I believe that a convenient starting point for my remarks is to first clarify what we mean by the term “financial inclusion” since there is no universally accepted definition of financial inclusion. Some definitions imply that all persons should have access to financial services; others define a vulnerable group, usually with lower income or the poor, as the target of inclusion.
For South Africa, the policy adjustment in response to the Asian, Argentinian and Russian crises of 1998–2001 marked a clear break from the past. We effectively gave up on the idea that a good way to support the economy was to closely manage the currency in an effort to hit multiple goals.