Equity Equivalents • Measurable against the value South African operations • Additional BEE Transaction Financing, Access to Financial Services, Targeted Investments, Enterprise Development, etc • No double counting • Any “ single ” Equity Equivalent contribution may only be counted either under Equity Equivalents or Empowerment Financing. • Target local entities = 5% of value of company as at 31/12/2010 • Target foreign branches = 25% of value of local entity as at 31/12/2010
Equity Equivalent Beneficiaries Equity Equivalent Programmes may have any of the following as their beneficiaries • Enterprises in which: • Black people hold more than 50% of the exercisable voting rights and more than 50% of the economic interest; • Black women hold more than 30% of the exercisable voting rights and more than 30% of the economic interest; and • Black Designated Groups hold more than 50% of the exercisable voting rights and more than 50% of the economic interest; or • Communities, natural persons or groups of natural persons where at least 75% of the beneficiaries are black people and the same percentage of economic value is derived by black people.
Equity Equivalents Scoring • Equity Equivalent Contributions shall be deemed to hold voting rights; • 50% of the voting rights recognised shall be deemed to be held by black women; • Contributions shall be deemed to hold Economic interest; • 50% of the economic interest shall be deemed to be held by black women; • 50% of the economic interest recognised shall be deemed to be held by black designated groups. • Only the balance sheet exposure as at measurement date shall be recognised for Net Value purposes
Empowerment Financing and Access to Financial Services Equity Equivalent Programmes • Measured Entities must register every transaction that constitutes a part of Empowerment Financing and Access to Financial Services Equity Equivalent Programmes with the Financial Sector Council at the commencement of the transaction. • Must meet all the requirements for Empowerment Financing / or Access to Financial Services • Will be considered to be an approved Equity Equivalent Programme, not requiring approval by the Minister of Trade and Industry
Other EQ. EQ. programmes The Minister of Trade and Industry may approve certain Equity Equivalent Programmes after the entity applying for recognition of equity equivalents has consulted with the Minister of Finance with respect to their equity equivalent proposal and the Minister of Finance has forwarded a recommendation to the Minister of Trade & Industry.
Ownership Exemption Local subsidiaries of Multi-nationals are exempted from Ownership. Does not apply to branches of foreign banks who are required to do additional Empowerment Financing to achieve Ownership points. Code FS000, Statement 000, 2.9
Continuing Consequences • Formula as per the DTI Codes has been corrected • FSC includes illustrative example to explaining the formula
Management Control, Employment Equity and Skills Development • No adjusted recognition for gender. • Separate targets for Black Women
Management Control Management Control – Measurement Criteria Weighting Target 2.1 Board Participation 2.1.1 Voting rights of Black board members as a percentage of voting rights of all 0.5 50% board members 2.1.2 Voting rights of Black women board members as a percentage of voting rights 0.5 25% of all board members 2.1.3 Black executive members of the Board as a percentage of all executive 1.0 50% members of the board 2.1.4 Black women executive members of the Board as a percentage of all executive 1.0 25% members of the board 2.2 Top Management 2.2.1 Black Senior Top Management as a percentage of all Senior Top Management 1.5 40% 2.2.2 Black women Senior Top Management as a percentage of all Senior Top 1.5 20% Management 2.2.3 Black Other Top Management as a percentage of all Other Top Management 1.0 40% 1.0 2.2.4 Black women Other Top Management as a percentage of all Other Top 20% Management Total 8 2.3 Bonus Points 2.3.1 Black Independent Non-Executive Board Members as a percentage of all 1.0 40% Independent Non-Executive Board Members*
Management Control • Emphasis on black representation at executive levels • Two sections – Board participation (voting rights) – Top management participation – Bonus point for black independent, non-executive board members • Top Management – Strategic decision makers – Overall and financial management – Develop and implement strategy
Exclusion of Expats • If there is a Global Policy imposing board members, executive or senior managers they can be excluded from the calculations. • Limited to 20% of category, sub-minimum of 1 • If Black South African staff are seconded to overseas operations, the maximum number of expats excluded can be increased
Expat Example Example 1 • Multinational ME has 10 Top Management • 3 are imposed by the foreign parent in terms of a global policy • Expat exclusion = 10 x 20% = 2 • Top Management measured out of 8
Expat Example Example 2 • Multinational ME has 10 Top Management • 3 are imposed by the foreign parent in terms of a global policy • Expat exclusion = 10 x 20% = 2 • ME seconds 2 Black Staff to overseas office • Allowable exclusion = 2 + 2 • Top Management measured out of 7
No Board • A financial institution that is a branch of a multinational or external company that does not have a local Board of Directors will be exempt from the Management Control provisions for Board representation, but may elect to deem their Executive Committees as a Board of Directors. • Once the choice is made, choice will remain until 31/12/2017
No Board ME’s that do not have a Board of Directors may apply to the Charter Council for dispensation to deem their Executive Committee to be a board. This relates specifically to Members of the IBA, however any other measured entity that does not have a formal Board of Directors may apply to the Charter Council for a dispensation to deem their executive committee as a board.
Employment Equity Employment Equity – Measurement Criteria Weighting Target 2.1 Black disabled employees as a percentage of all employees 0.5 3.0% 2.2 Black women disabled employees as a percentage of all employees 0.5 1.5% 2.3 Black Senior Management as a percentage of all Senior Management 3.0 60.0% 2.4 Black women senior management as a percentage of all senior 2.0 30.0% management 2.5 Black Middle Management as a percentage of all Middle Management 3.0 75.0% 2.6 Black women Middle Management as a percentage of all Middle 2.0 37.5% Management 2.7 Black junior management as a percentage of all Junior Management 2.0 80.0% 2.8 Black women junior management as a percentage of all Junior 2.0 40.0% Management Total 2.9 Bonus points for meeting or Exceeding EAP target for Senior 1 87.5% Management 2.10 Bonus points for meeting or Exceeding EAP target for Middle 1 87.5% Management 2.11 Bonus points for meeting or Exceeding EAP target for Junior 1 87.5% Management
Employment Equity • Takes into account management levels only – Senior, middle and junior management as per the EEA9. – Excludes semi-skilled and unskilled occupational levels – Takes into account black people with disabilities • EAP (Economically Active Population) targets met = 3 bonus points, provided that 40% of each the targets have been met. • EAP set at 87.5%
Combining Middle and Junior Levels • Senior Management – 4,5 points • Black Women Senior Management – 3 points • Junior Management - 3,5 points • Black Women Junior Management – 3 points
Skills Development Skills Development – Measurement Criteria Weighting Target Skills Development Expenditure on Learning Programmes specified in the Learning Programmes Matrix for Black employees as a percentage of the financial institution ’ s 3.0 3.0% leviable amount Skills Development Expenditure on Learning Programmes specified in the Learning Programmes Matrix for Black women employees as a percentage of the financial 1.5 1.5% institution ’ s leviable amount Skills Development Expenditure on Learning Programmes specified in the Learning Programmes Matrix for disabled Black employees as a percentage of the financial 0.5 0.3% institution ’ s leviable amount Skills Development Expenditure on Learning Programmes specified in the Learning Programmes Matrix for disabled black women employees as a percentage of the 0.5 0.15% financial institution ’ s leviable amount Skills Development – Learnerships Weighting Target Number of Black employees participating in Learnerships or Category B, C and D 3.0 5% Programmes as a percentage of total employees Number of Black women employees participating in Learnerships or Category B, C 1.5 2.5% and D Programmes as a percentage of total employees
Skills Development Certain legislation must be complied with – Be compliant with the requirements of the Skills Development Act and the Skills Development Levies Act; – Have registered with the applicable SETA; – Have developed a Workplace Skills Plan; and – Have implemented programmes targeted at developing Priority Skills
Skills Development Each financial institution undertakes to develop and report on the following programmes: • Career pathing for Black staff at all levels; • Appropriate mentorship programmes for Black employees; • Targeted recruitment to expand the base of potential recruits; • Cultural diversity and gender sensitivity programmes; and • With institutions of higher learning, introduce training programmes in line with the NQF requirements and establish undergraduate and post graduate diplomas and degrees in financial services
The Learning Program Matrix Narrative Description Delivery Mode Learning Achievement A Institution-based theoretical instruction Institutional instruction - Degree, diploma or certificate issued alone – formally assessed by the institution universities and colleges, by institution of learning schools, abet providers B Institution-based theoretical instruction as Institutional instruction or Degree, diploma or certificate issued well as some practical learning with an workplace or workplace formal institution of learning employer or in a simulated work environment - universities environment – formally assessed through and colleges, schools, ABET the institution providers and workplace C Recognised or registered structured Structured learning in the Occupational or professional experiential learning in the workplace that workplace with mentoring or knowledge and experience formally is required after the achievement of a coaching recognised through registration or qualification – formally assessed by a licensing statutory occupational or professional body D Occupationally-directed instructional and Institutional instruction SAQA registered qualification, a work-based learning programme that together with structured, certificate or other similar occupational requires a formal contract – formally supervised experiential or professional qualification issued by assessed by an accredited body learning in the workplace institution of learning
The Learning Program Matrix Narrative Description Delivery Mode Learning Achievement E Occupationally-directed instructional and Structured, supervised Credits awarded for registered unit work-based learning programme that does experiential learning in the standards not require a formal contract – formally workplace which may include assessed by an accredited body institutional instruction F Occupationally-directed informal Structured information Continuing professional development, instructional programmes sharing or direct instruction attendance certificates and credits involving workshops, against registered unit standards (in seminars and conferences some instances) and short courses G Work-based informal programmes Informal training in workplace Increased understand of job or work context or improved performance or skills NB: Category G programmes are capped at 15% of your total spend
Preferential Procurement Preferential� Procurement� – � Measurement� Criteria� Weighting� Target� B-BBEE� Procurement� Spend� from� all� Suppliers� based� on� their� B-BBEE� Procurement� 8� 70%� Recognition� Levels� as� a� percentage� of� Total� Measured� Procurement� Spend� B-BBEE�Procurement�Spend�from�all�Suppliers�that�are�QSEs�or�EMEs�based�on� their�B-BBEE�Procurement�Recognition� Levels�as�a�percentage�of�Total� Measured� 3� 15%� Procurement� Spend� Procurement�Spend�on�any�of�the�following�Suppliers�as�a�percentage�of�Total� � � Measured� Procurement� Spend:� Suppliers� that� are� 50%� Black� owned� 2.5� 12%� Suppliers� that� are� 30%� Black� women� owned� 2.5� 8%�
Total Measured Procurement Spend • Total spend from income statement (opex) and balance sheet (capex), then exclude: – Salaries and wages – Directors fees – Taxes and levies – Imports
Preferential Procurement Inclusions Same as per DTI Codes, EXCEPT FOR – discretionary stock-brokering spend procured by investment managers on behalf of clients, regardless of whether this spend is recorded in the financial statements of the investment manager
Preferential Procurement Exclusions Same as per DTI Codes, EXCEPT FOR – Property expenditure, where the property is held as an investment – Broker commissions and commissions paid to insurance intermediaries; – Reinsurance premiums; – Any items of procurement where the supplier is imposed in terms of a Global Policy for technical reasons
Preferential Procurement Due to the Sector specific exclusions, financial institutions must at all times include within their portfolio of enterprise development programmes, initiatives targeting Black Owned property, brokerage and insurance intermediary businesses
Enhanced Recognition Enhanced Recognition for Procurement Spend Weighting Where companies procure from Black SMME suppliers that they support in terms of their own Enterprise Development 125% contributions (as defined under the specific Statement (601 or 602) that applies to that measured entity) Purchasing from suppliers that are value adding suppliers 120%
Enterprise Development • For organisations exempt from Empowerment Financing, they will only measured against Enterprise Development • 15 points • Overall scorecard is reduced by 5 points • Application is the same as per the DTI Codes, EXCEPT that contributions must be measured cumulatively
Enterprise Development for enterprises exempt from Empowerment Financing Weighting Criteria Points Target 3% of Qualifying ED contributions made by the measured entity as a percentage Cumulative of the target 15 NPAT
Enterprise Development Qualifying Beneficiaries – Category A – 125% recognition • QSE or EME • Over 50% black owned – Category B – 100% recognition • Generic company over 50% black owned OR • Any company over 25% black owned and a Level 6 or better
Grant and Related Contributions Grant and Related Contribution amount Benefit factor Contributions Grant contribution Full grant amount 100% Direct Cost incurred in verifiable cost (including both 100% supporting approved projects monetary and non-monetary) or enterprise development Discounts in addition to Discount amount (in addition to 100% normal business practices normal business discount) supporting enterprise development Overhead costs incurred in Verifiable costs (including both 80% supporting enterprise monetary and non-monetary) development (including people appointed in enterprise development)
Loans and Related Contributions Loans and Related Contribution Amount Benefit Factor Contributions Interest-free loan with no Outstanding Loan Amount 100% security requirements supporting approved projects or enterprise development Standard loan to black owned Outstanding Loan Amount 70% EME and QSEs Standard loan provided to Outstanding Loan Amount 60% other beneficiary enterprises Guarantees provided on Guarantee Amount 3% behalf of a beneficiary entity Prime Rate – Actual Rate Lower interest rate Outstanding Loan Amount
Equity Investments and Related Contributions Equity Investments and Contribution Amount Benefit Factor Related Contributions Minority investment in Black Investment Amount 100% Owned EME and QSEs Minority investment in other Investment Amount 80% Beneficiary enterprises Enterprise Development Investment Amount Dividend rate of ordinary shareholders – actual investment with lower dividend to financier dividend rate of contributor
Human Resource Capacity Contributions Contributions made in the Contribution Amount Benefit factor form of Human Resource Capacity Professional services Commercial hourly rate of 80% rendered at no cost and professional supporting approved projects or enterprise development Professional services Value of discount based on 80% rendered at a discount and commercial hourly rate of supporting approved professional projects or enterprise development Time of employees of Monthly salary divided by 160 80% measured entity productively deployed in assisting beneficiaries
Enterprise Development for enterprises NOT exempt from Empowerment Financing Weighting Criteria Points Target Qualifying ED contributions made by the measured entity as a percentage of the target 5 0.2% of NPAT • Contributions NOT recognisable: – Investments, loans, guarantees, preferential credit terms, • Contributions recognisable: – Grants, human capital support, direct costs
ED recognition levels Recognition Type of Beneficiary Level 30% Black Women Owned EMEs 150% 50% Black Owned – EMEs 150% 25% Black Owned / Black Women EMEs 100% 30% Black Women Owned QSEs 100% 50% Black Owned – QSEs 100% 25% Black Owned / Black Women QSEs 75% EMEs in general 75% Level 4 and above QSEs 50% Generic with at least 25% black ownership and Level 4 50%
Empowerment Financing Exemption • Companies automatically exempted from Empowerment Financing: • Short-term Insurance • Re-insurance; • The management of retirement, pension and collective investment scheme assets; • Management of formal collective investment schemes; • Financial Services Intermediation and Brokerage; • Management of investments on behalf of the public and • Underwriting Management Agents. – These Measured Entities may however, choose to be measured against Empowerment Financing. – Measured on Enterprise Development only
Empowerment Financing for Long-term insurers Measurement criteria Weighting Sector Target Targeted investments as per 2.1.1 12 R27b BEE Transaction financing 3 R15b R17 billion in ADDITIONAL financing from 1/1/2012 to 31/12/2017
Empowerment Financing for Banks Empowerment Financing Targeted Investments Transformational Infrastructure Black SME Financing 12 R48 bn Black Agricultural Financing Affordable housing BEE transaction financing 3 R32 bn Total for Banking Sector 15 R80 bn (IBA members will be responsible for a portion of the targets under this scorecard and the finalised scorecard as it relates to IBA members shall be issued post gazetting) ADDITIONAL financing from 1/1/2012 to 31/12/2017
Targeted Investments Targeted Investments means: • Debt financing of, or other forms of credit extension to, or equity investments in South African projects in areas where gaps or backlogs in economic development and job creation have not been adequately addressed by financial institutions.
Fungability of Targets Companies do not have to be measured against each of the areas, companies may elect a single area or any combination thereof
Transformational Infrastructure Transformational Infrastructure projects that support economic development in underdeveloped areas and contribute towards equitable access to economic resources. Such infrastructure projects could be in the following sectors: – Transport; – Telecommunications; – Water, waste water and solid waste; – Energy; – Social infrastructure such as health, education and correctional services facilities; and – Municipal infrastructure and services. Measured using the Municipal Index
TI Measurements • The amount of financing shown on the balance sheet of a ME at the measurement date. • A weighted average of the monthly balances over the 12 months prior to the measurement date is to be used to smooth out seasonal and other distortions.
Agriculture • Financing of Agricultural Development involving integrated support for Black farmers, which is 25% black owned or more and / or a least a Level 4 BEE contributor, through enabling access to and sustainable use of resources. – which derives the majority of its turnover from: • Primary agricultural production • Provision of inputs and services to agricultural production enterprises • Storage, distribution and / or trading and allied activities related to non-beneficiated agricultural products.
Agriculture Funding of farming production requirements and the necessary infrastructure to enable farmers to deliver products to market, but excludes industrial processing of agricultural products unless it can be defined as pre-production. That means inputs to production are included as well as cooperatives as providers of both finance assistance and goods / services.
Affordable Housing Affordable housing constitutes both mortgage and non- mortgage backed lending for housing purposes and includes the following product categories, which may expand in the future. • Mortgages; • Unsecured personal loans; • Personal loans secured by a pension or provident fund; • Residential development loans; • Wholesale loans.
Housing Target Market • The upper income limit for Affordable Housing for 2013 is calculated to be R 17 600(adjusted annually). • “Gap” Housing target market definition - so the target market for 2013 remains unchanged at an upper income limit of R 15 000 with a maximum house price of R 300 000
Black SME Financing Black SME means: • Both Exempt Micro Enterprises and Qualifying Small Enterprises, having Black ownership of 50% or more. • Must meet the legal definition of a "business" and therefore must be a company ((Pty) Ltd) close corporation (cc) partnership, sole proprietorship, or co-operative.
Access Standards • Physical Proximity • Non-discrimination • Appropriateness • Affordability and Fair Value • Simplicity and Understandability
Access Target market short-term and long-term insurance • The target market for long-term and short-term insurance products will be based on income = tax threshold for individuals= R60,000 per annum and double the tax threshold for families = R120,000 • Target Market Banking = Less than R5,000 p.m
Banking Target Market • Individuals who fall with the LSM 1 – 5 category (individuals who earn less than R5 000 per month) (adjusted annually by the Charter Council).
Access : long-term insurance Measurement Criteria Weighting Target Appropriate Products 3 3 Market Penetration 7 Transactional access 2 5,739,023 policies Consumer Education 2 Year 1: 0.25% Year 2: 0.30% Year 4: 0.40%
Access : long-term insurance • Products are for the priorities of retirement, death and serious illness • Minimum standards will be CAT standards, (CAT= fair Charges, easy Access, decent Terms) • Transactional access – policies per grid area
Scoring • 3 points will be allocated to Appropriate Products . Each compliant product made available by a company will score 1/N x 3 points, where N is the total number of products for which standards have been developed. Example: • There are currently 6 products standards: N = 6 • The company only provides compliant funeral insurance for Members, Members and Family and Parents and Extended Family = 3 • Score is calculated as: • ( 3 / 6 ) X 3 points = 1.5 points
Scoring • 7 points will be allocated to Market Penetration . The targets will be phased in over the period 2011 – 2017. The target will be based on an appropriate market share measure as a proportion of the overall industry target. • All qualifying policies must be sold to the target market. All qualifying policies sold under this element must meet all the relevant product standards. • All compliant policies sold to the target market besides credit life will count as 1 policy sale. • All compliant credit life policies will only count as 0.25 policies. • Only active policies in forced in the measurement date will qualify for scoring
Scoring • 2 points will be allocated to Transactional Access . • The target for transactional access , is 80% of adults that fall into the target market. • Equal-sized regular polygons of 40km in diameter will be developed and overlaid on a map of the country in such a way that 80% of the adult population of the target market spend most of their time living and/or working within such polygons.
Measuring Transactional Access Transactional Access will be achieved in any polygon if a measured entity: • makes at least twelve sales of approved products per annum within the area defined by that polygon and • is able to collect premiums and service the policy within the area defined by that polygon at least monthly; and • is able to process a claim in that polygon or any adjacent polygon at least every second day because of the existing servicing point i.e. a location where life insurance services are available, or the existence of a suitable electronic transaction or communication infrastructure e.g. a bank branch or ATM or postal and phone/fax facilities, or the presence of an intermediary or representative. • Points will be awarded as follows : For at least 80% coverage 2 points, for at least 70% coverage 1.5 points, for at least 60% coverage 1 point, for at least 50% coverage 0.5 points, for below 50% coverage 0 points.
Phased in Targets The measured entities targets will be phased in as follows: • Measurement periods ending on or before 31/12/2012 – 75% of target • Measurement periods ending on or before 31/12/2013 – 80% of target • Measurement periods ending on or before 31/12/2014 – 85% of target • Measurement periods ending on or before 31/12/2015 – 90% of target • Measurement periods ending on or before 31/12/2016 – 95% of target • Measurement periods ending on or before 31/12/2017 – 100% of
Access : short-term insurance Industry Element Weighting Maximum Sum Insured Targets Appropriate Products 2 8 Insurance Policies 10 Motor vehicle 6% R60,000.00 Household contents 6% R100,00.00 Property / Homeowners 3% R350,000.00 Black EMEs, QSEs and Co- operatives - equipment, 15% R100,000.00 contents Black EMEs, QSEs and Co- 10% R500,000.00 operatives QSE’s -premises R35 million for property, Agriculture 6% R500,000 for equipment, R100,000 for produce Livestock 6% R600,000
Access : short-term insurance • Specifically excludes cell phone and consumer credit insurance Product standards for each product category will be determined following the gazetting of this Code. Measurement will be based on the number of active qualifying policies that meet the relevant product standards.
Access : short-term insurance • Targets based on relevant market share as at 31/12/2011 and published by the Council • Companies do not have to be measured against each of the areas, companies may elect a single area or any combination thereof
Measuring Appropriate Products • Products will be considered to be Appropriate if they meet ALL the product standards • Specific Products to be developed Personal Lines Commercial lines Motor Vehicle Equipment and contents Household Contents Liability Homeowners Property Agriculture Agriculture Livestock Livestock
Measuring Appropriate Products Appropriate Products Points Personal Lines Motor Vehicle 0.20 Household Contents 0.20 Homeowners 0.20 Other 0.20 Commercial Lines Black EMEs, QSEs and Co-operatives: equipment 0.20 Black EMEs, QSEs and Co-operatives: liability 0.20 Black EMEs, QSEs and Co-operatives: property 0.20 Agriculture 0.20 Livestock 0.20 Other 0.20 Total 2
Measuring Appropriate Products Companies that will only have a target for either Personal Lines or Commercial Lines only, will score according to the tables below. Appropriate Products Points Appropriate Commercial Lines Products Points Black EMEs, QSEs and Personal Lines Co-operatives: equipment 0.33 Black EMEs, QSEs and Motor Vehicle 0.5 Co-operatives: liability 0.33 Household Black EMEs, QSEs and Contents 0.5 Co-operatives: property 0.33 Agriculture 0.33 Homeowners 0.5 Livestock 0.33 Other 0.5 Other 0.35 Total 2 Total 2
Access : Banking Access to Financial Services 14 Access Qualifying Qualifying Criteria Range Targ Method Market/ area et 1 Geographic Access (Reach) 5 One or more of: 1.1 Transaction 1 draw cash, o rpurchase 5 km 85% from their accounts point 1.2 Service 1 reset a PIN , money 10 km 70% point transfers, ,get a statement, or nitiate account queries 50% or more of households fall 1.3 Sales point 2 replace a card, deposit 15 km 60% within LSM 1-5 cash into their accounts, oracquire: A transaction account, a funeral policy, a savings account or a loan. 1.4 Electronic Individuals 1 TBC Access earning less than R5,000 per month increasing by CPIX p.a. 2 Banking Individuals in the 2 Access to cash withdrawal TBC 1, Densificatio LSM 1-5 group facility per measuring unit 500 n nationally 3 Product Individuals in the 3 Number of active accounts Nation TBC related LSM 1-5 group for qualifying products per al access nationally institution 4 Affordable Qualifying 2 Mortgage and Nation TBC Housing measures as per development loans to al Origination metrics agreed qualifying households
Banking • Products – Transaction Accounts – Savings Accounts • Infrastructure – Sales Points: replace a card, deposit cash into their accounts, or acquire a transaction account, a funeral policy, a savings account or a loan – Service Points: points where a customer can reset a PIN, do money transfers, get a statement, or initiate account queries – Transaction Points: points at which customers can take cash or make a purchase from their accounts.
Access: Banking • Geographic Access: – Target market : Qualifying Areas are municipal suburbs or sub-areas in which more than 50% of households fall within LSM 1 to 5. – An Access Point that meets all three criteria above may be counted under all three line items of the Geographic Access scorecard
Access: Banking Densification • To measure the availability of cash- withdrawal facilities per the number of people in an area • Number of cash-withdrawal points in a suburb / area • Area > 1,500 LSM 1- 5 individuals • Target = 1 point per 1,500 individuals
Access: Banking Products • Any product will qualify as an Access Product if it conforms to the minimum Access Standard • Products must receive prior approval from the FSC Council
Consumer Education Consumer Education is the process of transferring knowledge and skills to consumers, future consumers and potential consumers for individual well-being and the public good. The intended outcome of the process is the development of consumer’s knowledge and understanding of the financial sector and its products and services. Consumer Education will include programmes that are aimed at empowering consumers with knowledge to enable them to make more informed decisions about their finances and lifestyles.
Recommend
More recommend
