosted by the National Economic Development and Labour Council , the...
. The Financial Sector Charter
Financial Sector Charter
The South African Financial Sector Charter is a transformation charter in terms of the Broad-based Black Economic Empowerment Act.The Charter came into effect in January 2004 as a result of the Financial Sector Summit hosted by the National Economic Development and Labour Council , the...
requires banks to make banking more accessible to the nation and, specifically, to increase banking reach to all communities.
The Mzansi Account is the result of the major South African banks working collectively to provide a standard for new bank accounts, which is affordable, readily available and suits the specific needs of the previously unbanked
Unbanked
The unbanked are citizens of a country who do not have their own bank account. Along with the underbanked, they may rely on alternative financial services for their financial needs, where these are available.-The unbanked in the United States:...
communities. Each bank has established its own pricing competitively.
The collaboration between the banks has allowed Mzansi account holders to make use of any of the participating banks’ ATMs at no additional cost – effectively creating a network of over ten thousand ATMs across the country and extending the banking platform to the greater community. This is augmented by point of sale functionality available at retailers.
The Mzansi Account is issued by the following South African banks:
- Absa Group LimitedAbsa Group LimitedThe Absa Group Limited is the largest consumer bank in South Africa.- Overview :Absa is based in Johannesburg and listed on the JSE Limited and is one of South Africa's largest financial institutions...
- FNBFNBFNB is a three-letter abbreviation which may refer to:* Farmers National Bank * First National Bank * The Friday Night Boys: An American rock band* Food Not Bombs, an anti-hunger activist group...
- Nedcor
- Standard BankStandard BankThe Standard Bank of South Africa Limited is one of South Africa's largest financial services groups. It operates in 30 countries around the world, including 17 in Africa.-History:...
- Postbank
By August 2006 3.3 million Mzansi Accounts had been opened across the 5 issuing banks.