BANKSETA Bursaries 2024 in the Banking Industry

BANKSETA, the Banking Sector Education and Training Authority, plays a crucial role in the development of skills and knowledge within South Africa’s banking sector. One of the key initiatives undertaken by BANKSETA is the provision of bursaries to students pursuing higher education in fields critical to the banking industry. This comprehensive article explores the BANKSETA bursaries, their importance, eligibility criteria, application process, and the impact they have on students and the banking sector at large.

BANKSETA Bursaries

The Role of BANKSETA in Education and Training

BANKSETA is committed to promoting skills development and training in the banking sector. It achieves this through various programs, including funding for education, professional development, and research. The bursaries provided by BANKSETA are part of a broader strategy to address the skills gap in the banking industry, ensuring that South Africa remains competitive in the global financial market.

Overview of BANKSETA Bursaries

Holistic Support for Students

BANKSETA bursaries are designed to provide holistic support to students. This means that the bursaries cover not just tuition fees, but also textbooks, accommodation (both on-campus and off-campus, depending on the arrangements made by the university), meal allowances, and other necessary expenses such as tutorial costs. This comprehensive support ensures that students can focus on their studies without the burden of financial stress.

Partnership with Universities

The bursary program operates through partnership agreements with public universities and universities of technology in South Africa. BANKSETA annually advertises a funding window, inviting these institutions to apply for bursary funding for unemployed students studying courses that are in high demand within the banking industry. These partnerships are crucial in ensuring that the bursary funds are allocated effectively and reach the students who need them most.

Courses Supported by BANKSETA Bursaries

The BANKSETA bursaries are specifically targeted at courses that are considered scarce and critical skills within the banking industry. These courses include:

  • Actuarial Science (Accounting)
  • Bachelor of Science (IT)
  • Bachelor of Commerce (IT)
  • Bachelor of Commerce (Finance, Economics, Financial Markets, or Financial Modelling streams)
  • Bachelor of Commerce (Accounting)

By focusing on these areas, BANKSETA aims to cultivate a skilled workforce that can meet the evolving needs of the banking sector.

Eligibility and Selection Criteria

University Selection Process

BANKSETA does not recruit learners directly. Instead, each partnering university is responsible for selecting students for the bursary program. While universities have their own selection criteria, these must align with the minimum criteria set by BANKSETA. This decentralized selection process ensures that the universities can identify and support students who are most likely to succeed in their studies and contribute to the banking industry.

General Eligibility Criteria

To be eligible for a BANKSETA bursary, students must meet the following general criteria:

  • Enrollment in a public university or university of technology
  • Pursuing a course of study that is listed as a scarce and critical skill by BANKSETA
  • Demonstrating financial need
  • Meeting the academic requirements set by the university and BANKSETA

Evaluation Criteria

The evaluation of bursary applications is based on several factors, including:

  • Academic performance and potential
  • Financial need
  • Alignment of the chosen course of study with the banking industry’s critical skills
  • Personal motivation and commitment to the field of study

Application Process

Annual Funding Window

BANKSETA opens an annual funding window for bursaries. During this period, public universities and universities of technology can apply for funding on behalf of their students. The application forms and supporting documents must be submitted in PDF format to the designated BANKSETA email addresses ( and Applications received after the closing date are not considered.

Required Documentation

Applicants must submit several documents as part of the application process, including:

  • Completed application form (Annexure C)
  • Academic transcripts
  • Proof of enrollment in an eligible course
  • Financial statements or proof of financial need
  • Personal statement or motivation letter

Evaluation and Awarding of Bursaries

The evaluation process involves a thorough review of the applications based on the criteria outlined in the BANKSETA Discretionary Funding Window Guidelines. This includes assessing the university’s ability to deliver the program, the content and implementation strategy of the program, and the support provided to learners. Successful applicants are awarded bursaries that cover the full cost of their studies.

Skills for the Future Project

Focus on Rural Communities

In addition to the regular bursary program, BANKSETA has introduced the Skills for the Future project. This initiative aims to support economically disadvantaged Grade 12 scholars in rural communities of Limpopo and Eastern Cape. The project includes a Digital Literacy Programme, a Work Readiness Programme, and career counseling to help these scholars prepare for the future.

Eligibility and Application

The Skills for the Future project is open to public universities and universities of technology. These institutions must submit applications that detail how they will implement the programs and support the learners. The applications are evaluated based on the institution’s ability to deliver the program, the content and implementation strategy, and the support provided to learners.

Impact of BANKSETA Bursaries

Empowering Students

BANKSETA bursaries have a profound impact on the lives of students. By providing comprehensive financial support, these bursaries enable students to focus on their studies and achieve their academic goals. This support is especially crucial for students from disadvantaged backgrounds who might otherwise be unable to afford higher education.

Addressing Skills Shortages

By targeting courses that are in high demand within the banking industry, BANKSETA bursaries help address the skills shortages in this sector. Graduates of these programs are equipped with the knowledge and skills needed to excel in the banking industry, contributing to the overall growth and competitiveness of the sector.

Promoting Economic Development

The impact of BANKSETA bursaries extends beyond individual students and the banking sector. By investing in education and skills development, BANKSETA contributes to the broader economic development of South Africa. Skilled graduates are more likely to secure employment, contribute to the economy, and drive innovation and growth.


BANKSETA bursaries represent a vital investment in the future of South Africa’s banking industry. By providing holistic support to students pursuing critical skills, these bursaries help address the skills gap, empower students, and promote economic development. Through partnerships with public universities and universities of technology, BANKSETA ensures that the bursary funds are allocated effectively and reach the students who need them most. The Skills for the Future project further extends this support to economically disadvantaged scholars in rural communities, helping to bridge the gap between education and employment.

For more information on BANKSETA bursaries, interested parties can contact Applications for the Skills for the Future project can be submitted to and Through these initiatives, BANKSETA continues to play a crucial role in shaping the future of South Africa’s banking sector and the broader economy.

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