The Department of Women, Youth and Persons with Disabilities hopes to launch a new bank in South Africa in the coming months.
The Department of Women, Youth and Persons with Disabilities is making progress on its plan to create a new cooperative bank in South Africa.
Cooperative banks are more conservative in nature and invest the members’ money into secure funding and government bonds instead of riskier stock exchanges. As the department’s name suggests, the bank aims to advance the inclusion of women, youth, persons with disabilities, and their businesses and other co-operatives into the broader financial system. The target customers are also based in rural areas.
The DWYPD is waiting for the PA’s vetting process to be concluded before it gets the necessary licence.The DWYPD said that there are currently four savings products and four credit products.
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