Financial Services to the Unbanked: The Case of the Mzansi Intervention in South Africa

Contemporary Economics, Vol. 8, No. 2, pp. 191-206, 2014

16 Pages Posted: 10 Jul 2014

See all articles by Philip Kostov

Philip Kostov

University of Central Lancashire

Thankom Gopinath Arun

University of Central Lancashire

Samuel Annim

University of Central Lancashire - Lancashire School of Business and Enterprise

Date Written: June 30, 2014

Abstract

The Mzansi intervention is a major initiative designed to provide banking services to the unbanked South African population. This study investigates the underlying variables that define the choice of a Mzansi account from a consumer perspective. Unlike previous studies, we do not assume that demand for financial services is a given but instead that it is underlain by perceptions and attitudes. Financial attitudes and perceptions are found to exert significant effects on financial choices. In particular, aspirations and forward-looking values are instrumental in facilitating access to finance.

Keywords: access to finance, variable selection, adaptive LASSO

JEL Classification: C52, D12, G29

Suggested Citation

Kostov, Philip and Arun, Thankom Gopinath and Annim, Samuel, Financial Services to the Unbanked: The Case of the Mzansi Intervention in South Africa (June 30, 2014). Contemporary Economics, Vol. 8, No. 2, pp. 191-206, 2014 . Available at SSRN: https://ssrn.com/abstract=2464061

Philip Kostov (Contact Author)

University of Central Lancashire ( email )

Thankom Gopinath Arun

University of Central Lancashire ( email )

United Kingdom

Samuel Annim

University of Central Lancashire - Lancashire School of Business and Enterprise ( email )

Preston, PR1 2HE
United Kingdom

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