The black economic empowerment (BEE charter) for the country’s financial sector is expected to be finalised before the end of September.
A brief statement issued after a two-day workshop attended by representatives of South Africa’s financial institutions and organisations on Friday stated that significant progress had been achieved on important issues of principle and that it was agreed that a core group would convene to settle the outstanding issues, including targets and the scorecard.
“It is anticipated that the industry process will be finalised by the end of September,” it added.
Those who attended the workshop included the The Life Offices’ Association of South Africa, Banking Council of South Africa , South African Insurance Association, Association of Black Securities and Investment Professionals, Association of Collective Investments , Investment Management Association of South Africa , Institute of Retirement Funds, the JSE Securities Exchange SA and the South African Reinsurance Offices Association.
Meanwhile, it’s reported that South African banks have pledged to introduce a bold new plan to expand financial services to the country’s underbanked population by the middle of next year.
Business Day on Friday quoted the Banking Council’s head of transformation, Cas Coovadia, as saying the banks wanted to ensure there was a “point of access” for financial services within 20km of the home or workplace of 80% of South African citizens by mid-2004.
This is the most significant commitment yet by South Africa’s banks to broaden access to financial services for the country’s populace ahead of the finalisation of a finance sector empowerment charter. – I-Net Bridge