The Standing Committee on Finance and the Trade and Industry committee are currently hosting three days of public hearings on transformation in the financial sector.
What exactly does transformation in the banking sector look like?
Managing Director of the Banking Association of South Africa (COSAB), Cassim Coovadia says significant progress has been made since the introduction of the Financial Sector Charter in 2003, however, more can be done.
If I had to measure what the banking sector achieved in the next five to ten years what I would like to see is that the sector has enabled as many people as possible in our country.— Cassim Coovadia, Managing Director of COSAB
We have lots of debates on ownership and so on. The reality is that banks internationally are primarily owned by institutions because bank shareholders have to have deep pockets.— Cassim Coovadia, Managing Director of COSAB
I think the debate should be around how we actively get the majority of the people in this country into the financial services industry to transact, to grow their assets, to develop their assets, to save and to get loans to actually go and develop their own lives. That will be the test.— Cassim Coovadia, Managing Director of COSAB
Listen to the full interview below...