In the vast landscape of South Africa’s entrepreneurial spirit, a beacon of inspiration shines brightly in the form of Nthabeleng Likotsi. Born on August 11, 1984, in Botshabelo, Free State Province, Likotsi has emerged as a trailblazer, breaking through the glass ceiling to become the first female bank owner in South Africa and the youngest in the world to establish a Mutual Bank. Her journey from a 2-bedroom flat to the helm of the Young Women in Business Network (YWBN) Co-operative Financial Institution is nothing short of extraordinary.
Armed with a master’s degree in Entrepreneurship from the University of the Witwatersrand, a Certificate in Entrepreneurship from the Wits Business School, and a postgraduate certificate in accounting from the University of Johannesburg, Likotsi embarked on a mission to redefine the financial landscape. Her academic prowess laid the foundation for a career that would be marked by leadership, economic activism, and impactful investments.
In 2009, Likotsi co-founded the Young Women in Business Network (YWBN) with nine other board members. This collective of dynamic women from various professions and industries shared a common goal — the economic empowerment of women entrepreneurs and professionals. Since 2016, Likotsi has been steering YWBN Cooperative Bank towards its transformation into YWBN Mutual Bank, a monumental feat in itself.
What sets Likotsi apart is her unwavering dedication to promoting inclusive development and growth. As the Managing Director of YWBN Co-operative Financial Institution, a majority female-owned and female-led entity, she has championed the cause of making basic financial services more accessible to the unbanked and underbanked. Through innovative solutions leveraging mobile digital technology, Likotsi has minimized the barriers of time, distance, and cost associated with traditional banking, making financial services accessible to a broader segment of society.
The path to establishing the Mutual Bank was not without its challenges. Likotsi faced capital requirements ranging from R10 to R15 million, necessitating business premises, operating capital, and trained staff. However, her determination and strategic vision prevailed. On June 15, 2018, the Reserve Bank of South Africa accepted YWBN’s application to convert the Cooperative Bank into a Mutual Bank, a historic moment that underscores Likotsi’s tenacity and foresight.
Beyond her groundbreaking achievements in finance, Likotsi has received accolades for her leadership. In 2013, she was honored with the Women Leadership Award at the third Africa-India Partnership Summit. Her influence extends beyond the financial sector, as she serves as an independent non-executive director of various companies, including Apex Valves Private Limited and Ubuntu Plastics Private Limited.
In a poignant reflection on LinkedIn, Likotsi shared the pivotal moment when she left formal employment in January 2009. Armed with a printer, laptop, Neotel line, and unyielding determination, she pitched her revolutionary idea to Glocell, only to be told it was too early for the market. Undeterred, she set out on her own, establishing an office in her 2-bedroom flat. Fifteen years later, her bold decision and belief in her capabilities have borne fruit, culminating in the establishment of a bank in South Africa.
Nthabeleng Likotsi’s journey is a testament to the transformative power of self-belief, resilience, and a commitment to one’s vision. As the first female bank owner in South Africa, she not only breaks barriers but paves the way for a new era of women empowerment in the financial sector. Likotsi’s story resonates far beyond the borders of South Africa, inspiring women worldwide to dream big, take risks, and realize their full potential. In her footsteps, a new generation of female leaders is sure to rise, propelling us towards a future where gender equality and economic empowerment go hand in hand.
