About this report

Scope and boundary

We are pleased to present our business report for the financial year 1 July 2016 to 30 June 2017. This business report (hereinafter referred to as “the report”) is designed to provide stakeholders with a summary of what was achieved in the financial year and an overview of our positioning and plans for the future.

Since our last report, every aspect of group activity has been reviewed and realigned around a revised corporate strategy. This represents a rediscovery of the original purpose of the organisation – to serve our members and their mutual communities. Our purpose has been updated to reflect and contend with a rapidly evolving social, economic and technological environment. In line with our core purpose, we have restructured our operations and sold off non-core business units (see Overview from Parusha Gajathar). This report outlines the changes we have made, and our plans for the future.

References to ‘BankservAfrica,’ ‘the company,’ ‘the group,’ ‘we,’ ‘us’ and ‘our’ refer to BankservAfrica and its consolidated subsidiaries, unless otherwise stated.

References to our shareholders, owners and members refer to BankservAfrica’s mutual ownership by the banking community (Our ownership structure). References to customers and stakeholders refer to those we serve either directly or indirectly. Our owners are also our customers.

Our annual financial statements (included in a separate publication) and our summarised annual financial statements cover all operations consolidated in terms of International Financial Reporting Standards.

More information about the company and our operations is available at www.bankservafrica.com.


We use a combined assurance model, matching key risks that affect the group with assurance obtained from management and other internal and external assurance providers. Management provides the board with assurance that it has implemented and monitored the group’s risk management plan, and that it is integrated into the daily activities of the organisation. These internal controls are the first line of defence, and include a dedicated internal audit team and programme to monitor control effectiveness.

Deloitte & Touche are our external auditors and provide external assurance on the group’s annual financial statements and an opinion on fair presentation. Their scope does not include any non-financial or operating indicators contained in this report.

Stakeholder feedback

We welcome feedback on our report. Please direct any questions or comments and requests for copies to Wendy du Preez at WendyD@bankservafrica.com.