In terms of the Skills Development Act, 97 of 1998, the Department of Labour established the BANKSETA on 20 March 2000.
The scope of coverage of the BANKSETA includes:
- skills
- Central Banking
- Financial mediation
- financing
- Securities
- Training
- Education
The mission of the Banking Sector Education and Training Authority (BANKSETA) is to support transformation and people development through partnerships and to enable stakeholders to advance the national and global position of the broader banking and microfinance industry.
BANKSETA’s guiding principles are to leverage skills levy funds for the strategic benefit of the banking and microfinance sector; provide quality-assured, world-class skills training services at the lowest cost; deploy leading-edge technology; judiciously carry out the National Skills Development Strategy (NSDS) mandate; maintain status as a preferred human resource development partner in banking and microfinance, and exceed customer expectations. Its mandate is to: encourage employers in its sector to develop an active learning environment in the workplace; provide employees with opportunities to acquire new skills/progress in their careers; increase levels of investment in workplace education and training; and promote transformation as guided by the NSDS equity targets of 85% black, 54% female and 4% disabled.
