According to Bloomberg, the South African Financial Sector Conduct Authority has launched a new financial education commitment, requiring financial institutions to make a written commitment to comply with international consumer education standards and prioritize customer protection.

Data shows that less than half of South Africans can cope with a financial crisis. The country has seen a surge in fraud cases over the past decade, with several high-profile scandals, including the disappearance of South African brothers who stole $3.6 billion worth of Bitcoin from the Africrypt platform.

South Africa's savings rate continues to decline. The regulator's director general Kamlana said that although many financial institutions invest in financial education programs, their impact is limited.