Alec Russell reports in FT:
Economists have long argued that formal statistics underestimate activity in the informal sector.Under white rule(in South Africa), townships were ignored by banks partly because they were deemed commercially unviable, partly because of the lawlessness, and partly because it did not occur to most bankers to expand services out of their “comfort zone”, says one executive drily.
Now, however, there is a dual impulse for banks to reassess their old ways: there is growing awareness of the size of the informal economy and the rewards from tapping it; and they also need to fulfil their obligations to the banking charter, which requires banks to make amends for the past, when they catered mainly to whites, by expanding services...[continue reading]
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