South Africa

Watch: Nthabeleng Likotsi holds press briefing to explain new mutual bank

The Young Women in Business Network (YWBN) is holding a press briefing on the newly formed mutual bankto explain the inner workings of the bank. The press briefing is live now. Here is the YouTube link: https://youtu.be/lGaN2vTgYSc.

Nthabeleng Likotsi, who is the the founder, is set to be the first woman to own a mutual bank in South Africa.

Earlier this month, questions and concerns were raised about the legitimacy of the new mutual bank, including the membership fee members have to pay to join the bank and the time frame for investors to see returns on their investments.

The press briefing was off to a rocky start as guests on the virtual link struggled to hear Likotsi. The briefing was eventually moved to YouTube.

Likotsi said that although the bank's licence had not been granted yet, the South African Reserve Bank has approved her ownership of a mutual bank, in March.

The mutual bank is digital and available only as a cellphone app.

The Reserve Bank has given Likotsi 12 months to set up the bank before she can launch it to the public.

Speaking to Business Report Online in March, Likotsi said her drive to own a bank was to have a financial institution that represented women.

“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,’” Likotsi said.

The press briefing can be viewed here

BUSINESS REPORT ONLINE

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