BANKSETA, the banking and micro-finance sector education and training authority has recorded a 27% increase in levy income to about R450 million in the year ended March and claimed a further victory of securing a 12th clean audit from the auditor general.
This is quite remarkable given the level of mismanagement which has visited many Sector Education and Training Authorities.
“We are very proud of this result,” said CEO, Max Makhubalo. “It demonstrates that the organisation is on track in terms of all its financial management and corporate governance commitments.”
Like all SETAs, BANKSETA is funded principally by statutory levies from companies in the banking and micro-finance sector. Levy income, which constitutes 80% of the organisation’s total income.
Makhubalo said on a cumulative basis, BANKSETA continues to spend more than 80% of its allocated surplus funds for discretionary grants. In the 2011/12 financial year, project expenditure amounted to R98,2 million.
“This result was achieved through hard work and dedication by a small, but very efficient team of BANKSETA employees. We take pride in our prudent management of funds, we have found a way to increase the income while reducing our expenditure”, said Makhubalo.
He said the increased revenue enabled BANKSETA to extend its grant-making capabilities, its key learnership programmes and its commitment to special projects.
“By the nature of the sector, BANKSETA needs to support skills development across a wide range of candidates, from school-leavers right through to individuals engaged in post-doctoral studies,” said Makhubalo.
He said the the 2011-12 year also marked the first year of the implementation of the third phase of the National Skills Development Strategy which will run until 2016.
The programmes ran by BANKSETA include:
- Learnership programmes like Letsema and Kuyasa
- Virtual Bank Work-Readiness Programme
- Mobile Training Solutions (reaching rural SME organisations across the country),
- Certificate in Management Development programmes
- Masters and Executive bursaries
- Recognition of Prior Learning benchmarking and provincial Centres of Excellence (University of Fort Hare and University of Zululand, in partnership with SAICA).
The Letsema learnership is a post-matric programme that covers the costs of recruiting unemployed learners, placing them in in-service learnership programmes, and paying them a monthly stipend for the 12-month duration of the programme. The programme was instituted in 2004 and in Y2012, 850 learners were recruited. Kuyasa is a similar programme for post-graduate students.
Makhubalo said “South Africa is recognised as having one of the best financial services sectors in the world and BANKSETA’s objective is to ensure that it has the skills pool not only to retain this position, but to go from strength to strength.”