The Mzansi Account is the result of a banking industry initiative to provide a standard bank account, which is affordable, readily available and suits the specific needs of the previously unbanked com- munities. This initiative is a requirement of the Financial Sector Charter, which requires banks to make banking more accessible to the nation and, specifically, to increase banking reach to all com- munities. The collaboration between the banks has allowed Mzansi account holders to make use of any of the participating banks’ ATMs at no additional cost–effectively creating a network of over ten thousand ATMs across the country and extending the banking.
