BANKSETA ANNUAL REPORT 2023

Vision To be recognised as a centre of excellence and innovation for human resource development in the banking and alternative banking sector. Mission To support transformation and people development and, through partnerships, enable stakeholders to advance the national and global position of the broader banking and alternative banking sector. Our Corporate Values • Respect – the way we treat all people; • Innovation – we strive to constantly up our game; • Stakeholder focus – we strive to consistently improve our offerings; • Professionalism – we benchmark against the best; • Diversity – a strength that binds us; • Integrity – we act accordingly and encourage reciprocity; and • Teamwork – in providing service to our stakeholders, we work as one. Legislative and Other Mandates The BANKSETA is established in terms of the Skills Development Act, 1998 (Act No. 97 of 1998) as amended by Act 26 of 2011 and operates within the following mandates: Constitutional Mandate The BANKSETA’s mandate is informed by the Constitution of the Republic of South Africa, 1996 (Act No. 108 of 1996). The sections that guide the operations of the BANKSETA include the following: • Promoting and maintaining high standards of ethics; • Providing service impartially, fairly, equitably and without bias; • Utilising resources efficiently and effectively; • Responding to people’s needs; stakeholders are encouraged to participate in policy-making; and, • Rendering an accountable, transparent, and development-oriented administration. STRATEGIC OVERVIEW

Legislative Mandates The BANKSETA is established in terms of the Skills Development Act, 1998 (Act No. 97 of 1998) as amended by the Skills Development Amendment Act, 2011 (Act No. 26 of 2011), operates within the following legislative and policy mandates: • Skills Development Levies Act, 1999 (Act No. 9 of 1999) • Regulations published in the Government Gazette, No. 35940, 03 December 2012 regarding Monies Received by a SETA and Related Matters (updated by NT Circular 15 2017 which set aside Regulation 3(12) to send uncommitted surpluses to NSF) and Policy Mandates • South African Qualifications Authority Act, 1995 (Act No. 58 of 1995) • National Qualifications Framework Act, 2008 (Act No. 67 of 2008) • Public Finance Management Act, 1999 (Act No. 1 of 1999) • Employment Equity Act, 1998 (Act No. 55 of 1998) • Promotion of Access to Information Act, 2000 (Act No. 2 of 2000) The BANKSETA aligns its skills development activities to the National Skills Development Plan (NSDP) goals, the Strategic Integrated Projects, the National Development Plan, Government’s 9-point plan and the State of the Nation Address. Sectoral Strategies are also important to skills planning. The Financial Inclusion Strategy, Regulation and the Financial Services Code, are also important strategies impacting skills planning for the banking sector. The main drivers of transformation in the financial sector have been the Financial Sector Code (FSC) and the Broad-Based Black Economic Empowerment Act (B-BBEE). The National Skills Development Strategy has provided the framework for all BANKSETA targeted interventions and is aimed at achieving a skilled and capable workforce that contributes to and shares in the benefits and opportunities of economic expansion and an inclusive growth path. The Strategy is aimed at increasing access to high quality and relevant education and training and skills development opportunities, including workplace learning and experience, to enable effective participation in the economy by all South Africans.

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