YWBN Mutual Bank License Approved By The South African Reserve Bank
YWBN Mutual Bank License Approved By The South African Reserve Bank. South African accountant and entrepreneur Nthabeleng Likotsi took to Twitter to announce that the The South African Reserve Bank has approved the license for the YWBN Mutual Bank.
The post read, “YWBN Mutual Bank license approved by the South African Reserve Bank’s Prudential Authority (PA) with the Financial Sector Conduct Authority (FSCA) concurrence in terms of Section 126 of the Financial Sector Regulation Act, 2017 to register a Mutual Bank in terms of Section 14 of the Mutual Banks Act 124 of 1993. South Africa’s First majority Black Women Owned Bank. I learned in September 2014 that Black people could infact own the bank if they worked together, since then not a day went by without me saying “we shall own the bank” and without the YWBN TEAM and YWBN CFI shareholders working towards registering the bank. We had many detractors, who went as far as using state owned entities to attack BUT we stood firm, blocked the noise and focused on the end goal. It gives me so much pleasure that after 9 years I finally get to say WE OWN THE BANK!! It was worth the 9 years WAIT! God’s timing is the best!”
Nthabeleng Likotsi is a South African accountant, entrepreneur, businesswoman, and community leader, who serves as the chairperson of the Young Women in Business Network(YWBN) and Managing Director of the YWBN Co-operative Financial Institution which is a majority female-owned and female-led financial institution. Likotsi started the YWBN, along with nine other board members, in 2009. The company is managed by women from different professions and industries, with a common goal of economic empowerment of women entrepreneurs and professionals. Since 2016, Likotsi has been working to transform YWBN Cooperative Bank into YWBN Mutual Bank. Besides capital requirements, one needs business premises, operating capital and trained staff. On Friday, 15 June 2018, the Reserve Bank of South Africa accepted an application from YWBN to convert the Cooperative Bank into a Mutual Bank and now Likotsi has announced that the Reserve Bank has approved the license of the Mutual Bank.
YWBN Mutual Bank aims to be a leading African women-led Mutual Bank that understands and services the needs of the unbanked, underserved and the previously disadvantaged consumers. Its mission is to realise financial inclusion of the unbanked, underserved and previously disadvantaged.
The YWBN Mutual Bank will be accessible in all nine provinces for self-service through online and mobile platforms which leverage various methods for customer registration and onboarding, transactional banking, loan applications and savings. For customers who need YWBN Mutual staff assistance in accessing services, there will be a customer contact center and offices across all provinces.
