ABSTRACT
South Africa (SA) is the African continent’s most industrialised economy (Vaughn and Ryan, 2006), with a complex financial infrastructure and efficient financial markets. Moreover, it has a rigorous financial and regulatory structure which almost matches that of developed markets (Ntim, 2013). However, SA suffers from high levels of poverty, racism and inequality; largely attributable to centuries of conflict between white settlers of European origin and indigenous Africans.
