Nthabeleng Likotsi, a 33-year old Black lady from South Africa who co-founded the Young Women in Company Network (YWBN), has been determined to turn her cooperative bank to a shared bank. It seems tough, but she is already set to do it, becoming the first black woman bank owner in South Africa.
Having seen the capacity of Black women, coupled with the absence of meaningful support, Likotsi, who was raised in a family of businesspeople, understood she needed to do something.
“I asked myself what it meant to be a black young woman in South Africa. And the reality of the matter was that very little is occurring for black females,” she stated.
Upon doing some research, she discovered that stokvels or community-based informal saving groups actually contributed billions to the economy, yet it hasn’t been given proper credit. She knew that if offered adequate opportunities and assistance, it could become an important resource for the country.
She believed in the concept of producing “black wealth”. To achieve that goal, she thought of setting up a bank that would actually understand the requirements of black business owners. It caused the development of Young Women in Company Network (YWBN), a cooperative bank with over 420 investors ages 16 to 75 and has generated 4.2 million Rand in financial investment.
In the previous year, Likotsi, who acted as the chairperson of YWBN, has been working to meet the South African Reserve Bank to turn the cooperative into a mutual bank. Recently, she and the 1956 Women’s March veterans marched from the Union Buildings to SARB to submit their application.
Not the very first, however among the very first
The first Black woman to start a bank was actually Maggie L. Walker in the 1920’s. Her bank, St. Luke’s Penny Cost savings, was based in Richmond, Virginia, and she was also known in your area as the owner of a newspaper, a humanitarian, a teacher, and more.
Others consist of Kiko Davis, the trustee of the Donald Davis Living Trust, the bulk stockholder of First Self-reliance Bank based in the Detroit, Michigan location. She is presently the only African American, female bank owner in the United States.
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