Development of entrepreneurial business is an absolute ‘must do’ if South Africa is to succeed as a nation.
Vital to that process is the broadening of new opportunities for business people and organisations that were previously marginalised from the mainstream economy – an area in which, because of its unique structure and positioning in the banking sector, Sasfin can, and does, play a meaningful role.
Sasfin enthusiastically supports the process of transformation in South Africa as a whole, in the financial services sector in particular and, not least, within the parameters of its own largely entrepreneur-focused operations.
This is illustrated by its Level 4 rating in terms of the Department of Trade and Industries’ Codes which has been verified by a SANAS accredited verification agency and translates to a BBBEE procurement recognition level of 100%. Sasfin has also been recognised as a value-added supplier.
Sasfin’s status was achieved through scoring all seven elements of the generic scorecard on ownership, management and control; employment equity; skills development; preferential procurement; enterprise development and socio-economic development.
Another reason Sasfin endorses the Codes is that it raises the skills, and fully incorporates the enormous talent of, the previously disadvantaged members of South African society. In this vein Sasfin also complies with the Employment Equity Act.
A formal Transformation Committee – under the chairmanship of non-executive director Dolly Mokgatle - is in place to continually monitor the achievement of target objectives, as well as the impetus and compliance of Sasfin’s BBBEE imperative. Furthermore, the Sasfin Board reviews progress at its quarterly meetings.
A further dimension to the BBBEE process is that, as in the past, Sasfin will continue to identify and support black empowerment initiatives and opportunities in all areas of its business activities.