Nthabeleng Likotsi, the founder of cooperative, Young Women in Business Network (YWBN), will officially be the first woman to own a mutual bank in SA after being approved by the SA Reserve Bank.
She recently joined Gugulethu Mfuphi on Kaya Biz to break down what it took to achieve this incredible historic milestone.
Listen to the full conversation:
Young Women in Business Network (YWBN)
Young Women in Business Network (Pty) Ltd (YWBN) is a broad based women’s empowerment company, owned, controlled and managed by women from various professions, businesses and industries.
She spoke to Gugulethu about how it all started and why it was important for the bank to empower black female entrepreneurs who need financing.
“We applied for a licence for a corporative financial institution which is governed by the Corporative Governance Act, then we received our license for deposit taking and loans in December 2015.
“In 2016, we started offering our product which is the savings and loan to members which are young women in the business network. With a corporative financial institution you have to be a member of Young Women in Business Network.”
Image: @missnthabeleng / Twitter
What’s next for the bank
Likotsi says this is still early days for the bank but in the coming months South Africans can start buying shares.
“The South African Reserve Bank has given us authority to raise capital, and to follow compliance regulations.
“We still need to go back to the Reserve Bank so they can authorise all of that… We still need to establish the bank and put all the infrastructure and go to the market and raise capital we are going to allow members of the public to join us on the 1stof June and buy shares.”
I believed I could, I STARTED.
I believed ordinary Afrikans will support my vision, THEY DID.
It took us 4+ years but who was counting anyway ?
Together we got approved for the First Women Owned Bank in the history of South Africa.
— Nthabeleng Likotsi (@MissNthabeleng) March 25, 2021
Get to know who Nthabeleng Likotsi
She was born in Botshabelo, Free State into a family of businesspeople.
She has a Master’s Degree in Entrepreneurship from Wits Business School, a post-graduate Certificate in Accounting from the University of Johannesburg, and a Certificate in Entrepreneurship from the Centre of Entrepreneurship at Wits Business School.
She is also an independent non-executive director of various companies, such as Apex Valves and Ubuntu Plastics, among others.