Almost 40 000 people have been added to the number of the country's banked population in just two weeks.
Mzansi, the national bank account designed for the poor, has attracted an average of 4 000 new accounts a day since its launch last month.
Standard Bank said on Friday it had opened 14 173 Mzansi Blue Accounts. "We have seen these figures climb steadily from about 500 new accounts a day 10 days ago to over 2 000 new accounts a day," said Eric Larsen, a Standard Bank spokesperson.
Absa, Standard's closest rival in the retail banking arena, said 13 424 Mzansi accounts had been opened so far. First National Bank (FNB) has opened about 8 000.
Nedbank is believed to have attracted 4 000 new accounts. Aggressively punting its middle-market offering, Go Banking, Nedbank believes there is a case to be made for a premium brand in the lower end of the market.
None of the eight banks in the Mzansi initiative - the big four commercial banks plus Meeg Bank, Old Mutual Bank, Peoples Bank and Postbank - expects to make a profit from the accounts initially.
The accounts carry no management costs, and the banks have agreed to give Mzansi customers at least one free deposit a month.