Nthabeleng Likotsi is on course to establishing SA's first women-owned bank
Founder of Young Women in Business Network (YWBN), Nthabeleng Likotso is confident that operations at South Africa's first black women-owned mutual bank will kick off in 2019.
Likotso has spent over a year putting together an application for a banking license and has finally made the submission.
She explains the vision for the bank which comes off the back of YWBN - a co-operative financial institution.
When I started, I did not know about different levels of banking in South Africa. I had done the research before and I knew that stokvel's make just close to R 6 billion in the country, so for me it was oh wow, we can use the Stokvel to get into the financial services sector.— Nthabeleng Likotso, Founder of Young Women in Business Network
Right now we do enterprise finding with our own shareholders but because our investors are different, what we experience for the longest time, is we will have young people that want funding so because they are not shareholders yet we could not assist them.... so graduating to mutual bank - it operates like any other bank at a much smaller scale, but here you can open an account, be a shareholder if you choose to. That is what it will allow us to do.— Nthabeleng Likotso, Founder of Young Women in Business Network
Likotso says the bank will provide ongoing support to entrepreneurs.
We are not just going to give you funding but we are going to hand hold you and ensure we grow with you because for us what is most important is, we understand that in this country with a high unemployment rate we need to support entrepreneurs.— Nthabeleng Likotso, Founder of Young Women in Business Network
Click on the link below to listen to the full conversation...
This article first appeared on 702 : Nthabeleng Likotsi is on course to establishing SA's first women-owned bank