BANKSETA

What BANKSETA does

BANKSETA (Banking Sector Education and Training Authority) is a South African statutory body established in 2000 under the Skills Development Act of 1998, operating as one of 21 Sector Education and Training Authorities (SETAs) under the Department of Higher Education and Training. The organization is the legally designated SETA for the banking and microfinance sector, funded by a mandatory 1% skills development levy on the total payroll of sector employers and redistributing 20% of levies paid back to compliant employers as mandatory grants while channelling the remainder into discretionary grants and skills development programmes. Its primary offerings span mandatory grants, discretionary grants (across SME, rural development, entrepreneurship, UoT/TVET, and work-integrated learning funding windows), learnerships, bursaries, work readiness programmes, and skills development initiatives such as the Skills for Future Programme and the Disability Skills Development Programme (Technopreneur and Cybersecurity Defender tracks).

The organization's core digital product is the SIMS (Skills Information Management System) online portal (sims.bankseta.org.za), through which employers submit Workplace Skills Plans (WSP) and Annual Training Reports (ATR), manage grant applications, and engage with BANKSETA programmes; this sits alongside a Management Information System (MIS) and uses Microsoft Teams for virtual funding-window briefings. BANKSETA operates a national footprint with its head office in Centurion (Gauteng) and provincial offices in Polokwane (Limpopo), East London (Eastern Cape), Bloemfontein (Free State, hosted at Motheo TVET College), and a newly opened KwaZulu-Natal office. Distribution is multi-channel: direct grant disbursement to levy-paying employers, channels via TVET colleges and universities (UJ, UNIVEN, UZ, CPUT), and a network of accredited training providers across South Africa.

BANKSETA's customer base spans five primary segments: levy-paying banking and microfinance sector employers (primary), youth and young graduates seeking banking-sector careers, SMEs and cooperatives, TVET and University of Technology learners, and rural communities (notably via the Bushbuckridge, Mpumalanga rural entrepreneurship initiative). The organization maintains flagship partnerships with SAICA (Thuthuka programme), FASSET, INSETA, NEMISA, the Wits Entrepreneurship Clinic, and the MRC/Wits-Agincourt Research Unit, and operates thought-leadership channels through Sector Skills Plans, research reports, AGM presentations, and quarterly newsletters. The entity is governed by an Accounting Authority representing organised employers, organised labour, and government, with Eubert Mashabane serving as CEO and Mia Makhanya as Chairperson of the Board. The SETA was re-established from 1 April 2020 for a ten-year period through 31 March 2030.

Name

BANKSETA

Legal name

Banking Sector Education and Training Authority (BANKSETA)

Website

https://bankseta.org.za

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

101–250 employees

Short description

BANKSETA is a South African statutory body (Sector Education and Training Authority) that funds and administers skills development for the banking and microfinance sector, funded by a 1% employer payroll levy and redistributing mandatory and discretionary grants to employers, learners, TVET/university partners, and rural communities.

Ownership category

akta.pro rank

Product category

Skills Development Authority

NAICS

Savings Institutions and Other Depository Credit Intermediation (52218)

SIC

Federal & Federally-Sponsored Credit Agencies (6111)

akta.pro primary industry

National Development Banks & State Development Finance Institutions (DFIs) (BPADACAC)

akta.pro secondary industry

Policy Banks (Government-Directed Lending Banks) (FSABAKAM)

Keywords

• Skills development grants
• Sector education and training
• Workplace skills planning
• Learnerships and bursaries
• Banking sector training

Headquarters

HQ city

Centurion

HQ country

South Africa

HQ region

Africa

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Others, Marketing or Sales, Technology or R&D

Revenue model

1. Skills Development Levies: BANKSETA receives mandatory skills development levies (1% of total salaries) from employers in the banking and microfinance sector under the Skills Development Act framework. These levies fund mandatory grants (20% of levies paid) to eligible employers and discretionary grants for targeted skills development initiatives.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

BANKSETA is a South African statutory Sector Education and Training Authority that funds and facilitates skills development for the banking and microfinance sector. It collects a 1% skills development levy from employers, returns 20% as mandatory grants to compliant levy-payers, and allocates the remainder as discretionary grants to support learnerships, bursaries, internships, work readiness programmes, SME support, rural development, and entrepreneurship initiatives. Applications and reporting are managed through its SIMS online portal and a network of provincial offices.

Product overview

BANKSETA operates as the Banking Sector Education and Training Authority for South Africa, functioning as a skills development and grants management platform. Its primary digital product is the SIMS (Skills Information Management System) online portal, which provides access to grant submissions, WSP/ATR reporting, and programme management. BANKSETA's core service offerings include Discretionary Grants (targeted funding for innovative skills development initiatives across SME, CFI, entrepreneurship, rural development, UoT/TVET, and other funding windows), Mandatory Grants (allocated to levy-paying employers to support workforce training compliance), and skills development programmes such as work readiness, learnerships, bursaries, and the Skills for Future Programme. These offerings are delivered through the SIMS portal and supported by regional offices.

Differentiator

Problem solved

Functional benefit

Products and services

• Mandatory Grants Allocated to eligible levy-paying employers in the banking and microfinance sector based on 20% of skills development levies paid, contingent on submission of Workplace Skills Plans (WSP) and Annual Training Reports (ATR) via SIMS.
• Discretionary Grants Targeted funding for innovative skills development initiatives across SME, CFI, entrepreneurship, rural development, UoT/TVET, and other funding windows, awarded through periodic application cycles to eligible applicants in the banking and microfinance sector.
• SIMS (Skills Information Management System) Online portal through which employers submit Workplace Skills Plans (WSP) and Annual Training Reports (ATR), apply for grants, and manage interactions with BANKSETA's programmes.
• BANKSETA Skills for Future Programme Programme targeting high school learners with essential skills for the future in the banking and microfinance sector.
• BANKSETA Disability Skills Development Programme (Technopreneur and Cybersecurity Defender) Skills development programme targeting persons with disabilities in the areas of Technopreneur and Cybersecurity Defender.
• African Expansion Leadership Programme Leadership programme designed to prepare senior banking leaders for the African banking landscape, featuring immersive study blocks in South Africa, Egypt, Morocco, and Angola; 60 leaders trained over three years.

Quantifiable outcome

• 60 entrepreneurs supported in rural development programme
• +2 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

13 partnerships are on record, tiered core, minor and flagship.

• Wits Entrepreneurship Clinic (WEC)coreStrategic or Co-development Partner · 7 April 2025Partnership with University of Witwatersrand's School of Business Sciences to provide business incubator support to rural entrepreneurs. The WEC provides experiential learning opportunities, evidence-based management training, and structured mentorship to entrepreneurs supported through the R3.5 million rural development initiative.
• MRC/Wits-Agincourt Research UnitcoreStrategic or Co-development Partner · 7 April 2025Long-term research partnership hosting the BANKSETA rural entrepreneurs programme at the Agincourt research centre in Bushbuckridge, Mpumalanga. The partnership leverages 30+ years of community engagement to support economic development initiatives.
• Wits Development and Fundraising OfficecoreStrategic or Co-development Partner · 7 April 2025University unit that serves as SETA Liaison for coordinating skills development projects requiring intensive coordination across Post-School Education and Training role-players.
• INSETAcoreStrategic or Co-development Partner · 4 May 2024Collaboration with Insurance Sector Education and Training Authority for joint financial literacy workshops and educational programmes. Partnership reflects united effort to enhance financial education across sectors.
• Parliament of South AfricacoreStrategic or Co-development Partner · 4 May 2024Collaborative facilitation of Financial Literacy Workshop at Sophiatown, demonstrating partnership for community empowerment and financial education initiatives.
• Old MutualcoreStrategic or Co-development Partner · 4 May 2024Corporate partnership supporting financial literacy workshops and educational programmes. Partnership leverages private sector expertise and resources for skills development initiatives.
• NEMISA (National Electronic Media Institute of South Africa)coreStrategic or Co-development Partner · 9 December 2022Partnership delivering the Cellphone Repair Training Programme resulting in 27 beneficiaries graduating with accredited skills. The collaboration demonstrates successful skills development in digital technology areas.
• SAICA (Thuthuka Programme)coreStrategic or Co-development Partner · 3 June 2021Multi-million-rand collaboration supporting the Thuthuka transformation initiative aimed at increasing African black entrants into the accounting profession. BANKSETA has collaborated with SAICA, University of Johannesburg, University of Venda, and University of Zululand to equip institutions to offer professional accounting science degrees.
• FASSET (Financial and Accounting Services SETA)coreStrategic or Co-development Partner · 3 June 2021Collaboration on Thuthuka programme supporting accounting education transformation. FASSET allocated over R41 million for 945 learners in 2019-2020 through bursary schemes and professional body designation programmes.
• Cape Peninsula University of Technology (CPUT) Graduate Centre for ManagementcoreStrategic or Co-development Partner · 20 April 2021R1.19 million research partnership with the Business Incubation and Innovation Centre (BIIC) to conduct FinTech skills analysis and research on transformation in the banking sector.
• Caring4Hope NPCminorStrategic or Co-development Partner · 20 April 2021Partnership identifying BIIC as one of South Africa's incubators for the 'Next Big Thing' project developing 2,000 youth annually into job creators over three years at R15 million annual cost.
• African Banking InstitutionsflagshipStrategic or Co-development Partner · 1 November 2018African Expansion Leadership Programme designed to prepare senior banking leaders for the African banking landscape. Programme features immersive study blocks in South Africa, Egypt, Morocco, and Angola, with 60 leaders trained over three years across various African countries and banking institutions.
• Square Kilometre Array (SKA)minorStrategic or Co-development Partner · 1 January 2017Partnership providing maths and science holiday classes benefiting 180 grade 12 learners from Upington during 10-day school holiday programmes.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• CETA (Construction Education and Training Authority): SETA responsible for construction-sector skills development. Uses the same statutory funding mechanism and provincial delivery model as BANKSETA.
• Services SETA: SETA covering services-sector skills development. Operates the same statutory mandate, levy collection, and discretionary grant funding windows as BANKSETA, differing only by sector focus.
• INSETA (Insurance Sector Education and Training Authority): Insurance-focused SETA with the same statutory mandate and Skills Development Act framework as BANKSETA. Already partners on joint financial literacy workshops, making it a near-clone in operating model.
• ETDP SETA (Education, Training and Development Practices SETA): SETA covering the education and training sector itself, including TVET college support. Closely comparable to BANKSETA because both fund TVET/UoT partnerships and bursaries under the same Skills Development Act.
• MERSETA (Manufacturing, Engineering and Related Services SETA): One of South Africa's largest SETAs covering manufacturing and engineering. Shares the same legislative framework, levy-grant funding model, and reporting obligations as BANKSETA.
• PSETA (Public Service Sector Education and Training Authority): SETA responsible for public-sector skills development. Directly comparable statutory mandate and overlap with BANKSETA's banking-sector employer base, given banks' significant public-interest obligations.
• TETA (Transport Education and Training Authority): Transport-sector SETA operating the same levy-grant model as BANKSETA. Comparable in scope of programmes (learnerships, bursaries, internships) and accountability to DHET.
• W&RSETA (Wholesale and Retail SETA): Large SETA covering wholesale and retail; comparable because it administers the same 1% levy-grant mechanism for a different sector and competes for the same DHET oversight and reporting benchmarks.
• FASSET (Financial and Accounting Services SETA): South African SETA responsible for skills development in the financial and accounting services sector. Directly comparable to BANKSETA because it operates the identical statutory levy-grant model and is an existing BANKSETA partner on the Thuthuka programme.

Others

• Banking Association South Africa (BASA): Industry body representing South African banks. Comparable as a stakeholder rather than peer: BASA is the collective employer representative that helps structure BANKSETA's sector skills plans and grant priorities.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/thebankingseta
• YouTubeyoutube.com/user/thebankseta
• Facebookfacebook.com/TheBankSeta
• LinkedInlinkedin.com/company/the-bankseta

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about BANKSETA