Through a South African Reserve Bank (SARB) issued Banks Act Exemption Notice 37903, 15 August 2014, members of a co-operative that chooses to identify itself by use of the name Financial Co-operative, Financial Services Co-operative, Credit Union or Savings and Credit Co-operative which members-
A co-operative financial institution shall at all times subject itself to the requirements of the Co-operatives Act, No 14 of 2005 and the supervision and regulation of the CBDA.
- consist of persons who are employed by common employer(s) or who are employed within the same business district; or
- have common membership in an association or organisation, including religious, social, co-operative, labour or educational groups; or
- reside within the same defined community, rural or urban district, and which group receives funds from members against the issue of stock or by means of the subscriptions of members
- members of a secondary financial co-operative consisting of primary financial co-operatives registered in terms the paragraph below’;
CFIs registering with the CBDA must meet the requirements of the Government Notice 37903 and the CBDA Rules to remain a registered entity.
The CBDA Supervision Unit relocated to the South African Reserve Bank (SARB) where the Prudential Authority (PA) is located. The physical relocation took place on 9 October 2017, but the relocation of the actual function took place on the 1st of April 2018 when the newly established PA resumes its operations.