Deputy Speaker, South Africa is acknowledged to have some of the highest bank charges in the world. This has a disproportionately high impact on poor people who cannot afford high bank charges.
The ANC and government have instituted many attempts to address this issue - most notably by introducing the Mzansi Account. The high take-up rate of this account proves that there is an even greater need to make financial services more accessible to the poor.
The ANC applauds the work of the Competition Commission, which is currently holding public hearings on this issue. We are heartened by the fact that banks themselves have acknowledged that their charges are excessive and that this prevents many people from accessing their services.
The ANC awaits the results of the Competition Commission's enquiry into high bank charges. The ANC urges all banks to institute measures that will address the excessively high costs of banking and allow poor people affordable access to banking services. I thank you. [Applause.]