Nthabeleng Likotsi is South Africa’s first woman to own a Mutual Bank, after being approved by the South African Reserve Bank (SARB).
Nthabeleng Likotsi holds a Masters in Entrepreneurship and New Venture Creation from Wits Business School.
She is the founder of the co-operative – Young Women in Business Network (YWBN).
Likotsi started YWBN in 2009 and in 2015 she decided to register the company as a financial institution.
On the 9th of March 2021, YWBN was given a license to become a Mutual Bank and now have 12 months to officially open their doors to the general public.
“I believed I could, I STARTED. I believed ordinary Africans 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. WE DID IT!” said the jubilant – Likotsi.
From 1 June 2021, YWBN Mutual Bank will have different types of shares to offer to the public depending on affordability.
The mutual bank is mainly digital, it will be available as an app on cell phones and it won’t have branches as it is not a commercial bank, but will have offices across South Africa.