In April 2011, the South African Social Security Agency (SASSA) introduced a new payment system for social assistance. Payments were made to a beneficiary account using a debit master card which is SASSA branded. The card is issued by a registered bank and operates within the banking environment. The specification of the card complies with EMV standards. In 2013, the SASSA initiative contributed to an additional 1.9 million South Africans being banked and together with the organic banking growth, a total of 3.5 million South Africans gained access to banking, increasing the financial inclusion rate from 67 to 75 per cent (SA Reserve Bank, 2013).

 

In 2014 SASSSA increased the access of a further 5.4 million unbanked beneficiaries to banking, with a total of 10.8 million beneficiaries from the poorest communities currently having access to banking. The social grant beneficiaries are predominantly women (82 per cent) and this initiative in addition to a feminisation issue is also a women empowerment issue namely their inclusion into the financial sector. The increased financial inclusion has also seen an increased take up of other financial products namely savings, funeral policies, and education insurance policies.