Former Absa CEO Maria Ramos says there is room for regulators to review laws governing banks and telecoms companies to improve financial inclusion in South Africa and lower the cost of banking.
Ramos, who now co-chairs the UN secretary-general's Task Force on Digital Financing of the Sustainable Development Goals, told the Black Management Forum on Monday that a high costs base is part of the reason why local banks charge for things like cash withdrawals at ATMs.
In a country where many can ill-afford high banking fees, consumers are left to foot the bill for the cost of carrying cash, complying with regulations, legacy systems and employing thousands of people.
