In terms of the Skills Development Act, No 97 of 1998 as amended by the Skills Development Act, within the National Skills Development Strategy (NSDS)framework; BANKSETA is mandated to develop skills in the banking and alternative banking sector. It does so by:

- Encouraging employers in its sector to develop an active learning environment in the workplace.
- Providing employees with opportunities to acquire new skills / progress their careers
- Increasing levels of investment in workplace education and training.
- Promoting transformation as guided by the NSDS equity targets of 85% Black, 54% Female and 4% disabled.

Ultimately this means that work-seekers find employment, retrenched workers re-enter the market and employers find qualified employees in a fair and equitable framework