First black female owned bank in SA
History is in motion.
In this case Herstory is happening right in front of our eyes and when founder of the cooperative Young Women in Business Network, Nthabeleng Likotsi, finally and officially opens the doors to her mutual bank we shall say her dream is validated.
Big congratulations are in order for Likotsi who is set to be first woman to own a mutual bank in SA after being approved by the SA Reserve Bank (SARB).
The announcement was made at the Gauteng department of economic development in Johannesburg on 25 March 2021.
Likotsi, who hails from Botshabelo in the Free State made an application to the SARB three years ago.
In a tweet Likotsi said "I believed I could. I started. I believed ordinary Afrikans would 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!!"
Her vision is to create black wealth, but that can only happen if there is a bank that deeply understands black entrepreneurs and customers.
Likotsi has ensured that 80 percent of the board is black women and all of her six employees are also black women.
"My dream is to lower the unemployment rate and I want this bank to respect people's money," she has said after her submission to the reserve bank in 2018.
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