BANKSETA
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.
- Company typePrivate
- Founded2000
- HeadquartersCenturion, South Africa
- Headcount101–250
- GTM typeB2B
- OfferingServices
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.
BANKSETA firmographics
Firmographics- 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
BANKSETA industry classification
Industry- 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
Where BANKSETA is headquartered
LocationHeadquarters
- HQ city
- Centurion
- HQ country
- South Africa
- HQ region
- Africa
Offices5 records
Markets served
BANKSETA business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Others, Marketing or Sales, Technology or R&D
Revenue model
- 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
| Model | Billing | Price |
|---|---|---|
| Other | Annual | Mandatory Grants - Allocated to eligible levy-paying employers |
Go-to-market motion1 record
Distribution channels4 records
Marketing channels6 records
BANKSETA product offering
Product offeringCore 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
Companies that use BANKSETA
Customer profileNamed customers6 records
Segments5 records
Ideal customer profiles3 records
BANKSETA technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
BANKSETA partnerships and signals
Strategic signalPartnerships
13 partnerships are on record, tiered core, minor and flagship.
- Wits Entrepreneurship Clinic (WEC)corePartnership 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 UnitcoreLong-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 OfficecoreUniversity unit that serves as SETA Liaison for coordinating skills development projects requiring intensive coordination across Post-School Education and Training role-players.
- INSETAcoreCollaboration 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 AfricacoreCollaborative facilitation of Financial Literacy Workshop at Sophiatown, demonstrating partnership for community empowerment and financial education initiatives.
- Old MutualcoreCorporate 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)corePartnership 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)coreMulti-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)coreCollaboration 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 ManagementcoreR1.19 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 NPCminorPartnership 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 InstitutionsflagshipAfrican 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)minorPartnership 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
BANKSETA competitors and assessment
Company assessmentDirect 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
BANKSETA social profiles
Digital presenceBANKSETA financial estimates
Financial estimateRevenue estimate
Valuation estimate
BANKSETA leadership team
Management profileNumber of profiles
Profiles15 records
BANKSETA funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
BANKSETA M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about BANKSETA
What does BANKSETA do?
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.
Is BANKSETA a public or private company?
BANKSETA is a private company. It is classified as state government owned and is currently operating.
When was BANKSETA founded?
BANKSETA was founded in 2000. It employs 101 to 250 people.
Where is BANKSETA based?
BANKSETA is headquartered in Centurion, South Africa, in the Africa region.
How does BANKSETA make money?
One revenue line is on record: skills Development Levies.
Who are BANKSETA's main competitors?
Direct peers on record are CETA (Construction Education and Training Authority), Services SETA, INSETA (Insurance Sector Education and Training Authority), ETDP SETA (Education, Training and Development Practices SETA), MERSETA (Manufacturing, Engineering and Related Services SETA), PSETA (Public Service Sector Education and Training Authority), TETA (Transport Education and Training Authority), W&RSETA (Wholesale and Retail SETA) and FASSET (Financial and Accounting Services SETA). Banking Association South Africa (BASA) is listed as an others.
Does BANKSETA have an API?
No public API is recorded for BANKSETA.
What industry is BANKSETA in?
BANKSETA's product category is Skills Development Authority. Its primary akta.pro industry code is BPADACAC, National Development Banks & State Development Finance Institutions (DFIs), with a secondary code of FSABAKAM, Policy Banks (Government-Directed Lending Banks). Its NAICS code is 52218 and its SIC code is 6111.