Inspired by the stokvel model, Nthabeleng Likotsi is leading a network which offers funding opportunities for black business owners, and a safe option for South Africans who want to commit to a long-term investment.
In order for us to do big things, we need to start small— Nthabeleng Likotsi, Executive Chairperson of the Young Women in Business Network
Since learning about co-operative banks in 2014, Likotsi is now Executive Director of the Young Women in Business Network, which is set to grow to become the first female-owned commercial bank in South Africa.
The Young Women in Business Network currently has 370 shareholders and has over 5 million rand collectively invested.
The network also loans up to 350 000 rand for enterprise funding.
Our youngest member is four months old. We have anybody that can join who has a long-term vision— Nthabeleng Likotsi, Executive Chairperson of the Young Women in Business Network
Likotsi says that the co-operative will not satisfy a person with a short-term vision, as it is targeted at individuals with long-term investment plans, from all ages.
In co-operative banking, we're only restricted to getting external funding of fifteen percent of what we have. If we have a billionaire out there who says that I'm willing to give you guys one billion rand, the law does not agree to that— Nthabeleng Likotsi, Executive Chairperson of the Young Women in Business Network
Joining #NightTalk's Gugs Mhlungu and Sizwe Dhlomo in studio on the weekly Money Matters feature, Likotsi describes how one can become a co-operative bank owner.
Listen to the conversation below:
Watch below the livestream of Nthabeleng's interview with Gugs and Sizwe: