Young Women in Business Network Cooperative Financial Institution is a deposit taking financial cooperative registered in 2015. They intend to establish the first black women owned Mutual Bank in South Africa.
Nthabeleng Lukotsi, who is their managing director said the bank will be a mutual bank meaning that it will be targeting mostly those in the informal sector.
She said vendors and those working in the taxi industry are still underserved therefore the need to establish a black owned Mutual Bank in the country.
Lukotsi revealed that as young women they will march to the Union buildings and to the South African Reserve Bank to fight for economic freedom which she said it starts from the financial institution.
She added that the application for an operating licence has been submitted. She confirmed that she recently met with the Governor of the South African Reserve Bank in order to speed up the process.
Meanwhile, they currently have over 5 million Rands in equity and 7 million Rands of savings over the past two years. Ten million is required when starting up a neutral bank.
Lastly Nthabeleng said they were getting support and advise from the likes of Zanele Mbeki who is the founder of Women’s Development Bank.