Effective financial inclusion requires relevant products and services for diverse customer needs, and engagement and communication with customers to ensure they are well-informed about options available to them and able to make choices that best suit their requirements. Consumer education covers a broad range of activities, from helping individuals identify and access cheaper and more convenient transaction channels, to helping entrepreneurs and small business owners manage their cash flows and grow their businesses. More broadly, SBSA supports education and skills development through our corporate social investment programme, and through the provision of financial products that enable students to access finance. We also provide CSI funding for sports development, arts and culture, and health-related and agricultural support programmes. We scored 6 .09 out of 8 for socioeconomic development and consumer education (inclusive of 3 bonus points).
This element measures the annual value of the bank’s qualifying socioeconomic development contributions as a percentage of net profit after tax (NPAT), together with the annual value of all qualifying consumer education contributions as a percentage of NPAT of our retail business (PBB SA).
The FSC requires that we spend 0.6% of NPAT on socioeconomic development, and 0.4% of retail (Personal and Business Banking) NPAT on consumer education. In 2019, SBSA's total spend on socioeconomic development of R122.7 million constituted 0.77% of 2018 NPAT and spend on consumer education was 0.42% of 2018 retail NPAT.
We focus our socioeconomic development investment on education, with the objective of contributing to social and economic transformation in South Africa through supporting the development of future-fit children who are ready for a new world of work.
The particular focus of our strategy is on early childhood development and foundation phase education. In 2019, we spent R83.6 million on education initiatives, about 72% of our total CSI budget of R113.6 million.
In 2019, we invested CSI funding of R83.6 million in educational programmes.
In addition, we continue to support the Feenix Trust NPO, launched by Standard Bank in June 2017 to make tertiary education more accessible for economically disadvantaged students. Over the past three years, 2017 – 2019, Feenix has raised over R35 million, providing support for over 1 000 students. Standard Bank has extended our sponsorship of Feenix beyond the three years to which we originally committed.
The platform enables university students in need of funding for current or historic debt to create profiles and request donations toward their education journey. As a crowd-funding platform, Feenix enables individuals and businesses to take meaningful action to solve social problems. Funding in the pool is divided to ensure at least 75% goes toward black, coloured and Indian students, 50% goes toward female students and preference is given to students who are actively engaged on the platform.
To qualify, students need to be registered at a South African public university, and have an annual household income of below R600 000. To register, they must upload a copy of their ID and an up-to-date fee statement. Academic achievement is not a criterion for registration.
SBSA has been a long-term sponsor of South Africa’s national men’s cricket team, the Proteas. As part of our sponsorship philosophy, we have invested in youth development in the sport.
We have sponsored 12 Standard Bank Regional Performance Centre (RPC) development programmes, which we have run in partnership with Cricket South Africa nationally. The RPC programme identifies talented young players from ages 11 to 18 years, from townships and rural communities where there are no cricket playing schools. The youngsters become part of a highperformance environment within their own community. They are provided with the necessary support structure to help them along on their journey from #budtobloom. In 2019, our investment in the centres totalled R6.67 million. In December 2019, we announced that we would not renew our sponsorship of the South African national men’s cricket team when the current contract expires in April 2020, owing to concerns regarding governance at Cricket SA.
SBSA supports a wide range of initiatives to nurture young talent and showcase the rich diversity of Africa’s creative arts. Our commitment to investing in the arts represents a 40-year legacy and we are proud to provide ongoing support for a variety of projects which have become highlights on Africa’s cultural calendar.
In 2019, we invested over R11.4 million in arts projects and programmes, including:
The Standard Bank National Youth Jazz Festival
Standard Bank Young Artist Awards
Standard Bank Gallery outreach programmes
The Children’s Arts Festival
In 2019, SBSA celebrated 21 years of sponsoring the Standard Bank Joy of Jazz in South Africa. An important component of the festival is Geleza Kleva & Learn workshops, a free two-day workshop for young people hoping to make a career in the music and entertainment industry. The workshop, which took place in Johannesburg, saw about 200 young people gather for information-sharing sessions led by jazz musicians and other industry professionals. Topics covered included entertainment law, scoring for films, marketing and communications, event production and event management, and finance for young entrepreneurs.
The Standard Bank Gallery, located in central Johannesburg, serves as an educational tool and research resource. Many primary school children have never been exposed to art as a subject or an interest and have never visited an art gallery. SBSA actively engages with schools to encourage visits to the gallery and provides an educational supplement to support educators to ensure children derive maximum benefit from their visit. This includes the option of booking guided tours with our education officer, and workshops and walkabouts by guest curators. We also provide material and information that may not be readily available to educators and learners in the prescribed curriculum, for each of our exhibits. While the content is targeted at learners at primary school and secondary school levels, it can also be useful for tertiary students enrolled in arts programmes.
As part of our commitment to supporting the arts, we encourage university departments to engage with our arts collections to encourage research output. Our collections comprise the Standard Bank Corporate Art Collection, and the Standard Bank African Art Collection which is co-owned with Wits University. The Standard Bank Corporate Art Collection consists of almost 1 200 artworks by over 250 contemporary artists. The African Art Collection consists of approximately 6 000 objects comprising classical, indigenous and contemporary African art pieces.
The Standard Bank Gallery collaborates with various post-graduate studies programmes from institutions across the country. We encourage the use of the Standard Bank African Art Collection as a resource for research output for exhibitions, publications and other projects. We have a close partnership with the Wits History of Art and Heritage Management unit, which offers a post-graduate programme focused on curatorial studies. This programme includes an annual exhibition proposed by post-graduate students.
Standard Bank launched a new partnership with UN Women in 2019, a programme to empower women by enhancing agricultural productivity and income, through climate smart agriculture – farming methods and commodities that are resilient to climate change. Standard Bank has pledged USD3 million over two years. The programme is running in Malawi, Nigeria, South Africa and Uganda. It includes a focus on improved weather forecasting, early warning systems, financial literacy training and insurance to help farmers reduce risk.
The programme is run in partnership with local farmer associations and cooperatives, relevant UN agencies and international aid agencies, national and local governments, local private sector partners and NGOs. In South Africa, our focus is on bean and vegetable farmers in Limpopo province and Free State province. Standard Bank will train participants in financial literacy, while Vodacom will assist with digital literacy skill training. The Standard Bank Group contributed R21.8 million to the programme in 2019, R8.7 million of which was allocated to the South African component of the programme.
2019 saw the final year of the bank’s multi-year partnership with the UN Global Fund to fight Malaria, Aids and TB in Africa. In South Africa, Standard Bank donated R5.1 million to the fund in 2019.
We encourage employee engagement in CSI activities, including volunteering in meaningful, sustainable volunteer work in the communities in which we operate.
We see a positive effect on employee engagement and team cohesion, and consequently on productivity, when we encourage, enable and support employee community involvement through volunteering. We work with the NGOs to structure appropriate volunteering opportunities for our employees.
Our staff matching scheme means that, when our employees donate to a registered charitable organisation, we match the donation using our CSI funds, doubling the funds received by the beneficiary organisation. In 2019, the bank matched almost R2.4 million in employee donations and donated R8.9 million for employee-volunteering initiatives, which included library and ECD centre makeovers and a house-building project.
Standard Bank’s WalletWise programme aims to help people use financial services effectively and affordably by providing information about financial products and services and raising awareness of digital platforms and how to use them.
The programme targets those with a household income of less than R15 000 per month, and includes content tailored for young people, small enterprises and people without formal bank accounts, with a focus on rural and non-metro areas. WalletWise raises awareness through edutainment, using print and digital media, social media, radio and television, community outreach, and in-branch training in selected communities. Content is provided in nine of South Africa’s official languages.
We reached 8 500 people through classroom training, including in rural areas
Over 6 000 young people through activations at high schools and tertiary institutions; 500 000 people through community activations, including at taxi ranks
About 30 million people through television campaigns
25 million people through radio campaigns
200 000 unique visits to the website
Reached a further 35 000 people through engagement on social media