BANKSETA is a statutory body established through the Skills Development Act of 1998 to enable its stakeholders to advance the national and global position of the broader banking and micro-finance industry. As guided by its mandate, BANKSETA promotes employment equity and broad-based black economic empowerment through skills development and supports people development through partnerships, skills development, alleviating unemployment, creating a brighter future and enabling change. 

Nobuzwe Mangcu, BANKSETA regional manager: Eastern Cape and Western Cape, says: “The R3 654 000 00 donation is in accordance with our mandate of offering bursaries to students registered at public higher institutions of learning and studying toward qualifications that align with our sector skills needs. This is to ensure that students gain the necessary competencies and skills to join the labour workforce after completing their studies.”

She adds that the funding, covering expenses such as tuition, textbooks and accommodation on or off campus, is open to students registered at SU for the year the funding is approved for. Students from a previously disadvantaged background with an average pass rate of 60% and above will be given preference.

BANKSETA annually advertises the funding window to all public universities to apply for the funding of registered students. To date, SU has received financial support from BANKSETA totalling R6.2 million in 2018 and R2.3 million in 2017.