MUTUAL: After 9 challenging years, YWBN to start process to become first women-owned bank in South Africa….

By WSAM Reporter

South Africa’s history-making Young Women in Business Network (YWBN) cooperative financial institution has finally been issued a license, it announced in Johannesburg on Tuesday, adding that it was now ready to start its journey towards realising of being a leading African women-led Mutual Bank.

YWBN says its distinguishing factor is that it “understands and services the needs of the unbanked, underserved and the previously disadvantaged consumers”.

In a historic move, the South African Reserve Bank’s Prudential Authority has given the cooperative a green light to register a Mutual Bank. It has been a long nine years of battling hurdles for one of the co-founders, Nthabeleng Likotsi and a group of women and other members to finally reach this defining moment.

Likotsi broke the news of the latest development at a press conference in Johannesburg on Tuesday.

YWBN, which has been operating at a cooperative financial institution (CFI) since its formation several years ago, 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, according to Businesstech.

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.

However, on Tuesday, the group said it had cleared these and other hurdles and it has now been granted a mutual banking licence – saying it would move forward participating “fully and equally” in the financial services sector as a mutual bank.

Likotsi said the bank’s focus will now shift to building the bank: raising capital, setting up its network and laying the foundations to better serve the marginal communities it is targeting.

This will be followed by the commercial launch of the bank – but she stressed that there is no official date set.

On its website, YWBN describes itself as a Broad-Based Black Economic Empowerment (B-BBEE) association seeking “to economically empower Women and Men in South Africa, through networking, business development and investment initiatives”. It says YWBN is owned, controlled and managed by women for women from various professions, businesses and industries and dedicated to the economic empowerment of women and men.

Through YWBN, the bank partly owns 26% shareholding in Namlog (Pty) Ltd which is a logistics, distribution and warehousing company.

“We are very proud of the success of our YWBN CFI which was registered in December 2015 as a deposit taking financial Institution which under the current management has seen growth of 2 million share capital to a 21 million total asset,” the YWBN says on the website.

On March 9 2021, YWBN CFI received authorisation from the South African Reserve Bank’s (SARB) Prudential Authority (PA) for the establishment of a mutual bank, in terms of section 11(1) of the Mutual Banks Act namely. The PA regulates financial institutions and market infrastructures to promote and enhance their safety and soundness, and support financial stability.

YWBN says during the past 5 years, YWBN CFI was able to grow from a minimum of 200 members to 589 members, with only 85 members withdrawing. It is imperative to highlight the following about the CFI: Debt free; R21 million collected deposit; 5 clean audits; never missed monthly board meetings and AGM.

“Revenue averaged approximately R195 000 per month in the past financial year, due in the main to an increase in membership, interest from loans, interest on liquid deposits, compulsory membership fees and contributions,” says YWBN on the website.

ALL-AFRICA FESTIVAL – A FUSION of TWO CULTURES

POT-POURRI: Abu Dhabi Yas place to be this weekend for the African/Middle East cultural explosion…

ByGugu Sibiya

Abu Dhabi is in the throes of a massive award-winning mother of all parties, the All Africa Festival, which is taking place at Yas Island, UAE, from today until Sunday.

 Sticking to its winning formula, the fest is already in full swing   delivering rich, vibrant, diverse cultures through captivating music performances, artistic, fashion and culinary offerings that are intended to provide an unforgettable experience.

Boasting an array of headlining luminary  entertainers like Congolese-French singer, rapper and songwriter Maitre Gims, Canadian-Moroccan actress, singer and dancer Nora Fatehi, Nigerian singer /songwriter Omah Lay, Tekno and Yemi Alade Ghanaian Afropop, Dancehall and Reggae Stonebvoy, will make this a memorable Afrocentric music extravaganza.

French Hip Hop, R&B and Urban Pop Singer/songwriter Vegedream, Tanzanian Bongo Flava artist Diamond Platnumz, Moroccan Rapper EIGrandeToto,  Sudanese singer/ songwriter Heem Taj Alser, Ethiopian Lij Michael (Faf), South African singer/dancer Kamo Mphela, Zimbabwean “Queen of Amapiano” Sha Sha, Congolese Soukous star,  and Producer, Koffi Olomide and Zimbabwean singer/songwriter Berita and Hilary are looking to impact at the fest to ensure they make the line-up  next year.

Keeping the stage warm in between performances, is a dynamic lady, DJ Liya who’s holding it down for the Emiratis, Zimbabwean DJ C-Boy, Kenyan Deeyay Mneddy, Somalian Jay Beats and American DJ Nikki Nicole who all made their mark in Dubai and remain top dogs in those parts of the world.

 Unleashing the mother continent’s pizzaz at the fest are Tanzanian RJ the DJ, Senegalese DJ Dollar, Nigerian DJ Royal Phys and South African Vigro Deep. They seek to kill it, thereby impressing the discerning Dubai market.

Effervescent Ghanaian-Lebanese actress and film producer Juliet Ibrahim, brings her hospitable larger than life personality as the event host for the duration of the cultural party. 

Effie Gallery in Dubai’s Al Quoz district, made its debut at the UAE’s AAF fest in 2021. They return this year to curate an inclusive pop-up art exhibition. The aim is to showcase works of African artists. Not only are they exquisitely crafted but expose the depth and diversity of continental culture, African identity and the pride displayed in their works.

Artist Olijimi Emmanuel Ayomide and UAE artists, will be at the AAF grounds to demonstrate how paints and other media deliver live displays of thought provoking nurals and artworks.

Aromatic spices and bold African cuisine flavours including SA’s bobotie, Kenya’s nyama choma and Nigeria’s jollof rice, have made it to the UAE’s dining table. Festival-goers will have lots of opportunities to taste   diverse African cuisine at pop-up specialised restaurants, food trucks, fusion eateries and event partner, Dubai-based Kiza restaurant with their sumptuous treats.

There’ll be a flurry of activity and excitement around the rich tapestry of bold, vibrant African fashion, accessories, novelty and souvenirs. Afro fashion is rapidly becoming a fixture at UAE’s fashion calendar, enabling designers to showcase their creations at this massive platform. Fashionistas will be able to shop till they drop to their heart’s desire.

 There’s an opportunity to sample and buy creative literary designs and wares by individuals who are an integral part of UAE’s entrepreneurial community. Small business by Africans in the diaspora is given a platform to showcase products that are culturally-inspired, express heritage and creativity at the fest.

Off the stages, ramps and gallery walls, explore Yas Island known as the entertainment destination. There’s an opportunity to visit various attractions, theme parks, hotels, do your shopping and take a turn at the renowned Yas Marina Circuit.