FNB says SA must use its high mobile penetration to sustain financial inclusion
One of South Africa’s leading banks, FNB said the country must use its high mobile penetration to sustain financial inclusion. FNB said the country needed to take advantage of its growing mobile penetration to protect current gains and further broaden access whilst reducing the cost of enablement. FNB Life’s Chief Executive Officer, Lee Bromfield said the country needs to ensure that the current state of the economy does not derail the progress made to date. South Africa’s commitment to broadening financial inclusion focuses on enabling citizens to transact, borrow (credit), invest and insure.
Insurance, especially funeral insurance has been a key contributor to financial inclusivity among entry-level income groups but it is also one of the basic financial products that people tend to sacrifice when in financial difficulty. In December 2015, FNB made funeral insurance available on Cellphone Banking and saw over 3 500 clients take up cover two weeks of going live.
“As the economists have predicted, 2016 will be a tough year and consumers will be challenged to make sound financial decision to cushion against financial difficulty” – said Bromfield