Explore Lucrative Career Opportunities with BANKSETA Programmes

South Africa’s banking sector stands among the continent’s most innovative and dynamic industries. Behind the sector’s ongoing growth and transformation is the Banking Sector Education and Training Authority (BANKSETA), a statutory body tasked with developing the skills pipeline for the financial services industry.

For those aspiring to start or progress in a banking career, BANKSETA programmes are often the gateway to opportunity, growth, and long-term success.

What is BANKSETA?

The Banking Sector Education and Training Authority (BANKSETA) is one of 21 SETAs established under the Skills Development Act. BANKSETA’s primary mandate is to facilitate skills development and drive transformation within South Africa’s banking and microfinance sectors. Through collaboration with banks, financial institutions, and training providers, BANKSETA ensures that the sector’s workforce is future-ready and competitive both locally and internationally .

Why BANKSETA Matters for South African Banking

BANKSETA’s work is crucial for several reasons:

• Bridging the Skills Gap: The sector faces a persistent shortage of critical and scarce skills, especially as digital banking, fintech, and regulatory requirements rapidly evolve.
• Enabling Access: By providing learnerships, internships, and bursaries, BANKSETA opens doors for young South Africans—many of whom lack access to traditional opportunities.
• Boosting Employability: BANKSETA-accredited training ensures that candidates are not just academically qualified, but practically equipped for the workplace.
• Aligning with Industry: Programmes are regularly updated in consultation with banking employers to match real-world needs.

According to a 2024 BANKSETA report, more than 20,000 South Africans have benefited from BANKSETA-supported learning initiatives since 2020 .

Types of Programmes Offered by BANKSETA

1. Learnerships

Learnerships are structured training programmes that combine classroom-based learning with practical workplace experience. Upon successful completion, learners earn an accredited qualification registered with the South African Qualifications Authority (SAQA).

Key features:

• Last 12–18 months
• Open to matriculants, graduates, and employees
• Provide a monthly stipend
• Pathways include banking, compliance, financial planning, IT, and risk management

Learnerships are highly valued by employers and often lead directly to employment within the sector.

2. Internships

Internships target recent graduates, offering real-world work experience in banking environments. These placements usually last 12 months, with interns receiving mentorship and opportunities to build their professional networks.

Benefits:

• Hands-on experience
• Direct exposure to banking operations
• Boosts employability
• Frequently leads to permanent job offers

3. Bursaries

BANKSETA bursaries support academically strong students in banking, finance, IT, risk, and related fields. The bursary covers tuition, prescribed textbooks, and sometimes accommodation.

Eligibility criteria:

• South African citizenship
• Proven academic ability
• Financial need

BANKSETA bursaries have enabled thousands to complete tertiary studies who might otherwise have struggled due to financial barriers .

4. Training & Development Programmes

BANKSETA also funds a range of ongoing training programmes for current banking employees, with a focus on upskilling and leadership development.

Areas of focus include:

• Digital banking and fintech
• Compliance and anti-money laundering
• Customer relationship management
• Leadership and management skills

Specialist workshops address emerging needs, such as cybersecurity, blockchain, and data analytics, ensuring the sector remains at the forefront of global banking trends.

How BANKSETA Addresses South Africa’s Skills Gaps

The banking sector’s future depends on a skilled workforce that can navigate digital transformation, risk management, and regulatory complexity. BANKSETA’s annual Sector Skills Plan (SSP) identifies high-priority skills shortages and tailors its interventions accordingly .

For example, the 2025 SSP highlights demand for:

• Data analysts and digital bankers
• Cybersecurity specialists
• Compliance and risk professionals
• Financial product innovators

By directly funding programmes in these areas, BANKSETA supports the sector’s ongoing competitiveness and resilience.

Career Pathways in Banking: From Entry-Level to Executive

BANKSETA programmes unlock careers at every level of the banking sector:

Entry-Level Careers

• Bank teller
• Customer service agent
• Call centre consultant
• Data capture clerk

Learnerships and internships are typical entry points, giving candidates a foot in the door.

Mid-Level Careers

• Loan officer
• Relationship manager
• Credit analyst
• Compliance officer

Employees at this stage often pursue BANKSETA-funded short courses and advanced qualifications to upskill and move into more specialised roles.

Senior & Specialist Careers

• Branch manager
• Financial director
• Risk manager
• Fintech specialist
• Cybersecurity analyst

BANKSETA supports executive development, encouraging professionals to pursue management and specialist tracks that are in short supply across the industry.

Emerging Roles:
With the rise of fintech and digital transformation, roles in artificial intelligence, machine learning, and blockchain technology are now within reach through BANKSETA’s innovative skills programmes.

Entrepreneurship Development: Not Just for Bank Employees

BANKSETA recognises the importance of entrepreneurship in transforming the economy and creating jobs. Its entrepreneurship programmes help aspiring business owners develop the skills and networks needed to launch ventures within banking, fintech, and related sectors.

Key components:

• Business planning and financial literacy training
• Access to mentorship and incubation support
• Guidance on funding and compliance

How to Access BANKSETA Opportunities

Step-by-step guide:

1. Explore Programmes: Visit the official BANKSETA website for the latest opportunities, eligibility criteria, and application deadlines.
2. Apply Online: Submit applications for learnerships, internships, or bursaries either via BANKSETA or directly through participating banks and financial institutions.
3. Prepare Documents: Typical requirements include a CV, certified ID copy, academic transcripts, and proof of residence.
4. Follow Up: Shortlisted candidates may be called for interviews or assessments.

If you are already employed in banking, ask your HR department about BANKSETA-funded courses or leadership development opportunities.

Success Stories: Real-Life Impact

Sipho M., a graduate of a BANKSETA learnership, shares:
“Without BANKSETA, I wouldn’t have had a chance to enter the banking sector. The training and mentorship I received gave me a strong foundation for my career. Today, I am a branch supervisor, and I encourage young people to explore these opportunities.”

BANKSETA’s own reports show that more than 70% of learnership graduates are employed within six months of completing their programme .

Frequently Asked Questions

Q: Is there an age limit for BANKSETA learnerships?
A: While most learnerships target youth aged 18–35, some are open to older applicants, especially upskilling initiatives for existing employees.

Q: Do I need banking experience to apply?
A: No. Many programmes are designed for those entering the sector for the first time.

Q: Are BANKSETA qualifications recognised?
A: Yes. All programmes are accredited and highly regarded by South African banks.

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South Africa’s banking sector is changing rapidly, but opportunities for growth have never been more accessible. Through its commitment to skills development and transformation, BANKSETA opens doors for those with ambition and drive.

Are you ready to shape your future in banking? Start your journey with BANKSETA today—and become part of South Africa’s next generation of financial leaders.