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Products and services > Mzansi > Overview
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South Africa's major banks undertook to provide more effective financial services to the so-called unbanked and underbanked sectors of South Africa as part of a Financial Sector Charter agreement .
The aim: to provide affordable, cost-effective and simple banking services to this segment of the South African population. The pricing of the account is based on what this section may find affordable. In this way Mzansi initiatives make it possible for millions of South Africans to participate in the economy and to enter the world of banking.
The Mzansi brand, the umbrella name for this national banking initiative, came to life on 25 October 2004. All banks co-branded their offerings and at Standard Bank we named our first solution Mzansi BlueAccount.
In September 2005 we introduced Mzansi Money Transfer, our second solution for this market.
Together, our two solutions cater for and provide low-income earners with basic banking needs, such as deposits and withdrawals at cost-effective rates.
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