Young Women in Business Network (YWBN) is 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. YWBN is owned, controlled and managed by women for women from various professions, businesses and industries and dedicated to the economic empowerment of Wo(men). We are active young business women with entrepreneurial flair who are innovation-focused, resilient and results-driven
Through YWBN, we partly own 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.
On 9 March 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.
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:
All the above signals the network’s prudential ability to deliver expected results including prudency, technical skill, governance, management, financial products and clean administration.
To be a leading African women-led Mutual Bank that understands and services the needs of the unbanked, underserved and the previously disadvantaged consumers.
To realise financial inclusion of the unbanked, underserved and previously disadvantaged.
YWBN Mutual Bank embraces the use of technology for a managed customer experience and secure access to the bank through multiple service delivery channels. Customer channel segments are split into two; one for customer self-service and the second will be channels for customers who require assistance for using the bank services.
The YWBN Mutual Bank will be accessible in all nine provinces for self-service through online and mobile platforms which leverage various methods for customer registration and onboarding, transactional banking, loan applications and savings. For customers who need YWBN Mutual staff assistance in accessing services, there will be a customer contact center and offices across all provinces.
Much about YWBN is already unusual -
The main differences between a mutual bank and a commercial bank are as follows:
The operations of the mutual banks are like a retail bank. As such the bank can take deposits and issue loans like commercial banks.