The South African Reserve Bank has announced the issuing of another Cooperative Banking Licence.<\/p>\n
It said in a statement on Thursday that the Ziphakamise Savings and Credit Co-operative (SACCO) licence is the first co-operative banking license to be issued since 2011.<\/p>\n
The SACCO has expanded the beneficiaries of its services from the employees of Bell Equipment to now include the Community of Umhlathuze, KwaZulu Natal, it said.<\/p>\n
Prior to registration with the SARB, the institution was regulated under the exemption notice administered by the Cooperative Banks Development Agency (CBDA).<\/p>\n
The current legislative framework makes provision for three types of banking licenses; Commercial, Mutual and Cooperative banks.<\/p>\n
South Africa has two cooperative banks, namely, the OSK Ko\u00f6peratiewe Bank and Ditsobotla Primary Savings and Credit Cooperative Bank, which were both registered in 2011.<\/p>\n
“Ziphakamise Cooperative bank is deemed to have sufficient human, financial and operational capacity to function efficiently and competently as a co-operative bank,” said deputy governor of the Reserve Bank, Kuben Naidoo.<\/p>\n
The SACCO became eligible to apply for registration as a co-operative bank after reaching the membership and deposits of 200 and R1 million, respectively.<\/p>\n
As of 31 June 2017, the SACCO reflected 618 members and a deposit of R4 million.<\/p>\n