Young Women in Business Network (YWBN) is in the process of starting the first women’s Co-operative Bank in South Africa that will focus on professionals, entrepreneurs and business people. With over 230 shareholders. we have collectively invested over R2.3 million towards the formation of the YWBN
Co-operative which qualifies us to be a Co-operative Financial Institution. Although men are welcome in this investment, the intention is to have 60% black women ownership as majority shareholders.
YOUNG WOMEN IN BUSINESS NETWORK (YWBN)
The YWBN is owned, controlled and managed by women for women professionals, entrepreneurs and industrialists who are dedicated to the economic empowerment of young women from age 16 – 75. We have representation throughout South Africa and in the Southern African Development Community (SADC) region.
WHAT IS A CO-OPERATIVE FINANCIAL INSTITUTION (CFI)
A Co-operative Financial Institution (CFI) is a financial co-operative wholly owned by its members. It is an institution that encourages savings in order to provide responsible credit and other services to its members at a fair rate - whose surplus may be distributed amongst its members or toward improving services required by members
OBJECTIVES OF THE YWBN CFI
The Objectives of the YWBN CFI are:
a.To promote and advance the social and economic welfare of its members by enhancing access to financial services under sustainable conditions by providing banking services.
b.To encourage savings by providing a means whereby such savings may receive a competitive rate of interest.
c.To provide financial and investment services to its shareholders. YWBN CFI has the full rights, powers, privileges to carry out and undertake business, act or enter into any transaction on behalf of its members.
d.To implement savings programs that is aligned to young professionals and budding entrepreneurs
e.To provide accessible finance by removing barrier to credit and loans
OPRODUCTS AND SERVICE OFFERINGS OF THE YWBN CFI
Savings Facility •Each shareholder saves R1000 per month for a period of 5 years
Financing Facility •Procurement funding (ceding) •Project funding (ceding)
Investment objectives of the Co-op Finance Institution
•Harnessing of assets
Who qualifies to be a shareholder? •60% black women-owned at all times
•Men and other races will own 40 %
•Non-South Africans who comply with customs requirements
R550 Registration fee (Annual)
R10 000 Share Capital (once off)
R1000 monthly savings – over 5 years amounts to R 60 000
Who We Are