South Africa

Corporation for Deposit Insurance (CODI), South Africa

About CODI

In January 2022, the President of South Africa signed into law the Financial Sector Laws Amendment Act 23 of 2021 (FSLAA) enabling the resolution framework and the establishment of a deposit insurance scheme for South Africa. The FSLAA amends the Financial Sector Regulation Act 9 of 2017 (FSR Act).  The Minister of Finance published a commencement schedule with the effective date of some deposit insurance clauses of the FSLAA. In terms of this commencement schedule, CODI was established on 24 March 2023 and will become fully operational in April 2024.

The establishment of CODI will support the South African Reserve Bank (SARB)’s mandate to pursue and enhance financial stability by protecting the qualifying depositors of banks.

Vision

Contributing to a stable financial system by protecting vulnerable depositors

Mission

To increase confidence in our financial system through a fully functioning, sufficiently large, explicitly and privately funded deposit insurance

Core values

  • Accountability – We build trust by being reliable, taking ownership and accepting responsibility.
  • Excellence – We are committed to conducting our work in an efficient, timely and accurate manner in accordance with the highest professional and ethical standards.
  • Integrity – We are honest, reliable, and behave in a consistent manner.  We act in the interest of the common good and lead by example at all times to build trust and confidence.  We ensure that the information we provide is accurate and value-adding.
  • Open communication – We build trust by encouraging effective and transparent communication.
  • Respect and trust – We build trust and confidence by being reliable, fair and consistent.

CODI Key Stakeholders

Dr. Hendrik Nel
Mr. Kuben Naidoo 
Interim CEO CODI
Deputy Governor and Non-Executive Director

 

List of Board Members

  • Dr. Hendrik Nel: Interim Chief Executive Officer
  • Ms. Fundi Tshazibana: Deputy Governor and Chief Executive Officer, Prudential Authority
  • Ms. Shoki Ralebepa: Chief Financial Officer, South African Reserve Bank
  • Mr. Unathi Kamlana: Commissioner, Financial Sectors Conduct Authority
  • Ms Mmakgoshi Lekhethe: Interim Deputy Director-General, Tax and Financial Sector Policy National Treasury
  • Ms. Bongi Kunene: Managing Director, Banking Association of South Africa
  • Mr. Andre Bezuidenhout: Independent Director

 

Names, titles and contacts of Executive Management Members/Heads of Departments

NAME DESIGNATION CONTACTS
 Dr. Hendrik Nel  Interim Chief Executive   Officer  Hendrik.Nel@resbank.co.za
 Ms. Sabihah Mohamed  Manager: Policy  Sabihah.Mohammed@resbank.co.za
 Mr. Pregasen Moodley  Manager: Operations  Pregasen.Moodley@resbank.co.za

 

Contact information