Alternative Banking

Alternative Banking

OVERVIEW

BANKSETA has increased its segment of operation outside the traditional banking sector which is alternative banking that covers cooperatives and SME. The programme provide the provision of a broad range of financial services, including transactional, savings, credit and insurance services to the low income and poor segment of the population at attractive prices by a range of financial institutions including banks, in an effort to support economic development and poverty reduction.

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Entrepreneurial Skills Development Programme

The programme is designed to assist the Small and Micro Enterprises (including Cooperative Financial Institutions) that are operating within the banking and alternative sector to gain skills on entrepreneurship skills, knowledge, values, and attitudes for their businesses over 3 months on an entrepreneurial skills programme of a mentoring programme.

How the programme works:

The entrepreneur will spend 6 hours per month with one SME/CFI in order with training institution to assist them with inter alia: formalisation of contract assignments and business viability study; formalisation of contract assignments and business viability study; linking and applying course principles to business management; keeping track of monthly liabilities; daily sales summary – cash; explaining how to keep record for easy referencing to the bank; recording cash expenses taken from sales income.

 

Cooperative Banking

The BANKSETA in partnership with the Co-operative Banks Development Agency (CBDA) facilitated training which culminated in a Diploma in Cooperative Financial Institution Management (DCFIM) for Cooperative Financial Institutions (CFIs) across the country.

The programme targets those responsible for the daily management of CFIs. The candidates are expected to attend an orientation session in preparation for enrolment. Cooperative banks and corporate financial institutions (CFIs) play an important role in the financial makeup of the country, offering similar services to those provided by commercial private banks. Democratically structured and founded by communities or specific groups, they provide a safe, convenient place for members to deposit or save money or obtain financial assistance at low cost.