In the wake of the global economic crisis, Finance Minister Pravin Gordhan has called for absolute transparency in banking institutions to "unburden" South Africans.

Following a meeting with chief executives and chairmen of South Africa's major banks on Monday afternoon, Gordhan told a media briefing in Pretoria that the banking sector needed to improve by developing a regulatory environment more conducive to increased access to services for the poor.

"We have crossed an important milestone in this process and let's practice what needs to be achieved. Banks have understood that the system needs to change," said Gordhan.

Some of the recommendations banks had agreed to implement were lowering penalty fees on dishonoured debit orders, improving management of the current debit order system and greater transparency of ATM fees and charges.