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samaf Internet

:

Registration and Supervision

 
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We provide competitive microfinance services through financial intermediaries by going deeper and broader to the target market.​

Registration and Supervision of FSCs

samaf, by virtue of Government Notice 887, 22 August 2008 has been nominated as Regulator of al Financial Services Cooperatives (FSCs) in South Africa.
 
To apply for registration with the samaf, a potential FSC is required to meet both the requirements of the Cooperatives Act 2005, through Cipro as well as the Rules as adopted by the samaf. samaf rules have been aligned to the Co-operatives Banks Act, however are less stringent in some areas as to facilitate start up FSCs.
 
Criteria for Registration
 
CIPRO: (Reg. of Coops)
  • CR1: Application form
  • CR4: Appointment of auditors
  • CR 5: Reservation of name
  • Two (2) copies of samaf model constitution
samaf: (Rules)
 
  1. Application form (sam001)
  2. Audited financial statement *
  3. Proof of bank account
  4. Members resolution
  5. List of 150 member / savers
  6. List of Management agreements
  7. Payment receipt (2 x R215)
  8. Bookkeeper agreement
  9. NCA certificate *
  10. Membership to representative org
  11. Business plan including:
    1. Background
    2. Human and operational capacity
    3. Board experience
    4. Three (3) year financial forecast
    5. Product sheet
    6. Savings policy
    7. Loan policy *
  12. Undertaking and indemnity (sam011) includes:
    1. Training commitment (sam008)
    2. Meeting prudential standards (sam007)
 * - If applicable
 
Supervision of FSCs
 
FSCs registering with the samaf, undertake to keep minimum prudential and operational standards. This is so we can ensure your member’s funds are being safely managed by your FSC. samaf will conduct examinations and will require a FSC to make quarterly returns so it may monitor the soundness of your FSC.
All documents relating to supervision of FSCs may be downloaded as follows:
 
CIPRO and samaf Returns
 
  1. CR2: Returns relating to directors
  2. CR3: Change of address
  3. CR 6: Special resolution for Co-operative
  4. CR 7: Financial Statements for Co-operative
 samaf: (Rules)
 
  1. sam005: Non compliance notice
  2. sam006: Appeal notification
  3. sam007: Prudential requirements
  4. sam010: Management, policy and operational guidelines
  5. spot50 and spot61: Quarterly Financial Report

  
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Application for Funding

 

Application for the registration of FSC  

 

Application to register as a Service Provider