UPDATE - YWBN CFI receives license to register mutual bank.
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The Young Women in Business Network (YWBN) says it has taken a major step forward to opening its doors in South Africa as a mutual bank, having now received its mutual banking licence from the South African Reserve Bank’s Prudential Authority.
First announced back in 2018, YWBN, operating at a cooperative financial institution (CFI), said it would start the process to becoming the first women-owned bank in South Africa by converting its operations from a CFI – which can only offer services to its members – to a fully-fledged mutual bank.
The group received the necessary approvals to start building a mutual bank, but hit regulatory hurdles in 2021 after its ‘Own the bank’ share scheme failed to comply with regulations and it was forced to pay back the money it had raised.
First announced back in 2018, YWBN, operating at a cooperative financial institution (CFI), said it would start the process to becoming the first women-owned bank in South Africa by converting its operations from a CFI – which can only offer services to its members – to a fully-fledged mutual bank.
The group received the necessary approvals to start building a mutual bank, but hit regulatory hurdles in 2021 after its ‘Own the bank’ share scheme failed to comply with regulations and it was forced to pay back the money it had raised.
