NACFISA operates as a national representative body and support organisation for all Co-operative Financial Institutions -CFIs (i.e. co-operative banks, savings and credit co-operatives -SACCOs and Financial Services Co-operatives- FSCs) in all nine Provinces of South Africa.
CFIs are Financial Cooperatives that are owned and controlled by their members primarily to provide financial services to their members.
Our records shows that as at mid July 2012 there where 106 institutions operating as Savings And Credit Co-Operatives(SACCOs), Financial Services Co-operatives(FSCs) and Stokvel Co-Operatives with total Balance Sheet of 220 Million Rand and 53,240 Members.
Currently there are 56 institutions existing as either Savings And Credit Co-Operatives(SACCOs), Financial Services Co-operatives(FSCs) or Stokvel Co-Operatives in South Africa.Out of these 56 institutions, 46 institutions are members of NACFISA, out of which 15 are registered with Co-operative Banks Development Agency(CBDA) and 01 member (Co-operative Bank) is registered with South African Reserve Bank (SARB ). Thirty(30) out of 46 of our total current membership are still pursuing Registration with CBDA.