Lack of data makes measure of financial sector transformation tough says DTI

According to Cas Coovadia, Managing Director of the Banking Association of South Africa, the Financial Sector Charter signed in 2002, represented the written and oral submission in today's public hearings on transformation of the financial services sector.

He believes the submissions are evidence of substantial progress of transformation in the financial sector industry.

We need to have broad based transformation.

Cas Coovadia, Managing Director, Banking Association of South Africa

Take a listen to Cas Coovadia below:

EWN Parliamentary Correspondent, Gaye Davis attended the public hearings on transformation of the financial services sector by Parliament’s finance and trade and industry committees.

Attendants agreed that the economy needs to be more inclusive in order for growth needed to tackle unemployment and poverty to be evident.

Davis added that the Department of Trade and Industry said their biggest challenge is the lack of adequate data needed to prove how transformational the financial sector is.

There is a general consensus that a lot more needs to be done.

Gaye Davis, EWN Parliamentary Correspondent

To listen to Gaye's full report listen to audio below:

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