THE SA Reserve Bank (SARB) needs to delve much deeper into the psychology of why so many people in South Africa remain unbanked. This also has its roots in trauma towards money.
According to the World Bank as many as 12 million South Africans do not have a bank account, and many others have limited access to banking.
Earlier this year I attended an HR masterclass where one fabulous black entrepreneur related how she was scared to go to a legacy bank as she felt they would reject her business case. She didnt want a white banker.
She found a sympathetic banker and cleverly changed her banking habits to get a business bank account. But not so many entrepreneurs can think outside the box to do what she did. So they dont try to hack what is perceived as an unsympathetic banking playing field stacked against them.
The question is how closely associated are the legacy banks with racism, apartheid and being anti-black.
