The History of Money and Banking in South Africa (Grade 10 NSC Matric Economics): Flashcards
📚Flashcards
Practise the cards
10 cards from this deck
ShowHide
Practise the cards
10 cards from this deck
Period when commercial banks lost some dominance in SA
Period when commercial banks lost some dominance in SA
1948-1965
Why commercial banks lost importance (1948-1965)
Why commercial banks lost importance (1948-1965)
New specialised financial institutions emerged
Banking consolidation meaning
Banking consolidation meaning
Smaller banks merged with larger ones
SA's 'big four' commercial banks
SA's 'big four' commercial banks
Standard Bank, FNB, Nedbank, ABSA
Micro-lenders definition
Micro-lenders definition
Businesses providing small loans to those who can't access banks
Why micro-lenders charge higher interest rates than banks
Why micro-lenders charge higher interest rates than banks
They take increased risk with borrowers who don't qualify for banks
Stokvel definition
Stokvel definition
Traditional SA savings club with rotating payouts to members
How stokvels work
How stokvels work
Members contribute regularly; pooled money given on rotation
Reasons people seek banking alternatives
Reasons people seek banking alternatives
Income requirements, documentation, location, cultural preferences
Impact of alternative financial services on SA
Impact of alternative financial services on SA
More South Africans access credit and savings options