{"id":62334,"date":"2024-03-07T18:12:59","date_gmt":"2024-03-07T18:12:59","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/government-launching-new-bank-in-south-africa-this-year"},"modified":"2024-03-07T18:30:49","modified_gmt":"2024-03-07T18:30:49","slug":"government-launching-new-bank-in-south-africa-this-year","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/government-launching-new-bank-in-south-africa-this-year","title":{"rendered":"Government launching new bank in South Africa this year"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>The Department of Women, Youth and Persons with Disabilities (DWYPD) is making progress on its plan to create a new cooperative bank in South Africa.<\/p>\n

The bank, which has the proposed name of the SA Innovative Financial Services Cooperative (SAIFSC), will be more akin to a formalised stokvel than a mutual or commercialised bank.<\/p>\n

Cooperative banks are more conservative in nature and invest the members\u2019 money into secure funding and government bonds instead of riskier stock exchanges.<\/p>\n

They also differ from mutual banks as they operate under a common bond, either as a group of people that work together or belong to a particular association or a specific geographical area.<\/p>\n

As the department\u2019s 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.<\/p>\n

After meeting with the Prudential Authority (PA), the DWYPD submitted its application package and supporting documents, such as a membership registration file, bank statements and business plan, on January 3.<\/p>\n

The DWYPD is waiting for the PA\u2019s vetting process to be concluded before it gets the necessary licence.<\/p>\n

The bank plans to commence operations in July 2024, offering savings and investment products.<\/p>\n

The DWYPD said that there are currently four savings products and four credit products.<\/p>\n

Currently, the bank has only 461 members and a bank balance of R278,698, which the department admitted is quite low.<\/p>\n

However, with a \u201climitless\u201d potential, the department will undergo an extensive recruitment process to get more members when it gets its licence and launches the bank.<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. The Department of Women, Youth and Persons with Disabilities (DWYPD) is making progress on its plan to create a new cooperative bank in South Africa. The bank, which has the proposed name of the SA Innovative Financial Services Cooperative (SAIFSC), will be more akin to a formalised stokvel than a mutual or […]<\/p>\n","protected":false},"author":84,"featured_media":62333,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[274,315,275],"class_list":["post-62334","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-south-africa","tag-south-africa-2"],"yoast_head":"\nGovernment launching new bank in South Africa this year - South Africa<\/title>\n<meta name=\"description\" content=\"The Department of Women, Youth and Persons with Disabilities (DWYPD) is making progress on its plan to create a new coop ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/government-launching-new-bank-in-south-africa-this-year\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government launching new bank in South Africa this year\" \/>\n<meta property=\"og:description\" content=\"The Department of Women, Youth and Persons with Disabilities (DWYPD) is making progress on its plan to create a new coop ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/government-launching-new-bank-in-south-africa-this-year\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-07T18:12:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-07T18:30:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/03\/sm_1709823503.788246.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/government-launching-new-bank-in-south-africa-this-year#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/government-launching-new-bank-in-south-africa-this-year\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Government launching new bank in South Africa this year\",\"datePublished\":\"2024-03-07T18:12:59+00:00\",\"dateModified\":\"2024-03-07T18:30:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/government-launching-new-bank-in-south-africa-this-year\"},\"wordCount\":290,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/government-launching-new-bank-in-south-africa-this-year#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2024\/03\/sm_1709823503.788246.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"South-Africa\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/government-launching-new-bank-in-south-africa-this-year#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/government-launching-new-bank-in-south-africa-this-year\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/government-launching-new-bank-in-south-africa-this-year\",\"name\":\"Government launching new bank in South Africa this year - 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