As the economy struggles out of the Covid-19 pandemic, ordinary South Africans are suffering most. Debt to disposable income for SA households is at a staggering 75%. This means the average SA family is spending three quarters of their take-home pay on servicing loans, leaving little else for monthly expenses such as food, school fees and transport.
It’s an untenable situation and a sad reflection of our polarised society. We might have a highly regulated and well-developed financial sector, but it’s pointless if that sector only services a minority of citizens. Gathering this data relies on implementing a robust open-finance framework, where customers can share their financial data safely and securely with third-party companies. However, this framework is still under review by the Financial Sector Conduct Authority and is likely not to be formalised anytime soon. Also, open finance relies on the consumer’s agency — he or she must make the decision to share their financial data, which is often a big ask.
. By aggregating and categorising transaction data across various consumer segments, a financial institution can gain detailed insights into segments that might previously have been ignored. And that can result in the development of more inclusive financial products like safe and affordable credit options.
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