Mutual bank founder Nthabeleng Likotsi sets record straight about her bank on Twitter
By Dieketseng Maleke
Share
NTHABELENG Likotsi, the founder of Young Women in Business Network (YWBN), has set the record straight after questions about her mutual bank surfaced on social media.
This comes after a Twitter user Koshiek Karan (@iamkoshiek) started a thread raising concerns about the mutual bank. He questioned the membership fee that members pay to join the bank and the time frame that investors will see returns on their investments.
Koshiek Karan is a popular social media commentator who comments on finance issues.
“The first red flag on YWBN is the membership fee for 100 bucks. Having done a fair share of capital raising it s the first time I ve seen a non-refundable membership fee to participate in an issuance. It s not common,” @iamkoshiek said.
One of the first people to buy into the mutual bank founded by entrepreneur Nthabeleng Likotsi bought R100,000 worth of shares at R10 a pop just hours after the bank's "own your bank share scheme" went live.
Passion for saving sees Likotsi become first woman to own a mutual bank Even after getting into the job market I lived like a student to save money 08 April 2021 - 11:10
Nthabeleng Likotsi was raised by a business-oriented family in Botshabelo in the Free State, where her parents ran a uniforms manufacturing enterprise.
Her family s business acumen rubbed off on her and her five siblings who are all entrepreneurs. Likotsi, 36, is a founder of Young Women in Business Network (YWBN) through which she made history by becoming the first woman to own a mutual bank in SA after receiving approval from the SA Reserve Bank (SARB).