Four new banks are set to enter the South African market, as confirmed by the South African Reserve Bank’s Prudential Authority. Young Women in Business Network (YWBN) Mutual Bank has been officially registered, marking the completion of the registration process and paving the way for its launch, likely in 2025 or later. As a mutual bank, YWBN aims to serve as the first women-owned bank in South Africa, with a focus on small businesses and the unbanked population. Additionally, Old Mutual is preparing to launch its own full-service bank in 2024, while Postbank is advancing towards becoming a standalone banking operation. The Department of Women, Youth and Persons with Disabilities is also progressing with plans to establish a cooperative bank, SA Innovative Financial Services Cooperative, resembling a formalized stokvel model.
