The Department of Women, Youth and Persons with Disabilities progresses on establishing the SA Innovative Financial Services Cooperative (SAIFSC), a cooperative bank targeting inclusion and rural customers. Submitted on 03 January, the application awaits vetting by the Prudential Authority for a planned launch in July 2024, offering savings and investment products. Despite starting with 461 members and a balance of R278 698, the bank anticipates expansion post-launch. The initiative aligns with the department’s focus on financial system inclusivity, emphasizing women, youth and persons with disabilities, reflecting its commitment to broader economic empowerment.
