From Vision to Victory: South Africa’s First Woman-Led Bank Becomes eNL Mutual

In a powerful moment for South Africa’s financial landscape, one of the country’s youngest banks has officially stepped into its next chapter with a bold new identity.

The institution formerly known as the Young Women in Business Network Mutual Bank has now rebranded to eNL Mutual Bank, named in honour of its visionary founder, Nthabeleng Likotsi. The change became legally effective on 1 July 2025, following publication in the Government Gazette by the South African Reserve Bank’s Prudential Authority on 25 July.

This rebrand is more than a name swap. It is a recognition of a woman who made banking history and reshaped what leadership looks like in finance.

Honouring a Trailblazer

Nthabeleng Likotsi is no ordinary figure in South Africa’s economic story. She became the first woman in the country to start a bank and the driving force behind the establishment of what is now South Africa’s first majority Black women-owned mutual bank.

According to the bank, founding community members voted unanimously to rename the institution in her honour. They praised her vision, resilience, and groundbreaking leadership in turning an ambitious dream into a functioning, licensed bank.

“She had the vision, tenacity, and the ability to pursue this groundbreaking endeavour,” the bank said, reflecting on Likotsi’s legacy.

A Journey Years in the Making

eNL’s roots go back to 2018, when it began operating as a co-operative financial institution, also known as a CFI. Under this model, financial services were only available to members. But Likotsi had greater ambitions. She wanted to create a fully fledged mutual bank that could serve a broader public and become a lasting financial institution that centred people before profit.

The bank spent several years applying for the necessary regulatory approvals. In January 2024, it finally received its official mutual banking licence from the Prudential Authority. But the journey was not without hurdles. Earlier this year, the bank took the matter to court, alleging that the name change it had applied for was being delayed unnecessarily by the Prudential Authority. A High Court ruling in favour of eNL forced the regulator to act.

By May 2025, eNL had already launched its EFT services, allowing transfers between itself and other local banks. A full public launch is now expected to take place by March 2026, according to recent public statements made by Likotsi.

What Makes eNL Mutual Different?

Unlike commercial banks, mutual banks are owned by their depositors. That means customers are also shareholders, with a say in how the institution is run. These banks generally take a more conservative approach to investing and lending, focusing on long-term financial stability and community impact.

South Africa currently has only four mutual banks in operation. These are Bank Zero, Finbond, GBS, and eNL. The once-prominent VBS Mutual Bank is no longer active following its high-profile liquidation. Notably, Bank Zero was recently acquired by Lesaka Technologies in a deal worth R1.1 billion. While that transaction is still awaiting regulatory approval, it has been described as a game changer in the local banking industry.

eNL will join a new generation of challenger banks, including OM Bank, Postbank, and the state-run SAIFSC. However, eNL stands alone in being woman-founded and majority Black women-owned, making it a distinctive presence in the space.

Banking on a New Kind of Legacy

For Likotsi and the team behind eNL Mutual Bank, this journey has never been about prestige. It has been about access, empowerment, and rewriting the rules of financial inclusion. In a country where economic power remains deeply unequal, the emergence of a people-owned, woman-led bank is both rare and revolutionary.

As South Africa continues to build a more inclusive economy, eNL Mutual Bank is not just joining the system. It is changing it from within.

Also read: Clicks vs Dis-Chem 2025: The Numbers That Show Who’s Leading South Africa’s Pharmacy Race

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Source: Business Tech

Featured Image: LinkedIn/Nthabeleng Likotsi