By 2002, the Board of Sasria SOC Ltd, chaired by Mr Cyril Ramaphosa, discovered that South Africa had approximately 450 qualified Actuaries, with 96% being White, 3% Indian, 1% Coloured, and 0% Black. Sasria’s Board decided to establish an organisation to address diversity in the actuarial field.
The South African Actuarial Development Programme (SAADP) was officially registered as a Non-Profit Organisation in terms of the Companies Act No. 71 of 2008. Support Programmes were established at both the University of the Witwatersrand, the University of Cape Town and later (in 2009) the University of Pretoria.
Starting with only 19 students, we had a 58% progression rate initially, which has since grown to over 80% annually.
The Chairman of the Sasria Board was appointed as the inaugural Chairman of the SAADP Board. The Career Awareness and Promotions Programme was implemented in schools, with a particular focus on rural and township schools.
Some graduates from the first cohort qualified and become Fellows of the Actuarial Society of South Africa (ASSA). With an increase in student enrolment, additional funding was received from public and private sector donors.
The first Chairman of the Board stepped down upon being appointed as the Deputy President of South Africa. Mr Cedrick Masondo, who was the Managing Director of Sasria at the time, served as the SAADP Board Chairman until 2018, when Mrs S’onqoba Vuba, an SAADP Alumnus, took over as the Chairperson of the Board.
The Career Awareness and Promotions Programme expanded on a national scale, leading to a noticeable rise in student enrolment.
Despite being impacted by the Covid-19 pandemic, SAADP persevered in generating favourable outcomes. The cancellation of the Career Awareness and Promotions Programme due to the pandemic led to no new first year students being accepted in 2021.
In 2023, Ms Nokwanda Mkhize, the initial Executive Director, reached the retirement age and was replaced by Mr Nthato Selebi as the new Executive Director. With the new Executive Director in place, SAADP rebranded itself and shifted its strategic focus. Several collaborations were formed with like-minded organizations leading to the exchange of resources, thereby reducing operational expenses. Discussions about potentially expanding operations to other universities accredited by ASSA were initiated. These included the University of the Free State, the University of North-West, the University of Johannesburg, and the Stellenbosch University.
The organization also intensified its fundraising activities, leading to additional financial support from both public and private donors.
We take pride in our origins, our current selves, and our future potential.
17 Fricker Road
Illovo, Sandton
Johannesburg
2196
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