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Potential
There will be an initial staff, a manager, and a secretary once operational. Currently, two of the directors are already being trained at African Pioneers in partnership with UJ. Moreover, members or directors are expected to volunteer for now until we are on our feet. The directors/members will come up with a compensation that will establish policies incentives for travel and accommodation.
Board Code of Conduct
The FSC’s code of conduct that outlines the co-operatives principles, standards, and the moral and ethical expectations that members and any third parties are held to as they interact with the organization. Moreover, the board will give feedback of the status of MeTime Financial Services Co-operative during the annual general meetings.
Board Development
The board will go for regular training, workshops and conferences while collaborating with other financial institutions, The University of Johannesburg, Insurance Sector Education and Training (INSETA), SEDA, CBDA, Global Women’s Leadership Network South Africa, etc.
The operating environment and its effects on women
South African economic activity was set to begin a tentative recovery since the hard lockdown-induced collapse in April 2020.
However, rising inflation, electricity blackouts and rising interest rates have undoubtedly disrupted normal business activity and corporate growth. The ongoing COVID-19 crisis has brought several challenges to several families and women throughout the country. According to Statistics South Africa, a woman is more likely to be without a job than a man.
According to Statistics South Africa, a woman is more likely to be without a job than a man. In the third quarter of 2021 the unemployment rate among women was 37.3%, compared to a total unemployment rate of 32.9%.
A deeper look into the current data reveals that the unemployment crisis among women is drawn along racial lines: The unemployment rate among black women is 41%, compared to 29.1% among coloured women, 25.2% among Asian women and 9.9% among white women.
Worldwide, there are 122 women to every 100 men aged 25–34 living in extreme poverty. The global pay gap between men and women will take 202 years to close because the pace of change is still too slow. In 49 countries, women are not protected by law from domestic violence 4 . Moreover, the lack of access to finance is one of the major barriers facing women entrepreneurs in marginalized communities across the world. The market is unserved or underserved which brings about a massive USD 1.7 trillion financing gap.
Women are stronger savers than men, more responsible borrowers, and more calculated risk-takers. According to recent research from the Bank of New York Mellon, giving women better access to finance could unlock $330 billion in annual global revenue . Caught between a rock and a hard place, many women in the missing middle have turned to Nonbank financial institutions (NBFIs) to access credit even though NBFIs generally require charge higher interest rates for the higher risk. This means that these SMEs are forced to take another hit to their profitability just to stay in the market. With impact at the center of MeTime’s focus, MeTime FSC aims to fill this gap in the market by offering three-tiered support. Access to more affordable credit, encouragement to save, and providing financial education to its members.
Compliance
A deposit taking financial co-operative must meet all the requirement for registration of a co-operative in terms of the Co-operatives Act 14 of 2005 as well as the Co-operative Banks 40 of Act 2007 and its associated Standards. Which includes Cooperative banks act 40 of 2007, Financial sector regulation act 9 of 2017, Prudential Standard TCFI-01, Guidance note 1 of 2019, Guidance note 2 of
2019.An application as a CFI must first be submitted to the Prudential Authority (PA) and meet the requirements of:
- 200 memberships
- R100,000 in share capital
- solvent
- the definition of a common bond
- the requirements of the Co-operative Act
- the requirements of the Co-operatives Banks Act and
- prudential and operating standards.