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Prudential Authority
 
 
     
 

Co-operative Banks 

Co-operative Banks are member owned banks based on the 7 co-operative principles:
 
1.     Voluntary and open membership
2.     Democratic member control
3.     Members’ economic participation
4.     Autonomy and independence
5.     Education, information and training
6.     Co-operation between co-operatives
7.     Concern for community
 
The first co-operative bank in South Africa was registered in 2011. The Prudential Authority is responsible for the supervision of all registered co-operative banks, whilst the Co-operative Bank Development Agency (CBDA) is responsible for training needs of the sector.
 
The Co-Operative Banks Act, 2007 (Act No. 40 of 2007) as amended by the Financial Sector Regulation Act, 2017 can be accessed here 
 
 
 
     
 
 
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