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in South Africa have some form of  nancial product from a regulated  nancial institution. While the South African Reserve Bank has committed to start testing bitcoin and other cryptocurrencies, it would seem that the larger population is still trying to get to grips with traditional banking.
Another metric often referred to is the percentage of assets managed by black professionals in the asset management sector. The number remains at a paltry 5% despite the charter having been in place since January 2004 and large institutions, like the government-related pension funds, ring- fencing pools of assets for management by black asset managers.
A noteworthy e ort by government
to increase savings and investment in
the country and to minimise  nancial vulnerability of South Africans, was the implementation of the Tax-free Savings Accounts (TFSA) in March 2015. At inception, the key features were that individuals were allowed to invest R30,000 per annum up
to a maximum of R500,000 and all returns were tax-free. In the latest survey, they report that there have been nearly 460,000 tax free savings accounts opened with total savings of R5,174 billion.
In comparison, the National Association of Stokvels of South Africa reports that there are over 800,000 stokvel groups, with the ‘stokvel economy’ estimated to be R49 billion. Stokvels are traditional savings groups, where each member contributes an amount
Anthea Gardner is founder and managing partner of Cartesian Capital. She started her  nance career at HSBC Johannesburg whilst completing her MBA at Wits Business School, where she achieved a  rst class pass for her research thesis in Option Pricing Models and their relevance in
the South African market. In 2004, she joined Rand Merchant Bank on the equity derivatives sales trading desk where
she was instrumental in o ering Single Stock Futures to clients and starting the institutional Contracts for Di erence (CFD) product.
Her move to Morgan Stanley London in 2007, as an emerging markets derivatives specialist, was to cover the European
and US client base focusing on emerging markets in Eastern Europe and Africa. After Morgan Stanley, she joined the investment team at the African Development Bank
in Tunisia, as a Fixed Income portfolio manager. Her team of four managed $22 billion in bond and currency portfolios and Anthea was solely responsible for the €2 billion arbitrage book. Her entrepreneurial spirit took her to the south of France
for a year and a half to start a property business before returning to South Africa. Anthea is a regular market commentator
on Moneyweb, CNBC Africa, Classic FM and also has a daily market commentary feature on Cli

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