Regulatory Alerts2021-04-07
Guidance Note 1/2021: Application for Registration as a Co-operative Financial Institution
The Prudential Authority of the South African Reserve Bank issues this guidance to outline the requirements and procedures for prospective co-operative financial institutions seeking registration under the Co-operative Banks Act, 2007. Applicants must complete FORM-001 and submit a comprehensive package of supporting documents, including a certified constitution, a member share register with at least 200 fully paid-up members, bank statements demonstrating a minimum R100,000 balance, and a detailed three-year business plan. The document also specifies mandatory policies for savings and lending, director commitment forms, and references related prudential standards to ensure compliance with the transitional arrangements for co-operative financial institutions.