Finance Minister Malusi Gigaba on Tuesday said National Treasury would support parliamentary processes aimed at regulating the South African financial sector to make the industry inclusive.

“The financial sector plays a critical role in our country, but this must be enhanced to achieve the aspirations of all South Africans. The joint standing committees on finance and trade and industry have had a number of hearings on the transformation of the financial sector,” Gigaba said while tabling National Treasury’s budget vote speech in Parliament.

He said the committees found that the financial sector needed reinvigorating.

“We need to reinvigorate the financial sector charter to ensure all South Africans participate fully in the ownership, management, supply and take-up of financial services. Transforming the financial sector to South Africa better is key, including supporting SMEs and ensuring that financial institutions procure from SMEs and emerging businesses,” said Gigaba.

The former home affairs minister said National Treasury would continue throwing its weight behind parliamentary processes which sought to make the financial sector “fully reflect South Africa’s demographics”.

“It is well established that a well regulated and resilient financial system is a key foundation of any economy, and reduces the likelihood of claims on taxpayer funds to bail out failing banks and other financial institutions during times of crisis,” said Gigaba.

“The long awaited Financial Services Regulation Bill is expected to be passed by the National Council of Provinces today, to ensure the implementation of a comprehensive system for better regulation of the financial sector.”