S. Africa's banks agree on ATM fee, not much else, for new national accounts

S. Africa's banks agree on ATM fee, not much else, for new national accounts
Tags: Bank / Credit Union
September 15, 2004

Business Report: South Africa's big banks have agreed to charge one price for ATM usage by new national bank account clients, according to Lincoln Mali, the director of convenience banking at Standard Bank. "This is the only area in which we will co-operate." The country's banks have become fiercely protective over their plans for low-income consumers after the government forced them to rethink their national bank account plans. Banks had planned to roll out a basic account at a fixed price to the 13.2 million South Africans who are classified as unbanked. Known as Mzansi, the national bank account will now be launched under separate brands. Standard Bank said more than 70 percent of its infrastructure spending will be to reach the unbanked. It plans to install 237 new ATMs in underserved areas this year and 200 more in 2005.