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The Elephant Coast is growing rather rapidly as government is spending huge amounts on social development within Umkhanyakude district Municipality

This has impacted directly on local spending, which has attracted the attention of the banking and insurance sectors, with the four largest banking groups in South Africa and some smaller banks all trying to attract their share of the local economic development.

A very large percentage of Umkhanyakude district Municipality residents are un-banked, and this is a problem for the central government. This is slowly changing as  the persons receiving social grants  are being encouraged to open bank accounts with a local banking institution or the post office.

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Revised: April 18, 2012 09:35:38 -0400 . (South African standard time)