South Africa faced significant inequalities at the beginning of the century, including constrained financial inclusion. As part of a social pact to improve the situation, the banking industry launched a joint simplified product, the Mzansi account. The study details the effect of the introduction of the product and the simultaneous improvement in physical access for banking services, through the use of agreed measurement efforts. It also assesses the situation after the Mzansi initiative and identifies current drivers and issues influencing further improved financial inclusion.