South Africa will mark a significant development in its banking sector next week with the launch of eNL Mutual Bank, the country’s newest fully licensed mutual bank and the first to be majority owned and led by black women.

The institution is an evolution of the YWBN Co-operative Financial Institution, which has operated for six years. Founded by Nthabeleng Likotsi, eNL Mutual Bank is positioning itself as a financial institution centred on community ownership and economic inclusion. The official launch is scheduled for Wednesday in Sandton and will be broadcast live across all major social media platforms.

Likotsi highlighted that the bank’s strategy is designed to tackle long-standing economic inequalities by widening access to fair financial services, supporting the expansion of small and medium enterprises, and offering affordable housing-linked products aimed at underserved groups. According to the bank, this approach is intended to help bridge the divide between formal banking channels and informal economic activity, ultimately contributing to community wealth that can be sustained over time.

“eNL Mutual Bank belongs to its people,” Likotsi explained. “This bank will not be driven by distant shareholders. It will be guided by South Africans who want a financial institution they can trust, shape, and own.”

The bank will operate as a fully digital platform, a model the leadership says will help reduce operational costs and make services more accessible. Its systems are built to prioritise speed, compliance and security, ensuring that as the bank adopts new technologies, it remains closely aligned with the needs of its customer base.

The launch represents a notable shift toward greater financial inclusion steered by black women entrepreneurs and is expected to serve as a landmark moment for SMMEs and community-focused banking in the country.