The Bank shares this mandate for financial stability of the South African financial system with other stakeholders in the financial and public sectors. National Treasury published a policy document in February 2011 titled A safer financial sector to serve South Africa better, which outlined government’s decision to shift to a Twin Peaks model of financial sector regulation.
In January 2006, banks were permitted to utilise the services of non-governmental organisations (NGOs/SHGs), micro-finance institutions and other civil society organisations as intermediaries in providing financial and banking services through the use of business facilitator and business correspondent (BC) models. The BC model allows banks to do ‘cash in - cash out’ transactions at the location of the BC and allows branchless banking.