CHAMPIONING DIVERSITY IN BANKING

The BANKSETA plays a major role in bridging the skills gap in the banking sector.

The Banking Sector Education and Training Authority (BANKSETA) is the driving force behind developing skills in the banking and alternative banking industry. Established through legislation, BANKSETA works strategically to create partnerships with sector stakeholders to identify training and development opportunities for growth while mitigating the risks involved. The SETA has various responsibilities, chief among these is developing and implementing a Sector Skills Plan (SSP). This process explores sector trends to determine what skills are in demand in the banking and alternative banking sector. In addition to this, the organisation administers learning programmes with the aim of meeting objectives set out in the National Qualifications Framework as well as fulfilling
the National Skills Development Plan (2030) requirements. COVID-19 has altered the banking industry, resulting in sweeping changes across multiple areas, such as customer service and financial regulation. The pandemic has served as a powerful reminder to all businesses and households that the unexpected can occur. As BANKSETA CEO Eubert Mashabane agreed, some plans were inevitably disrupted by COVID-19.

“Despite being initially impacted, the BANKSETA team could not afford to slumber on matters, postpone decisions to a later stage, or ponder plans because decisive and immediate action was non-negotiable. Over the course of the pandemic, the SETA swung into remote working action and achieved several ministerial directives. Several projects were already underway when the lockdown began, each with its own deadline, time-sensitive and delivering on the promise of training or work-based learning and experience to hopeful future recruits to the sector,” he told Transform SA.
“Certain providers were already well prepared to deliver learning and training online, and technological resources were made available to beneficiaries where feasible. BANKSETA pulled out all the stops to remain on top of its crucial work and continued to deliver value to its many stakeholders,” he added.Deputy President David Mabuza recently noted the importance of adopting
a youth-centric approach to South Africa’s Economic Reconstruction and Recovery Plan. This innovative agenda strives not only to provide young people with jobs but also to empower them as co-creators in building an economy that is robust, stable, and sustainable for years ahead. By tunnelling their focus on engaging unemployed youth in this beneficial mission, our government is
sure to set SA up for success. “No society should allow young people to wallow in hopelessness when possible solutions can change the prevailing situation,” said Mashabane.

We have responded positively to the President’s request to fulfil an operating role in supporting the government’s ERRP. The President has appealed to SETAs to commit to placing at least 10 000 unemployed Technical Vocational Education and Training (TVET) college graduates in workplaces from April 2022,” he said. Mashabane said BANKSETA is dedicated to working with both academic
institutions and private industry to expand the capacity of TVET colleges and that the commitment to developing skills should be an inclusive process involving both formal education and on-the-job training. This unified front is key for progressing South Africa as a whole towards greater economic prosperity.


The SETA is bridging the gap in remote areas through innovative programmes and collaborative partnerships. By working with stakeholders in the rural areas,geographical reach is expanded as BANKSETA strives to ensure that everybody has access to the SETA’s services regardless of location. “A particularly crucial factor for us is the widening of our geographic reach so that we do not exclude and disadvantage deserving individuals and prospective strategic partners in rural areas. Bridging the gap between urban and rural locations, thereby creating meaningful opportunities for beneficiaries outside the main metropolitan areas, remains one of the SETA’s most important strategic priorities,” he said. BANKSETA has taken strides towards revolutionising South African
communities by launching a Rural Development Project in partnership with SALGA. Aiming to increase financial literacy, this project utilises traditional classroom training as an efficient way of providing education to those living in rural areas who may not have access to high-tech tools and devices.

Taking measures to bring about transformation and to meet the equity goals.

Mashabane said the organisation is taking measures to bring about transformation and to meet the transformation goals of 85% Black, 54% Female, and 4% disabled . These targets are an important step towards a fairer workplace that represents all members of society. The youth, women, and Persons with Disabilities (PwDs), in particular, have and will continue to receive a special focus,” he revealed. BANKSETA has further developed its Research Unit’s Fourth Industrial Revolution research project by partnering with the University of the Witwatersrand (Wits ) and the Durban University of Technology (DUT). With this joint effort, the SETA aims to unlock innovative solutions that can lead to the recruitment of bankers of the future, operating in and embracing a new world of work.
“Research during the year focused on digitisation, cyber security, mapping of occupations, just transitioning, and related issues affecting the sector. Supported by BANKSETA, Wits completed its digitisation and mapping of occupations research, while DUT finalised its 4IR digitisation and technology research studies,” he said. The Alternative Banking Department helps build brighter futures for small businesses, rural areas, and cooperative societies by equipping them with essential skills for success. With their support, these groups have a better chance of achieving prosperity in an ever-evolving world. “The SETA called for applications from stakeholders for the implementation of programmes that will support entrepreneurs, new businesses, and Small and Medium Enterprises (SMEs) to reach a level of maturity to employ more resources, access existing markets, and thereby creating employment and contributing to the economic growth of the country with the Entrepreneurship
Funding Window grant opportunity,” he said. The BANKSETA successfully ramped up its assessment of qualifying discretionary grant applications leading to 98% of its surplus funds being committed to a pipeline of skills development projects. The Board has also approved the proposal to begin a comprehensive organisational redesign study aimed at eliminating existing barriers and cultivating further capacity.

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