JOHANNESBURG, South Africa's Banking Association says it has decided to become more intrusive and active in transforming the financial services industry in the country.
This comes as the Banking Summit hosted by the association here Friday heard that while the financial service sector was slowly transforming, it was nowhere near enough. The sector has long been criticized for the pedestrian way in which it empowers the previously disadvantaged.
The Banking Association said it was currently looking at the way in which banks do their business and whether transformation is happening.
The Centre for Economic Development and Transformation has decried the ownership element of transformation in the sector.
According to its research at the end of 2014, there was only 7.0 per cent black ownership in the financial services sector.
The CEDT says there is an urgent need to set new targets whilst understanding why the previous targets were unattainable.
Parliament's Standing Committee on Finance says it has distributed an interim report on transformation in the sector that it hopes to adopt in October.
Source: NAM NEWS NETWORK