South Africa has approved their first female owned bank!
Nthabeleng Likotsi is a successful entrepreneur and the founder of the cooperative—Young Women In Business Network (YWBN). She has pioneered a path to success in a male dominated field of finance. Changing the narrative, Nthabeleng has established South Africa’s first female owned mutual bank, after the South African reserve bank announced the approval of its licence.
YWBN holds about 500 members who aim to motivate the disenfranchised women of South Africa.
Likotsi aspires to empower female entrepreneurs and provide a scope for financial inclusion. This is due to majority of South African female entrepreneurs not being given the resources to finance their businesses.
The founder aims to provide ownership and partnership on a level that reaches the country’s census. Likotsi stated: “In SA, black women especially in the financial sector are marginalised. We are not represented in senior executive positions so this is a big deal, the financial sector is male dominated, it’s a ’boys’ club’.”
The South African reserve bank has given YWBN 12 months to arrange the necessary measures, before launching it to the public. However, from June 2021, a variety of shares will be made available for South Africans to purchase.
We wish them a successful road ahead!