Abstract
This paper examines the effectiveness of public policy in enhancing financial inclusion in South Africa, paying particular attention to gender and ethnicity. Using a logistic regression model on a decade-long dataset of household surveys, we identify key socio-economic and demographic determinants of financial inclusion. Income, education and age emerge as significant factors, with individuals having a tertiary education 31% more likely to have a bank account than those with a lower education level. Notably, the gender gap has narrowed, with women 3.8% more likely than men to have a bank account. Contrary to previous studies, our findings highlight the strong impact of public policy in improving financial access. However, ethnic disparities persist, as individuals from a Black ethnic background remain significantly less likely to have bank accounts. By bringing to the forefront gender and ethnicity in the discourse on South African financial inclusion, this study offers a novel perspective to inform future policies aimed at equitable financial access.