The government is plotting the path forward to launch a new cooperative bank in South Africa – but stresses it is not a state-owned or government bank.
The Department of Women, Youth and Persons with Disabilities has applied to the Reserve Bank’s Prudential Authority to launch a new cooperative bank in South Africa.
These groups differ from a stokvel because they are formalised, registered and required to meet certain criteria to operate. Because they are deposit-taking, they also need to register with the Prudential Authority. They also differ from mutual banks in that they operate under a common bond – either a group of people that work together or belong to a certain association or a certain geographical area.
The committee said that similar models have been adopted in other countries, where such banks were able to provide financing and financial freedom for millions of women, in particular. To establish a cooperative bank, the law requires that co-operatives share a common bond, have a minimum of R100,000 in share capital and at least 200 members.
, the department said there are 429 active members with R257,400 in shared capital, exceeding the minimum requirements.
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