CODE SERIES FS700 - SOCIO-ECONOMIC DEVELOPMENT

THE MEASUREMENT OF THE SOCIO-ECONOMIC DEVELOPMENT ELEMENT OF BROAD-BASED BLACK ECONOMIC EMPOWERMENT

Arrangement of this statement

1.               Objectives of this statement

2.               The Socio-Economic Development Scorecard

3.               Key measurement principles

 

Access to Financial Services
Access Method Qualifying Market / Arear Qualifying Criteria Range Target Available points
2.1 Geographic Access (Reach) One or more of: 6
2.1.1 Transaction point 50% or more of house-holds fall within LSM 1-5 draw cash, or 5 km 85% 1
purchase from their accounts
2.1.2 Service point reset a PIN 10 km 70% 1
money transfers,
get a statement, or
Initiate account queries
2.1.3 Sales point replace a card, 15 km 60% 2
deposit cash into their accounts, or
acquire:
a transaction account, a funeral policy,
a savings account, or
a loan.
2.1.4 Electronic Access Individuals earning less than R5,000 per month increasing by CPIX p.a. The use of telephones, mobile phones, internet banking or any other new technology for: money transfers, account to account transfers, prepaid purchases, balance enquiries (list not exhaustive). National 19% of account holders within the target market 2
2.2 Banking Densification Individuals in the LSM 1-5 group nationally Access to cash withdrawal facility per measuring unit National 1, 500 adults per point of presence 3
2.3 Product related access Individuals in the LSM 1-5 group nationally Number of active accounts for qualifying products per institution National 12 370 082 active accounts in 2017 (SASSA accounts not included) 3

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