Co-operative Banking in South Africa

Co-operative Banking in South Africa

The first co-operative bank in South Africa was registered in 2011. The Prudential Authority is responsible for the supervision of all registered co-operative banks, whilst the Co-operative Bank Development Agency (CBDA) is responsible for the training needs of the sector.

The Co-operative Banks Act, 2007 (Act No. 40 of 2007) as amended by the Financial Sector Regulation Act, 2017 can be accessed here. Co-operative Banks are member-owned banks based on the 7 co-operative principles:

Voluntary and open membership
Democratic member control
Members’ economic participation
Autonomy and independence
Education, information and training
Co-operation between co-operatives
Concern for community

Source: https://www.resbank.co.za/PrudentialAuthority/Deposit-takers/Co-operativeBanks/Pages/default.aspx

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