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 Co-operative Banks
Development Agency
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Co-operative Banks Development Agency : Supervision Unit
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Introduction |
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Through a South African Reserve Bank (SARB) issued Banks Act Exemption Notice 37903, 15 August 2014, members of a co-operative that chooses to identify itself by use of the name Financial Co-operative, Financial Services Co-operative, Credit Union or Savings and Credit Co-operative which members-
- consist of persons who are employed by common employer(s) or who are employed within the same business district; or
- have common membership in an association or organisation, including religious, social, co-operative, labour or educational groups; or
- reside within the same defined community, rural or urban district, and which group receives funds from members against the issue of stock or by means of the subscriptions of members
- members of a secondary financial co-operative consisting of primary financial co-operatives registered in terms the paragraph below’;
A co-operative financial institution shall at all times subject itself to the requirements of the Co-operatives Act, No 14 of 2005 and the supervision and regulation of the CBDA.
CFIs registering with the CBDA must meet the requirements of the Government Notice 37903 and the CBDA Rules to remain a registered entity.
The CBDA Supervision Unit relocated to the South African Reserve Bank (SARB) where the Prudential Authority (PA) is located. The physical relocation took place on 9 October 2017, but the relocation of the actual function took place on the 1st of April 2018 when the newly established PA resumes its operations.
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