Co-operative Banks Development Agency : FAQ's

Frequently Asked Questions (FAQs)
  • To whom does the Co-operative Bank Act apply?
    • The Act applies to all co-operative banks registered under the Act and to any �
      • primary co-operative registered under the Co-operatives Act that takes deposits and
        1. has 200 or more members; and
        2. holds deposits of members to the value of R1 million or more; and

      • Secondary or tertiary co-operative registered under the co-operatives Act whose members consist of al least �
        1. two or more co-operative banks;
        2. two or more financial services co-operatives that take deposits; or
        3. one co-operative bank and one financial service co-operative that take deposits

  • With whom must I register my Co-operative Financial Institution or Co-operative Bank?
    • Start-ups and less than 200 members and R1 million in assets, or who have applied but not been registered as a Co-operative Bank are required to be registered under a Banks Act exemption notice Gazette No. 35368 no 404 of 25 May, with the CBDA, should they meet all its conditions.

      A Financial Co-operative, FSC or SACCO with 200 members and more than R1 million in deposits You are required to be registered with a supervisor located at either the CBDA or SARB. Your application should be sent to the Co-operative Banks Development Agency (CBDA) at cbda@treasury.gov.za who will process it and direct it to the relevant supervisor

  • What happens once I have applied for registration as a Co-operative Bank?
    • All applications for registration should meet the following requirements for approval to be granted :
      1. Your proposed co-operative bank complies with the requirements for registration
      2. That your proposed cooperative bank has sufficient human, financial and operational capacity to function efficiently and competently as a co-operative bank
      3. That every person that is to be a director,managing director or executive officer of the proposed co-operative bank has the necessary experience, knowledge and qualifications to operate the proposed co-operative bank and is a fit and proper person
      4. that the composition of the board of directors of the proposed co-operative bank is appropriate having regard to the nature and scale of the business to be conducted
      5. the constitution complies with the Act
      6. the proposed co-operative bank is in the public interest

      It is the supervisor�s prerogative to decide whether to conduct an inspection of the applicant prior to registration.

      After the assessments have been done, the supervisor may grant an application for registration subject to any conditions he or she may determine.

      The supervisor will on registration, issue a certificate of registration to the cooperative bank and publish a notice of the registration in the Gazette. Only at this point do you trade as a Co-operative Bank.

  • How do I start up a Co-operative Bank?
    • Your co-operative can only apply to register as a co-operative bank once it has more than 200 member and R1million in deposits. You need to start up as either a Financial Services Co-operative (FSC) or Savings and Credit Co-operative (SACCO). More information on how to register a SACCO or FSC can be obtained from:

      These organisations will assist you with regard to their requirements when starting up a co-operative and a Financial Co-operative in particular.

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