Plans to launch an new government bank in South Africa are forging ahead, despite missing a deadline to start operating in July.
The Department of Women, Youth and Persons with Disabilities is pushing ahead with launching a new cooperative bank in South Africa, but it has missed its planned launch window of July 2024.
They also differ from mutual banks in that they operate under a common bond, either as a group of people who work together or belong to a particular association or geographical area. As such, the bank’s operationalization “will be dependent on the PA’s approval of the application for registration, at which point the CFI can lodge an application to the Co-operative Banks Development Agency for support to roll out systems and bank infrastructure to start operating,” the department said.
In March, the bank reported having 461 members and a bank balance of R279,000, which the department, at the time, admitted is quite low. Since then, this has grown marginally to share capital of R298,000 with 491 members .
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