Quo Vadis FSCC
The Financial Sector Campaign Coalition (FSCC) ?
By Tebello Radebe – 19/04/2025
Preface
It is a given, that, a time arrives for any organization to take stock of who it is, what it seeks to achieve, for whom, when, why and how. This stock-taking can be undertaken annually or in the medium or long term or so. The FSCC is no exception.
This effort attempts to kick-start related objective discussions about and around the FSCC, informed by both the material conditions on the ground as well as the prevailing state of the organization in the lead up to its pending annual Consultative Conference this year.
It is envisaged that the outcomes hereof will lead the emergence of perspectives that will culminate in the re-positioning, revitalisation and rejuvenation of the FSCC in its path towards the fifty years of its formation.
- Briefly The FSCC in its historical perspective, emerged after several centuries before its formation 22 years ago, as the vast majority of South Africans were at best, regarded as mere paupers in the land of their birth or at worst treated shabbily as can be by the financial sector in the periphery of the economy.
- Since its formation, a few, albeit significant gains have been attained to foster the transformation of the financial sector. (see the attached “FSCC Q and A Profile” document ).
- The question today is what is to be done ? – Three Immediate Critical Steps :
- New Registration
- New Bank Account
- Professionalisation of The New FSSC
A. The State of the Organisation
As can be gleaned from the attached document referenced above, it is clear that despite and in spite of its highly admirable achievements , the FSCC is indeed currently in need of major surgery – so to speak.
The organization has, virtually by the sheer grit and determination of a few individuals – survived the devastating impact of the covid pandemic and its aftermath. A handful of these individuals have continuously flown the FSCC flag high in the various deliberations and corridors of the Financial Sector Transformation Council (FSTC), the National Economic Labour and Development Council (NEDLAC), Parliament and elsewhere.
B. The Current Operational Environment Faced by the FSCC.
1. The last 15 years of low economic growth in the country have hugely compounded the funding prospects for the FSCC. In fact, during and after the pandemic funding for the FSCC has grounded to zero in net effect.
2. The services sector in South Africa – inclusive of the wholesale and retail, tourism, communications and the financial sectors have jointly contributed over 61 % of value to the country’s Growth and Development Product (GDP) in 2024.
3. It is noteworthy that, owing to the profound effects of the financialization in the global economy – the impact in this phenomenon in the case of South Africa is that the financial sector alone has contributed over 41 % of GDP in 2024.
4. The above statistics underscore the fact which should be regarded as the significance of the role of the FSCC in the broader scheme of things in the economy.
5. The FSCC has over the last 3 / 4 years participated in the high echelons of the NEDLAC Community Constituency leadership who are seized with efforts to establish a new inclusive umbrella civil society formation bringing together over 1200 organisations into one-fold to be launched in May 2025.
6. This new formation will bring together Community Based Organisations (CBO’s) Non – Profit Organisations (NPO’s) Cooperatives, Faith Based Organisations (FBO’s), Traditional Healers and Traditional leaders as well as Professional Organisations under one leadership and so forth – to be able to speak in one voice to the powers that be.
7. Considering that all these entities have to, at any given time, interact with the financial sector in one way or another – it is logical that the FSCC has to relate to them all in one way or another as well as the fact that, if and when effectively mobilized – they can also propel the FSCC into a massive campaigning force that it was originally intended to be, the vital question has to be – how ?
C. The Key Challenge Facing The FSCC – Now and Going Forward to its 50 years is :
The need to review its fundamental structure, mission, operations and or even its name if deemed necessary in order that it will remain relevant and be in alignment with the evolving dynamics described above and around it.
ATTACHMENT :
FINANCIAL SECTOR CAMPAIGN COALITION (FSCC)
Q&A PROFILE
What is the FSCC?
The FSCC is a not for profit, nonpartisan, advocacy coalition formed in 2002 by over 50 organisations to drive key imperatives around the transformation of the financial sector as well as, in the process, to ensure the economy of South African serves all of its citizens equitably.
Why and Who formed it?
The Coalition was formed following the highly successful South African Communist Party (SACP) Red October Campaign (ROC) of 2019 under the theme “Make the Banks Serve the People” – given that, at the time, only about 25% of the population had bank accounts.
The ROC message resonated with a wide section of the population who fully embraced the objectives of the campaign. This tidal wave of the Party ROC led to the formation of the FSCC which was then made up of over 50 community, religious, labour, co-operatives, professional, sectoral and non-governmental organisations etc. This collective, which represents tens of millions of people, came together to take forward various campaigns aimed at achieving the two main objectives of the FSCC which are namely to bring about transformation of the financial sector as well as the creation of an alternatives economy.
What are the key achievements of the FSCC to date?
Included among the most outstanding achievements of the FSCC to date are, the initiation of processes which culminated in the legislation of the Credit Control Act, the Office of the Credit Regulator, the Regulation of Credit Bureaus. In addition, the reversal of the numbers of the 75% unbanked economically active SA citizens, through the advent of the “Mzansi Account “as well forcing banks to stop auctioning mortgaged bonded houses for values below their market value, are but some of the key gains achieved by the FSCC so far.
How does the FSCC operate?
The annual consultative conference of the FSSC brings together its coalition partners to reflect on the state of transformation in the sector and to set priorities going forward. The offices of the National and Provincial Coordinators are tasked with the day-to-day implementation of the FSCC programmes – mainly via their participation at the National Economic and Labour Council (NEDLAC), the Financial Sector Transformation Council (FSTC), Parliament and all other relevant for a, as part of the Community Constituency.
Original FSCC Coalition Partners
1. Ahmed Kathrada Foundation (AKF)
2. Association for Black Securities and Investment Practitioners (ABSIP)
3. Association of South African Black Actuaries (ASABA)
4. African National Congress Veterans League (ANCVL)
5. Business and Arts South Africa (BASA)
6. Black Investment Managers and Brokers Forum (BIMBF)
7. Black Management Forum (BMF)
8. Black Lawyers Association (BLA)
9. Black Sash
10. Centre for Emerging Researchers (CER)
11. Congress of Traditional Leaders South Africa (CONTRALESA)
12. Council of African Independent Churches (CAIC)
13. Dithebe Tsa Rona Legal Defence Foundation (DTSLD)
14. Dora Tamana Cooperatives Agency (DTCA)
15. Financial Sector Transformation Council (FSTC)
16. Ilungelo Lethu Human Rights Foundation (IHRF)
17. National Association of Democratic Lawyers (NADEL)
18. National Apex Cooperative South Africa (NACSA)
19. National Cooperative Financial Institutions of South Africa (Nacfisa)
20. National Association of School Governing Bodies (NASGB)
21. National Funeral Directors Association (NAFDA)
22. National Tax Alliance (NTA)
23. Mineworkers Development Agency (MDA
24. Media Workers Association South Africa (MWASA)
25. Supporters Dialogue Coop (SDC)
26. Studies in Poverty and Inequality Institute (SPII)
27. South African Council of Churches (SACC)
28. South African Communist Party (SACP)
29. South African Funeral and Burial Societies (SAFOBS)
30. South African Housing Cooperatives Association (SAHCA)
31. South African National Taxi Council (SANTACO)
32. South African Society of Bank Officials (SASBO)
33. South African Women Entrepreneurs Network (SAWEN)
34. Tenants Union South Africa (TUSA)
35. Traditional Healers Organisation (THO)
36. Young Communist League (YCL) 37. African National Congress Women’s League (ANCWL) 38. Black Business Council (BBC) 39. Congress of South African Trade Unions (COSATU) 40. Foundation of African Business and Consumer Services (FABCOS) 41. National African Federated Chambers of Commerce and Industries (NAFCOC) 42. South African Local Government Association (SALGA) 43. South African Students Congress (SASCO 44. Save South Africa (SSA) 45. National Cooperatives Association (NCASA)
46. South African Youth Council (SAYCO) 47. Disabled People South Africa (DPSA) 48. Women’s National Coalition (WNC) 49. South African National Civic Organisation (SANCO) 50. South African National Cooperatives Association (SANACO)
NB – The last 5 (46 to 50- marked in bold) Coalition Partners serve with the FSCC at the FSTC and NEDLAC as part of the Community Constituency
FOOTNOTE : Owing ,mainly to, changes in leadership over the years since the formation of the FSCC some of the coalition partners listed above do not identify as FSCC coalition partners of late.
