Introduction
BANKSETA – In South Africa’s evolving financial landscape, the Banking Sector Education and Training Authority (BANKSETA) plays a vital role in bridging the skills gap. As part of the country’s Sector Education and Training Authorities (SETAs), BANKSETA focuses specifically on the banking and microfinance sectors. It aims to ensure the availability of skilled, qualified individuals to drive the industry forward while addressing economic transformation and youth employment.
In this guide, we’ll explore what BANKSETA is, how it works, who it benefits, and how you can take advantage of its opportunities.
What is BANKSETA?
BANKSETA is one of South Africa’s 21 Sector Education and Training Authorities (SETAs) established under the Skills Development Act of 1998. These SETAs are tasked with developing skills strategies and disbursing funding to promote education and training in specific sectors of the economy.
BANKSETA’s mandate includes:
- Facilitating skills development within the banking and microfinance sectors.
- Enhancing transformation and inclusivity in financial services.
- Promoting employment equity and Broad-Based Black Economic Empowerment (B-BBEE).
- Providing career guidance, bursaries, internships, and learnerships.
Key Focus Areas of BANKSETA
BANKSETA operates through a number of strategic focus areas designed to impact both individual learners and the banking sector as a whole:
1. Skills Development and Training
BANKSETA funds accredited training providers and promotes learnerships, internships, and skills programmes. These are aimed at:
- Unemployed youth
- Employed individuals needing upskilling
- People with disabilities
- TVET and university graduates
2. Research and Labour Market Intelligence
Through data collection and research, BANKSETA keeps abreast of industry trends, identifying skills shortages and emerging areas of demand. This ensures its programmes remain relevant and forward-looking.
3. Financial Inclusion and Access
BANKSETA is committed to extending financial literacy and services to underserved communities. This includes supporting microfinance training and empowering small businesses and co-operatives.
4. Transformation and Empowerment
Supporting historically disadvantaged individuals is at the core of BANKSETA’s mission. It promotes:
- Gender equity
- Inclusion of people with disabilities
- Black economic empowerment
Related: AgriSETA Learning: Building Skills for a Thriving Agricultural Sector in South Africa
BANKSETA Programmes and Opportunities
Here’s a breakdown of some of the most impactful BANKSETA initiatives:
1. BANKSETA Learnerships
Learnerships are structured learning programmes combining theoretical instruction with workplace practice. BANKSETA sponsors learnerships such as:
- National Certificate in Banking (NQF Level 5)
- Microfinance Learnership
- IT and Risk Management Learnerships
These are offered through partnerships with banks, microfinance institutions, and accredited training providers.
2. Internships and Work-Integrated Learning
Graduates from universities and TVET colleges can benefit from internship opportunities in the banking sector, often for 12-month durations. These programmes provide:
- Work experience
- Stipends
- Possibility of long-term employment
3. Bursaries and Scholarships
BANKSETA provides bursaries for students pursuing qualifications in banking-related fields. These are typically aligned with scarce skills and national priorities, such as:
- Financial planning
- Risk management
- Compliance and regulatory studies
- Data science and analytics
4. Skills Programmes and Short Courses
BANKSETA also funds short skills programmes targeting:
- Financial literacy
- Digital banking
- Fraud prevention
- Compliance training
Who Can Benefit from BANKSETA?
BANKSETA programmes are designed for a wide range of South Africans:
| Category | Benefits |
|---|---|
| Unemployed Youth | Access to learnerships, internships, and bursaries |
| University and TVET Graduates | Internships and work readiness programmes |
| Bank Employees | Upskilling through short courses and skills development |
| SMMEs and Microfinance Institutions | Training and capacity building |
| People with Disabilities | Inclusive programmes and dedicated funding |
How to Apply for BANKSETA Opportunities
To take advantage of BANKSETA funding or training programmes, follow these general steps:
- Visit the Official Website
Go to www.bankseta.org.za for the latest opportunities. - Check Eligibility
Read the programme requirements carefully. Most programmes target specific age groups, qualifications, or backgrounds. - Find an Accredited Training Provider or Employer
BANKSETA works through banks, financial institutions, and registered providers. - Prepare Application Documents
These may include:- Certified ID copy
- Academic transcripts
- Motivation letter
- CV/resume
- Submit Before the Deadline
Keep an eye out for advertised deadlines, especially for bursary applications and internships.
BANKSETA and the Future of Banking in South Africa
BANKSETA is not only responding to the current needs of the sector but is also preparing the industry for the future. This includes:
- Fourth Industrial Revolution (4IR) training
- Digital transformation in banking
- Cybersecurity education
- AI and FinTech career paths
By continuously adapting its programmes, BANKSETA ensures South Africa’s banking sector remains globally competitive.
Conclusion
BANKSETA is a key driver of growth, inclusion, and innovation in South Africa’s financial services sector. Whether you’re a young graduate seeking work experience, a professional looking to upskill, or a training provider looking to partner with a SETA, BANKSETA offers a range of support mechanisms to help you grow.
Investing in skills development today means securing a more inclusive and prosperous tomorrow.
