Babereki and its Key Individual Phumlani Mbatha is governed and operates as per the requirements of the FAIS
Act, which also gave rise to the industry regulatory body Financial Services Board which issues all the licenses to
financial services providers including Babereki and its key individual.
Babereki FSP no. 42305
Babereki does not hold or receipt members premiums and therefore doesn’t require the fidelity cover. However the underwriter (Safrican) which collects the members’ premiums is obliged to have the fidelity cover as they are the risk underwriters.
Babereki is paid 13.75% commission by Safrican for placing members with the underwriter (Safrican).