The banking and alternative banking sector requires certain skills in order to offer products and services to both local and global markets. The BANKSETA 2018 Sector Skills Plan highlights several these skills priority areas as technology, digitisation and analytics, risk management and compliance, management and leadership development, core banking products/services and customer relation management.
The most high-in-demand skills and the most difficult to secure on the South African market still remains within the software development and digitisation. Topping the lists more specifically are the skills of web and android developers. Despite the looming economic recession, there has been no significant signs that the demand for specialised information and technology skills is decreasing.
Caroline King, BANKSETA acting CEO, says, “Strategic plan achievements of the BANKSETA show a robust commitment towards ensuring skills development and transformation in the banking and alternative banking sector while taking into consideration the national skills priorities of South Africa”.
“We appreciate the board’s efforts in ensuring that the BANKSETA remains stable and is committed to inclusivity, and to comprehensively ensure that dynamic skills needs such as fin-tech skills are focused on within the sector," she emphasises.
The SETAs are also the custodians of various youth programmes and the BANKSETA has achieved an increase in its intake from 150 internships to 201 for the 2017-2018 financial year. This is quite an achievement as the SETA’s internship programme intakes have been historically lower than other youth programmes over the past years. The BANKSETA’s flagship Letsema and Kuyasa learnership programmes have impressively led to the successful intake of beneficiaries by the banking sector, the rate of employment being between 75-80%.
Furthermore, the BANKSETA provides support and is committed to sustaining its partnerships with the various Technical Vocational Education and Training (TVET) colleges as a means to address the shortage of specialised skills as these are a critical driver for skills development in South Africa. These partnerships will promote the vocational and training skills within the banking and alternative banking sector.
From a financial perspective as a custodian of public funds, the audited 2017/18 financial year results demonstrated the BANKSETA’s sound financial position in delivering towards the SETA mandate, the organisation receives 80% of the skills development levies paid by employers and 20% goes to National Skills Fund. The total levy income, penalties and interest is R765 million, an 11% increase over R689 million of the previous year. The levy base remains constant with 3 600 registered levy payers.
“We pride ourselves with adherence to legislation and best governance practices which have led to another clean audit report, which is the SETA’s 17th over its entire existence. This is not common in the SETA environment and BANKSETA is proud of its team and the support it gets from stakeholders,” said Ms. King.