Transformation Report 2022

Banks continued to meet many of the empowerment and transformation targets set in the Financial Sector Code (FSC), despite the severe economic contraction of -6,4% experienced in 2020, which reduced opportunities for job creation and inclusive economic growth.

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Ubank Under Curatorship

On 16 May 2022 the Minister of Finance, in consultation with the Prudential Authority (PA),  placed Ubank Limited (Ubank) under curatorship with immediate effect. This was done to help protect Ubank’s customers and the financial services sector while the bank finds a potential investor to restore its capital position to an acceptable level as required by the PA.  

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The National Budget 2022

The Minister of Finance, Enoch Godongwana, has made good use of South Africa’s tax windfall by committing to reducing debt while providing necessary social support to the country’s most vulnerable.

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Renewable Energy Initiative

South African banks are in principle ready to finance, on appropriate terms, independent power producers who make use of a proposal that Eskom-owned land in Mpumalanga be leased to renewable energy developers.

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FSL AMENDMENT BILL [B15B-2020]

While reviewing the FSLAB we have unfortunately picked up what we consider to be a drafting oversight that was not immediately obvious. We do not believe that this issue means that the legislator differs from a substantive point of view and instead consider the issue to be relatively easily rectifiable.

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Sustainable Finance Conference 2021

The association is hosting the Sustainable Finance Conference 2021 to highlight the role of the financial services industry in supporting sustainable development in South Africa. The conference will focus on sustainable social and environmental development, as well as the outcomes of the 2021 United Nations Climate Change Conference (COP26).

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Financial Relief July 2021 Unrest

In the wake of the July 2021 unrest in KwaZulu-Natal and Gauteng, which damaged banks and other businesses and economic infrastructure, banks granted financial relief worth R246,7 million on 15 009 credit agreements as of 09 October 2021. 

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Business Loss Reg Extension

The Business Loss Registration Portal was created for business owners to register physical property damage and loss of stock incurred in unrest affected areas between the 9th and 19th of July 2021.

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SABRIC Annual Crime Stats 2020

SABRIC, the South African Banking Risk Information Centre, on behalf of the banking industry has released its annual crime stats for 2020. COVID-19, in conjunction with the implementation of regulations of the Disaster Management Act had a notable influence on financial crime trends in 2020.

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Automated Teller Machines Fees

To assist social grant recipients and those who live in areas where Automated Teller Machines (ATMs) and branches had been destroyed, bank customers have been able to use any ATM, including those not operated by their own bank, without incurring additional charges. Subsequently, from 01 October charges for using ATMs not operated by a customer’s bank, will be re-instated.

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