Moyasi MvelaseStreet sales: The informal economy provides livelihoods, work and income for more than 2.5-million workers and business owners, a fact seldom recognised by policy makers. One in six workers in SA is engaged in the sector, and it has the potential to create formalised employment. Picture: MARIANNE PRETORIUS
Gauteng premier David Makhura identified co-operative financial institutions as one of the vehicles the province needs to address financial exclusion in all its manifestations. The umbrella term refers to member-based, deposit-taking financial co-operatives; these institutions are owned and controlled by the members who share a common bond.
This is partly attributed to the fact that people realised during the global financial crisis that CFIs performed better than the private banks. This has also changed the perspective of policy-makers around the world. SA has not bucked the global trend, either, as the National Treasury has an agency dedicated to supporting and developing CFIs, known as the Cooperative Banks Development Agency .
A CFI is a voluntary and democratic institution, meaning that members are its main driver. The Gauteng department of economic development will continue to lend a helping hand to ensure that collective community initiatives are successful.
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