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TRANSFORMATION REPORT 2020 About This Report Tis Report Is Produced by Intellidex (Pty) Ltd TRANSFORMATION REPORT 2020 About this report Tis report is produced by Intellidex (Pty) Ltd 1st Floor, Building 3 Inanda Greens Office Park 54 Wierda Road West Sandton South Africa Email: [email protected] Web: www.intellidex.co.za Tel: +27 (0)10 072 0472 Disclaimer Intellidex was commissioned by the Banking While Intellidex believes all information in this report to be accurate, Intellidex makes no representations Association South Africa (BASA) to produce or warranties regarding the completeness, accuracy this report from data supplied from member or reliability of any information, facts, estimates, forecasts or opinions contained in this document. Te banks. information and opinions could change at any time without prior notice. Intellidex, its directors, officers, Te report reflects transformation in the staff, agents or associates shall have no liability for any loss or damage of any nature arising from the use banking industry and its progress towards of this document. achieving the targets set out in the Financial Sector Code. Copyright ©2021. Tis document is copyrighted to the Banking Te publication serves as a report to society Association South Africa. It may be distributed in on the contribution of the banking industry this form without prior permission, but prior written permission must be obtained before using the to the development of the country, and content in another form. as a platform for thought leadership on transformation. Acknowledgements: Project manager: Colin Anthony It aims to serve as an authoritative annual Data & analysis: Letta Maponyane reference book of data on banks and empowerment, complemented with a Design & layout: Eleonora Del Grosso narrative that analyses and explains trends in Subeditor: Heidi Dietzsch the statistics. Contents 1. Foreword: Banking key for economic empowerment 2 2. Highlights 4 3. Introduction: A rational approach will overcome obstacles 5 4. Executive summary 7 5. Methodology 8 6. Data and analysis 9 Ownership 9 Management control: board 10 Skills development 15 Socioeconomic development 17 Preferential procurement 17 Enterprise and supplier development 18 Consumer education 19 Empowerment financing 19 Financial inclusion 24 Bank’s broad-based black economic empowerment levels 26 BASA Financial Inclusion Division: 7. 27 Helping to transform the banking industry 1 Foreword Banking key for economic empowerment David Masondo, Deputy Finance Minister Transformation and inclusive economic growth is a moral and business imperative for the financial sector. ince the dawn of democracy objective of providing points in 1994, the South African of transaction within walking Seconomy has been distance to the vast majority of characterised by many reforms South Africans) have been reached. that were necessary to reconstruct However, everyone can agree an economy in which all South that although progress has been Africans have equal and fair made, much still needs to be done opportunities. to achieve effective transformation Inclusivity and diversity are consistent with the country’s critically important not only developmental needs. Te because of the country’s past, ownership structure of the sector but also for its future. Trough needs to be broad-based, with inclusivity and diversity, society the governance and management and the economy will become structures of the sector more prosperous, stable and representative of the country’s resilient. demographics. We, therefore, As one of the key sectors of need to see more historically the economy and its engine, disadvantaged people participating the banking sector has in the decision-making structures. made meaningful progress in transforming itself and contributing to the ongoing journey of transforming the Everyone can agree country’s economy. Since the introduction of the voluntary that although Financial Sector Charter in progress has been 2004, which in itself was truly revolutionary in South Africa, and made, much still the subsequent Financial Sector Code (FSC), significant strides needs to be done continue to be made in lending to black small businesses and to achieve effective black farmers, and in improving transformation funding for low-cost housing and transformation infrastructure, as consistent with shown in this report. the country’s More low-income earners have basic transactional and developmental bank savings accounts and the targets relating to physical access needs. to banking services (with the 2 Te spate of corruption has the transformation landscape of culture and business strategy. also been used by some to the financial sector. However, it Furthermore, for transformation discredit or discourage the need is important to acknowledge that to be meaningful, it must also for transforming our economy without compliance, the FSC is not be genuine and not just focus on and society. Te transformation worth the paper it is written on. It scoring points. achieved so far should give us all is for this reason that government hope and courage that genuine As government we are mindful intends to strengthen the role of transformation is still achievable. of the fact that as we encourage the the financial sector regulators to financial sector to transform and Impact and responsible investing monitor compliance with the FSC. contribute to the transformation have now become more important Te revised draft of the Conduct than ever before – globally and in of the economy, this must be South Africa. of Financial Institutions Bill done in such a way that it does published in September last year not jeopardise the stability of the Infrastructure financing must made promoting transformation financial sector and sustainable be directed to projects that create of the financial sector an explicit jobs and empowerment financing provisioning of appropriate mandate of the Financial Sector must lead to a meaningful impact financial products and services on people’s lives. More efforts need Conduct Authority (FSCA) that meet the needs of customers. to be directed at the development of in section 58 of the Financial We believe that transformation the black SME sector to ensure that Sector Regulation Act, through must continue unfolding within an the sector significantly contributes consequential amendment to that environment where the integrity to job creation and economic act. Financial institutions will be of our regulatory system remains growth. As technology redefines required to submit a transformation paramount and the sector remains transactional banking, usage of plan that is closely aligned to the sound and continues to deal with electronic banking channels by achievement of tangible targets consumers in a fair, empowering, low-income consumers should informed by the targets in the transparent and informative manner. be encouraged. However, banks FSC. Te bill also empowers Further progression in the must be mindful of the fact that full the FSCA to issue directives in utilisation of electronic banking transformation of the financial relation to transformation plans channels can be a difficult journey sector will happen if the spirit of and to use its supervisory and for low-income earners and our partnership between government enforcement powers to ensure that senior citizens. and industry continues to be central a financial institution’s governance During the Parliamentary to the sector’s transformation efforts. frameworks, including those in hearings on transformation of relation to transformation, are I would like to sincerely thank the financial sector held in 2017, adequate and adhered to. BASA for its continued commitment there was a general view that for to advancing transformation in transformation in the financial We encourage the banking the banking sector and hope it sector to be accelerated, there is sector and the financial sector as a a need to strengthen the FSC, its whole not to wait for the pending will continue to work collectively enforcement and monitoring of legislative changes in terms of with other constituencies in compliance. their approach to transformation. building an inclusive and equitably representative financial sector As government we support the Instead, they should treat review of the FSC that is under way transformation as a societal and that benefits all South Africans, and hope that once gazetted, it will business imperative that should be irrespective of race, gender or further bring positive changes to embedded in their organisational religion. ■ 3 Highlights Black board members grew % For the first time, there are 10 to more African middle managers 85 than white Black skills development spending climbed Top black senior managers up from % % 11 to 34to R4.1bn 34.9% Black representation increased in percentage terms across all management Spending on consumer levels education grew % 18 to Supplier development up R212m 38%to R1.1bn 4 Introduction A rational approach will overcome obstacles Bongiwe Kunene Managing Director, Banking Association South Africa he Transformation in Banking grants – poor service delivery has Te environment has become Report is an effort to provide left the majority of South Africans, such that having a rational Ta factual account to society of especially women and those in discussion about transformation the progress the industry has made rural areas, in poverty and with has become almost impossible, towards the targets set out in the no prospect of a better life for resulting in a stalemate on critical Financial Sector Code (FSC) and its themselves or their children. Tese issues. contribution
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