Introducing the Financial Co-Operatives Newsletter
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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