Speaking at the launch, the chief executive of bank's unsecured lending division, Daphne Motsepe, said, "Financial exclusion is a continuous problem, by not only excluding the poor and low-income people from financial services, but also from economic development and poverty alleviation.
"Although we have made significant strides as far as addressing the issue of financial inclusion, I believe we still have a lot of work ahead of us. We may have seven million customers in the Entry Level and Inclusive Banking area of the bank, but we are constantly endeavouring to do better in terms of what we offer to them. We also know that there are still 12 million people excluded from formal banking services in South Africa. This presents challenges and opportunities particularly for banks in South Africa."
Motsepe emphasised the need for financial institutions to allow access to the low-income customer segment as they, too, can contribute to economic development and poverty alleviation.
"We also believe people can improve their livelihoods, education, and ability to withstand traumatic events far better if they have access to responsible and attractively priced financial services.
"Our support to the centre reflects the seriousness with which we regard this challenge. It is a service to the sector and this is our contribution to make financial markets work for the poor. Though Professor Gerhard Coetzee is a full time employee of the bank, we have decided that we will formally allocate a portion of his time to the work at the centre."
