Soweto’s bank launched with a bang of financial hope
Capitalizing on enabling the legal framework contained in the cooperative bank’s act 40 of 2007.
The Soweto Business Forum (SBF) in conjunction with Lighthouse Economic Development Institute (LEDI) launched Soweto’s first co-operative bank last week Wednesday.
People from Soweto made a resolution to establish Soweto’s very own unique co-operative bank. The bank will focus on supporting SMMEs funding requirements to create employment.
Funded SMMEs together with the bank will plough back their profits towards socially developing Soweto, showing communities support, according to Thabo Nkgasi of LEDI.
The bank will allow local businesses and communities to form partnership formulas that can financially liberate all persons involved especially those from previously disadvantaged townships in Soweto.
The advantages of the newly launched co-operative bank are;
• Capitalizing on enabling the legal framework contained in the cooperative banks act 40 of 2007. The act was passed by the democratic government and allowed people to arrange themselves financially by establishing their own bank.
• The bank will allow people to be owners and shareholders with a meaningful stake giving people real power over their banks.
• The board of directors will be dominated by local businesses.
• The bank will give the youth a chance to get work based training to pursue banking as a profession.
The co-operative banking development practitioner Vezi Biyela said, “I’ve been in the banking industry and understand what it means to be a customer and shareholder.”
Biyela said, “We just want people to take part in the wealth of Soweto.”
People who are interested in taking part in this co-operative bank and would like to know more about it may contact Biyela on 073 022 5772.
