Introducing the Financial Co-Operatives Newsletter

Asibambane, let’s keep connected! Issue 1 • December 2011 IN THIS CFIs agree on new representative body 2 | Best Performing Financial Co-ops Rewarded at Indaba 4 | Financial Co-operatives Retail Bond launched 5 Ditsobotla Co-op Bank ISSUE Officially Launched 5 | CFIs’ Indaba presentation summaries 6-9 | CBDA capacity building interventions 10 | CBDA Interventions 10 | Words of wisdom 12 Introducing the financial co-operatives newsletter

he co-operative movement, broadly and the financial co-operative sector As co-operators we Tin SA, specifically are at the cusp of significant shifts. will be better off when

Firstly is the declaration of the year 2012 as the there is a rich exchange year of co-operatives by the UN, meaning, we of perspectives will join the rest of the world in celebrating a business model that puts people first, innovates and thoughts to meet member needs and provides local on what affects service while being part of a global network. Secondly, our financial co-ops have taken a step us most as SACCOS, to form a new inclusive representative body. This is a timely development for the sector. Co op Banks or FSCs Mr. Sifiso Ndwandwe, (CBDA Board Chair)

The Deputy Minister of Finance, Mr. Nhlanhla SACCOs, co-op banks and FSCs we will be The Connection is also intended as another individual Co-operate Financial Institutions as Nene, during the Indaba held in Cape Town, publishing The Connection every quarter. channel of resource that we hope the financial well as useful resources that are available. challenged every one of us in the financial co- co-operative sector will find useful. We have operative’s sector to change our mindset if we In this issue, we have included summaries of the sections on CBDA Interventions to keep you This is just a start, and we seek to continue are to make meaningful contributions to the presentations delivered during the Indaba held posted on capacity building interventions that to improve, so we urge you to send us your communities. He implored us to build a more on 19-20 October 2011. The idea is to encourage the CBDA is developing, Regulatory roundup suggestions, articles and photos. Financial co- unified, inclusive, vibrant and self-sustainable debate and dialogue. As co-operators we will to help you stay abreast of changes in the operatives must use this as a platform to brag movement. Now to help us stay abreast of be better off when there is a rich exchange of regulations and examination processes, Chapter about what makes your CFI a success. these developments, as well as keep each perspectives and thoughts on what affects us news to share among ourselves developments other informed of the goings on within our most as SACCOS, Co-op Banks or FSCs. within the chapters, best practice within your Let’s keep connected! 1 Issue 1 • December 2011

PAGE 2 Asibambane, let’s keep connected! CFIs agree on new representative body

t the inaugural financial co-operatives Indaba held in Cape Town from 19 – 21 AOctober 2011, a resolution was passed The NCBA will unite, represent to create a new national association of all financial co-operatives which brings together and serve co-op banking Co-operative Banks, Savings and Credit Co- institutions which are registered operatives (SACCOs) and Financial Services Co-operatives (FSCs). under the Co-operatives Act of 2005, Co-operatives Banks Act Prior to the Indaba, a series of Provincial of 2007 and the 1996 Bank Act Forums were coordinated by the provincial departments’ of economic development (DEDs), exemptions CBDA & SACCOL. At these forums, attended by over 350 representatives from CFIs across the country, proposals for the establishment of the banking movement; The NCBA will unite, represent and serve co- (WOCCU) and international Coop Banking new association were presented, discussed • Promote development and growth of op banking institutions which are registered Association (ICBA). and approved. Interim provincial chapter participating co-op banking institutions; under the Co-operatives Act of 2005, Co- committees were also elected into office who • represent common concerns of operatives Banks Act of 2007 and the 1996 Bank The board of directors of the NCBA will consist are mandated with coordinating activities and participating members to the NCBA; Act exemptions. It represents its members of a maximum of 11 directors made up of each meetings for the CFIs within their chapters. The • act as social forum to aid the unity of the at regional, national and international levels Provincial chair elected at a Provincial Meeting chapter committees will also serve as a link participating co-op banking institutions. as well as represent members to the of members and two (2) General Managers between the national association and the CFIs. It was also resolved during the forums government, parliaments and other important elected at the Annual General Meeting. In addition, the chapters will: that the new national association will be forums – such as NEDLAC- and international • provide education and training on the called the National Co-operative Banking co-operative banking movement – this principles and practices of the co-op Association (NCBA). includes World Council of Credit Unions continues on next page Issue 1 • December 2011

PAGE 3 Asibambane, let’s keep connected!

continues from previous page Congratulations to the following for being CFIs agree elected onto the committees: Western Cape Gauteng Mpumalanga on new Victor Botha (Sibanye Cape Sacco) Thomas Mvundle (Minanawe FSC) Nelly Puane (Beehive SACCO) Charles George (Flash Sacco) Isaac Makae (TRA FSC) Peter Mahlangu (Philisisitjhaba FSC) Vernon Billet (Sunrise Sacco) Themba Mhlungu (Garepalelwe FSC) Michael Ncongwane (Beehive SACCO) represent- Kholiswa Mbusi (Sunshine Goal) Connie Mboweni (Tshimolohong FSC) Kgaugelo Mabitse (Sivuyile FSC) Vuku Mbonisi (Ubuntu Financial Services) Mapule Sema (Soshanguve FSC) Josias Motsooneng (Path SACCO) Ernest Henda (Okuhle Financial Services) Francis Selialia (Mmetla Khola) Adolph Mashinini (Qalakancane FSC) ative body Shameem Gaffoor (SAMWU SACCO) Tebogo Phadu (NEHAWU SACCO) Sipho Mahlangu (Philisisitjhaba FSC) Mbongeni Manikivane (Kathorus SACCO)

Kwazulu Natal North West Free State Nozipho Mcube Ds Giftjan Dhlamini (Kraaipan FSC) Mr Moloi (Achib FSC) The board of directors Ayanda Masalla (Nondweni SACCO) Kweku Arthur (Boikago SACCO) Ms Martha Selaledi (Motheo FSC) of the NCBA will Thakasile Khumalo Poifo Mofokeng (Ditsobotla Co-op Bank) Mr Moloi (Goodstart FSC) Phillip Nhlanhla Zondi Mojalefa Piet Leteane (Lehurutshe FSC) Mary Mbele (Makwane FSC) consist of a maximum Emmanuel Zulu ( Sibusisekile SACCO) Moteribi Khutsoane (Motswedi FSC) Makarabo Mashoeshoe (Green Pastures FSC) of 11 directors made Bonginkosi Dunge (Nkandla SACCO) Kagiso G. Lesemela (Lehurutshe FSC) Makarabo Mashoeshoe (Makwane FSC) up of each Provincial Nhlanhla Mtolo (SASEE SACCO) Shadrack G. Kgosiemang (Motswedi FSC) Ms Lerumo (Bomme le Baradi FSC) chair elected at a Northern Cape Limpopo Eastern Cape Provincial Meeting Fraser Smith (Tharintsho FSC) Billy Kalushi Moloto (Mathabatha FSC) Thamsanqa Sifumba (Gijima FSC) of members and two Rose Moeng (Future Creation FSC) Elias Mathebula (Tiharihani SACCO) N. Nogaga (Sodasifike Phezu FSC) General Managers Ike Maleka (Vosele FSC) N. G. Mhlongo (Homu FSC) Laphumilanga (Laphumilanga SACCO) Veleminah Horne (Future Creation FSC) Jimmy Mboweni (Bakenberg FSC) Ntombodumo Nyaba (Masihlume SACCO) elected at the Annual Kelehetswe Maditsela (Batlharos FSC) Ronald Rasimphi (Nyaluwo Mutale FSC) Thobile Gadeni (Mayibuye SACCO) General Meeting Vacant (Position left for OSK Co-op Bank) Princess Mpkgophi (Mathabatha FSC) F.Takane (Sodasifike Phezu FSC) Vacant (Position left for OSK Co-op Bank) Frengelina Maesela (Mankotsana FSC) Nontuthuzelo Faku (Masihlume SACCO) Issue 1 • December 2011

PAGE 4 Asibambane, let’s keep connected! Best Performing Financial Co-ops Rewarded at Indaba The Inaugural CFI Awards, sponsored by Old Mutual, were presented to the worthy recipients on 20 October 2011.

he Indaba provided a great opportunity for the CBDA to launch an Annual Incentive Programme for best Tperforming CFIs. The incentive programme was sponsored by Old Mutual and was based on performance standards developed by the CBDA following a consultative process with the CFIs around the country.

Speaking at the Indaba, the Director of Capacity Building (CBDA), Mr. Robert Mbeza informed Mr Lukas Taljaard, Chairman of OSK Co-op Bank Mr Ndwandwe presents prize for highest savings Mr Ndwandwe presents prize for highest active the delegates that the Performance Standards receives prize for highest membership growth growth to Mr Tebogo Phadi, Board Secretary– members to Mr Mabusa, Board Chair– were designed to enhance performance of the from CBDA Board V.Chair Adv Kuzwayo Nehawu SACCO Mathabatha FSC CFIs so that they can qualify and be registered as Cooperative Banks and remain sustainable and for registration with the South African Reserve Bank (SARB) compliant with the prudential requirements. & Group 2 consisted of CFIs registered with CBDA or applied for registration with the CBDA. Compliance to the performance standards will be a painstaking undertaking by the CFIs and The winning CFIs are highlighted below: hence the CBDA’s plan to incentivise those Prize Category Winner Score that are showing outstanding performance Gr 1– Best Performing OSK Co-op Bank 68% according to the set standards. Gr 2– Best Performing Ditsobotla 77% Co-op Bank The assessment used Ratio Analysis with some Gr 1– Highest active membership 2011 OSK Co-op Bank 85% PEARLS Ratios and Prudential Requirements. Gr 2– Highest active membership 2011 Mathabatha FSC 31% The CFIs were grouped into two groups i.e. Gr 1– Highest Savings Growth 2011 Oranjekas 67% Group 1 and Group 2. SACCO Gr 2– Highest Savings Growth 2011 NEHAWU 67% Adv Kuzwayo and Mr Ndwandwe presents best performing CFI award to Ms Sabi Padi Group 1 consisted of CFIs registered or applied SACCO (MD-Ditsobotla Co-op Bank) & Mr Poifo Mofokeng (Chair– Ditsobotla Co-op Bank) Issue 1 • December 2011

PAGE 5 Asibambane, let’s keep connected!

National Treasury Launches Financial Co-operatives Retail Bond

he National Treasury as enacted by the Management Act, 1999 (Act No.1 of 1999) Co-operatives Bank Act 2007, Act No.40 Tof 2007 and through its Asset and This product will serve to diversify savings Liability Management division has created a instruments available to Financial Services Co- new investment product, namely the Financial operatives, Co-operative Banks and Co-operative Co-operatives Retail Savings Bond. Financial Institutions. These 1 year,2 year and 3 year Co-operative Retail Bonds will provide This product was officially launched by the financial co-operatives with a safe instrument to Ditsobotla Co-op Bank National Treasury during the Co-operative invest and to earn a competitive return on their Financial Institutions Indaba, held in Cape members investments with no charges. Officially Launched Town between 19 and 21 October 2011. n 5 November 2011, the first co- The bonds also have some additional operative bank to be registered The ceremony was well attended by fellow co-operators from The main objective of this product is to unique features which take into account in South Africa, Ditsobotla O Swaziland, Gauteng and the provide a secure, affordable savings vehicle for the uniqueness of the financial co-operative Cooperative Bank Ltd celebrated its official Northwest Province Financial Services Co-operatives, Co-operative model, through top ups and early withdrawals. launch in Lichtenburg, North West Province. Banks and Co-operative Financial Institutions, officiated at the ceremony. as per PART 3 [Section 14]; one of the following The Financial Co-operative Bond is available This followed the registration of Ditsobotla Co- assets that may be held of the deposited funds, directly from National Treasury, on Helpline operative Bank by the CBDA Supervisor of Co- The mayor of the area, as well as invited guests are: Financial Co-operative Retail Savings number: 012 315 5888 or on op Banks’ on 17 February 2011. from CBDA, SARB, and SAMAF were in attendance. Bonds with 1,2, or 3 year maturity dates, and [email protected], more distribution treasury bills issued under the Public Finance channels to be announced in the near future. The ceremony was well attended by fellow Entertainment was provided by Serankure co-operators from Swaziland, Gauteng from Mmabana Cultural Center as well as and the Northwest Province. The MEC of a local artist, Mzett. Motsweding Fm also national treasury broadcasted the event for the day. On that day Department: Department of Economic Development National Treasury REPUBLIC OF SOUTH AFRICA & Tourism, Honourable Tebogo Modise, ten (10) new members joined the Co-op Bank. Issue 1 • December 2011

PAGE 6 Asibambane, let’s keep connected! CFIs’ Indaba presentation summaries Status of the CFI sector in South Africa Guided by he outgoing Managing Director of the been crowded out by government CBDA, Mr Nkosana Mashiya provided entities resulting in members not paying Co-operative Tan overview of the CFI sector in the membership fees and dues, effectively Principles country, noting the historical developments crippling its operations. of the financial co-operatives. • There is therefore a strong and urgent need to consolidate the regulatory frameworks The following where the key take-aways from in order to better manage the collection, his presentation: management & and dissemination of CFI • Deposit taking is an earned activity due to data and contain growth in the registration the need to protect depositors, creditors of CFIs. and the financial system. • The CFIs, irrespective of size, will be • Exemptions from the Banks Act allow expected to building their capital levels CFIs to engage in deposit taking activities Mr. Nkosana Mashiya and improve on their compliance culture within the ambits of a self regulatory body Outgoing Managing Director of the CBDA including reporting to regulators. such as SACCOL or samaf. • CFIs will also need to develop a single Mr. Sylvester Kadzola, • CFIs have failed before in SA resulting in resulting in the establishment of the CBDA unified movement which unifies SACCOs, Malawi (MUSCCO CEO & WOCCU DIRECTOR) Govt. paying out to members over R5 in 2008 FSCs and village banks. million to close unviable FSCs. • The sector is currently characterized by poor • From the government side, before the “If we want to liberate our people from the • Interim regulatory arrangements were representation as well as the weak status of end of the current financial year, existing bondage of poverty which still afflicts the therefore put in place by government, individual CFIs due to weak governance exemption notices will be withdrawn, with majority of our people, we need people, notably National Treasury establishing practices i.e. no board meetings, AGMs, the CBDA ‘warehousing’ the registration governments that are ready to commit time SAMAF in the DTI in 2007. Samaf was poor minutes, no leadership changes; weak and supervision of all CFIs not registered in and resources to embark on what I call a then mandated to assume regulatory internal controls, outdated policies. Most of terms of the Co-op Banks Act. Government “Cooperativization Crusade” on our continent, responsibility for the FSCs & village banks. the CFIs are not complying with reporting will have to channel their developmental Sylvester Kadzola shared his wish in his SACCOL remained regulator for SACCOs. requirements. programs through the representative body In 2007, the Co-op Banks Act passed, • The existing representative body has and its provincial chapters. continues on next page Issue 1 • December 2011

PAGE 7 Asibambane, let’s keep connected! CFIs’ Indaba presentation summaries - continued Regional CFI Success Story (African Perspective)

n Kenya the SACCO movement has evolved Services Activities (FOSA) and this has Guided by their business plan they are over a 40 year period as a force to be enabled these SACCOs to mobilize over 80% confident that they will meet the prudential Ireckoned with in the social and economic of the total ZAR16.7 billion savings in the standards with the 4 year period that all transformation of the Kenyan people, these SACCO movement in Kenya. SACCO societies have been granted by are the words of Atsiaya, CEO of Kenya SASRA to comply with the prudential Police Sacco during his presentation at the The Kenya Police SACCO registered in standards. Financial Cooperatives Indaba held in Cape 1972, but started operations in 1973, Town, South Africa. boasts a membership of over 35000 with Atsiaya emphasized, a “need to keep up an asset base of over US$78 million. The with the changes in the financial market, There are over 6000 registered SACCOs in SACCO is doing its best to comply with adequate member services, improved Kenya with a membership of over 8 million, the prudential standards as set out by product offerings, use of ICT, good making it the largest movement in Africa, the SACCO Societies Regulatory Authority governance and compliance to prudential Mr. Solomon Angutsa Atsiaya with over ZAR16.7 billion. Of the 6000 (SASRA), and has been making steady standards,” for a sustainable Financial Co- CEO Kenya Police Sacco registered SACCOs, 215 have Front Office progress towards attaining these. operative Sector in Africa.

continues from previous page of persons united voluntarily to meet their • Ongoing Education, Training, & Information SACCO in Malawi established in 2004 as a common economic, social and cultural • Co-operation among co-operators model of success based on its unyielding Guided by Co-operative aspirations, through jointly owned and • Concern for the community adherence on co-operative principles. Principles democratically controlled enterprise” FINCOOP SACCO’s success is also based on He added an eighth one – brand visibility, competent and experienced presentation “The Importance of Cooperative He emphasized that for this autonomous • Building Financial Stability management, as well as support from the Principles in the Financial Co-operative Model” enterprise to thrive, it is imperative that it is National Association. at the Indaba. guided by these seven co-operative principles: These principles are what differentiate co- • Voluntary & open membership operatives from other businesses and they are In closing, Kadzola highlighted, numbers He defined a co-operative using the • Democratic member control embedded on the values of self responsibility, and volumes, a progressive apex body, close International Co-operative Alliance (ICA) • Member Economic Participation self help, democracy, equality, equity and monitoring and supervision as crucial elements definition as “an autonomous association • Autonomy & Independence solidarity. Attention was drawn to FINCOOP for financial co-operatives to thrive. Issue 1 • December 2011

PAGE 8 Asibambane, let’s keep connected! CFIs’ Indaba presentation summaries - continued The Nuts and Bolts of Building a Sustainable and Inclusive CFI movement formed by two or more primary co-ops and offer of the sector. New innovation and new financial services only to those members, while a tertiary instruments spur membership growth and the co-op advocates interests of their members to soundness of the CFIs. government/private sector/other stakeholders. In the third and last stage (diminishing returns) The strength of a tertiary/apex co-op is the financial co-op sector achieves a high level fundamental to the long-term sustainability of maturity, with a steady growth in volume of of the sector as weaknesses at apex level can loans and savings. Services offered by the CFIs lead to financial uncertainty. become highly standardized and established in the market place. Three stages of CFI growth are identifiable , Mr. George .Y. Ombado slow growth, rapid growth and diminishing To this end, the co-operative financial sector Executive Director-ACCOSCA returns. Under the first stage (slow growth) reaches a steady state of financial development. the drivers of the soundness of CFI are The need for financial services, notably credit, FIs tend to serve larger numbers infrastructure, intellectual capital, institutions, savings and insurance is undeniable. There is governance structures and practices-strength- of poor people than specialized integrity, interaction and innovation. thus a need for a coordinated approach to meet en accounting systems. C(“targeted-to-the-poor”) this need by ensuring a good match between microfinance institutions, without relying However in most cases, these are usually aims pursued and activities carried out The framework must also allow for adequate on donor support as the latter do. CFI’s also poorly defined. Investments in the inputs are ( Efficiency, effectiveness and Social Viability). information disclosure on the part of CFIs and attach great importance to financial stability low resulting in insignificant development in strengthening the quality of regulatory capital, and loan recovery. the co-operative sec-tor. This is all buttressed by a strong and vibrant widening the risk coverage, limiting leverage legal framework, which does not compromise and introducing liquidity requirements. The CFI sector broadly has three layers, i.e. In the second stage (rapid growth) superior pro-poor and development investments. primary co-ops, whose membership is mostly products and services in the co-operative Such legal framework must enhance the CFIs’ progress in terms of information individuals & provide specific services to the sector materialize with improvements in development of innovative financial products disclosure will significantly con-tribute to the membership with a strong focus on promoting the key drivers increasing the marginal that contribute to bridging exclusion of rural establishment of industry standards and risk community development. Secondary co-ops are contribution to the development and growth sectors, ensuring that CFI’s embrace best management of the supervisory authorities. Issue 1 • December 2011

PAGE 9 Asibambane, let’s keep connected! CFIs’ Indaba presentation summaries - continued Enduring Success

Co-operatives are a global phenomenon and have played a significant role in the socio-economic transformation of communities around the world

Ms Jessica Richardson Isenegger hard-work, persistence and prayer, financial Sen. Partner infusion Group co-operators can reach 1 million members in 12 years, with a more member centric service. ccording to the World Council She also advocated for the use of innovative of Credit Unions (WOCCU) 100 networking platforms, like facebook and Acountries have credit unions, with sustainability and social responsibility.” This is production and 25% of retail sales. linkedin. 53,000 credit unions world-wide, serving evident in some of the statistics Jessica shared over 188 million people, that is, 7.5% of the with her audience in her presentation; An example she cited is that of the Polish Movement, Most credit unions in the US have sophisticated world population. • Japan 91% of farmers operate as part of a which in 2004 had over 1 Million members, with service offerings like Online banking, financial cooperative; over 1300 credit union outlets and over $3.5 billion planning services, home finance, insurance, Co-operatives are a global phenomenon and • Kenya co-operatives are responsible for in assets. This, however, was not achieved easily or vehicle finance, small business development have played a significant role in the socio- 45% of the GDP; overnight as there were a number of challenges and tax planning services. The following sites economic transformation of communities around • Bolivia 1/3 of population have a co- and hurdles that they had to overcome before they were recommended for more information the world, and in the words of Ban Ki-Moon “Co- operative membership, & could yield the desired results. on some of the service offerings by US credit operatives are a reminder to the international • in France alone co-operatives account for 60% unions; www.lovemycreditunion.org and community that it is possible to pursue economic of retail banking, 40% of food and agricultural Richardson-Isenegger asserts that through www.communitychoicecreditunion.org Issue 1 • December 2011

PAGE 10 Asibambane, let’s keep connected! CBDA Capacity Building Interventions

Performance Standards for The CBDA directly or through representative PERFORMANCE AREA DESCRIPTORS the CFI Sector bodies will be conducting quarterly Constitution assessments and it is through these • Developed & Complied to and re-viewed from time to time In line with the Cooperative Banks assessments that the CBDA will be awarding Board of Directors Development Agency (CBDA) mandate best perform-ing CFIs at its annual Indaba. • Number of fit and proper board mem-bers (9 – 15) to regulate, promote and develop co- • Term of office ( 3 Yrs. Per Term 2 Terms Maximum) operative banking, including deposit taking The performance standards are divided into • Meetings – (Monthly/Quarterly) • Minutes – (Written and Filed properly) cooperatives, the CBDA in consultation with six critical are-as of CFI growth. This article Board Committees (Functioning Committees) all the CFIs around the country developed looks at Governance. • Governance Committee performance standards which form a • Credit Committee Governance benchmark for measuring the performance of Certificate in Co-operative • Supervisory/Audit committee the Coopera-tive Financial Institutions (CFIs). Banking Management Level 1 • Education & Training Committee Strategic Plan & Business Plan OUTCOMES According to research conducted by the CBDA • Documented, Implemented & Re-viewed The outcomes from the performance on management practices among CFIs, most • Mission, Vision, Organogram, Key Strategic Issues, assessment include the following: CFI staff have insufficient knowledge about the • Objectives, Targets, Timelines and Responsible People, • A comprehensive picture of how a CFI legislative framework that govern their CFIs, Financial Reporting, Audit & AGMs • Financial Reports - Monthly is progressing to-wards achieving its lack understanding of prudential requirements, • Income Statement performance goals; human resource management, risk management, • Balance Sheet • A mechanism for responding to emerging accounting and financial management as well as • Audited Financial Reports - Annually issues that may require remedial action; delinquency management. • General Meetings - Annually

Forms an integral part of performance In view of the above, the CBDA is obliged minimum prudential requirements, thus provide training on the materials. Only management linked to the six pillars of CFI to ensure that the managers in every CFI directing their CFIs to institutional and 20 delegates will be accepted for the first key strategic areas of growth i.e. management, are at minimum able to efficiently manage financial stability.As a result, the CBDA has training ses-sion, which will take place in financial management, policies and proce- lending practices; identify, avert and/or commissioned the University of Pretoria February 2012. dures, governance, marketing and products mitigate risks; produce compliant monthly (UP) to develop the financial cooperative and the coop-erative principles. financial reports and comply with the sector curric-ulum, training materials and For more information, see next page. Issue 1 • December 2011

PAGE 11 Asibambane, let’s keep connected!

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institution. A i V si linn f tsni laicnani c i t r ap i

su REGISTRATION:

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l n eme g a n aM k s i R o t n o i t c u d o r t n COURSE STRUCTURE .) cnI

Getrude Mabasa

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ed ,esruoc eht fo n i no i e i lpmoC dna no dna i lpmoC and financial sustainability. a ekam lliw seludom gniwollof ehT gniwollof seludom lliw ekam eht oteganam woh dnat s redn c i t ca r p gn i dne l eganam y l

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niatsus laicnan niatsus dna Fax: +27 (0) 12 420 5465 a n am e v nemeganaM lnemeganaM a i cnan i F 01 XE mer i uqe r l a i t nedu r p dna t s r edn

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and senior staff of Cooperative Financial l ta e

alipmoc eht ni slliks poleve slliks ni eht alipmoc t S a i r e t dna am se t on es r uoc l l A si following topics: legislation and regulations; h

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t dnuo r a dna ac i r f A h t uoS r uoC i t a l s i ge s euq i nhce t a de t eg r a t S eC DN E P Institutions (CFIS). es r uoc i

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s knab ev i t a r epooc dna l l

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f dna l ano i ENQUIRIES: fo :N T s iht

41 t o r c iM

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fourteeno lecture days delivered over two ut i

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and operational management. gn i dna t s r ednu tac i f i t r O EEF OI t n eme g a n am

Kathy Blaine (Centre for Inclusive Banking R

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participants with a thorough understanding OH ee f e s r uoC

:5 : :7 :6 :4 :2 separate periods: :3

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e Each week will reinforce and build on the E E 1 ev i t ce j bo I in Africa) e l u d oM e l ud e l u d oM e l u d oM e l u d oM e l u d oM e l u d oM t t mi a S S S t NRA E L ne i c i f f e

of legislationn and compliance requirements R R ut i t sn i

O HW

e previous weeks’ material. U U s i hT Tel: +27 (0)12 420 3344 ehT s oM O O U U D D U U K

and effectiveer management techniques C ------C e Module 1: Introduction to the Financial Homework during evenings and week-ends Fax: +27 (0)12 420 2106 P

for financial cooperatives. A secondary Cooperative Sector should be expected. E-mail: [email protected]

Issue 1 • December 2011

PAGE 12 Asibambane, let’s keep connected! WORDS OF WISD M

“Never doubt that a small group of thoughtful, “Leadership is, fundamentally, the capacity commit-ted citizens can change the world. to attract follow-ers – or more accurately Indeed it is the only thing that ever has.” voluntary partners – to a compel-ling idea, – Margaret Mead direction, or vision.” – Jeff & Linda Russell

Engaging in Self-Awareness and Critical Reflection Characteristics of Effective Leadership • The capacity to develop and communicate in a shared vision “Effective leaders have a good understanding • A passion for the cause of them-selves. They routinely assess their • A willingness to take risks and challenge We love to hear from you. Editorial team personal and leader-ship strengths and areas the status quo for improvement and have the desire and • A hunger for knowledge and learning Nomadelo Sauli capacity to make the necessary changes in • Personal integrity Mfundo Zama themselves to achieve their goals.” • The capacity to trust and be trusted Shirley Molongoana – Jeff & Linda Russell • Leading by example McIntosh Kuhlengisa Sent us your stories for publication in • Enabling others’ success The Connection to “Nothing Happens Without Personal [email protected] Design & Layout Transformation.” – W. Edwards Deming Complied by: Robert Mbeza, Director or call us on (012) 315 5367 National Treasury Communications Capacity Building and Information

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