The Young Women in Business Network (YWBN) Mutual Bank has officially rebranded as eNL Mutual Bank, following the South African Reserve Bank’s Prudential Authority gazetting the name change on Friday, 25 July 2025. The change took effect on 1 July 2025.
The new name pays tribute to the bank’s founder and managing director, Nthabeleng Likotsi, who made history as the first woman to establish a bank in South Africa. Likotsi spearheaded the creation of the institution, which is also the first majority black women-owned mutual bank in the country.
According to the bank, its founding community members unanimously voted for the name change ahead of the official launch, recognizing Likotsi’s “heroic efforts” in bringing the vision to life.
“She had the vision, tenacity, and ability to pursue this groundbreaking endeavor that is not only historic but extraordinary,” the bank said in a statement. “She joins the ranks of women pioneers who dare to strive for excellence and contribute meaningfully to economic freedom in South Africa.”
The official gazetting follows a legal dispute earlier this year, during which the bank sought a court order compelling the Prudential Authority to process the name change. The bank alleged that the regulator had shown little interest in finalizing the request, causing delays and disruptions to its launch plans.
First announced in 2018, eNL began as a Cooperative Financial Institution (CFI), which limited its services to members only. However, Likotsi envisioned a broader reach and initiated the process to convert the institution into a fully-fledged mutual bank.
That vision materialized in early 2024 when the Prudential Authority granted eNL its mutual banking license, gazetted in January of that year. The bank spent 2024 building its infrastructure in preparation for a full-scale launch. In May 2025, eNL introduced EFT services, enabling transfers between eNL and other banks. Earlier this month, Likotsi hinted at a full launch in March 2026.
Once fully operational, eNL will join other mutual banks such as OM Bank, Postbank, and the state-run cooperative bank SAIFSC, making it the only new mutual bank entering the market.
Mutual banks differ from traditional banks in that they are owned by their depositors, who become shareholders and have a say in governance through general meetings. These institutions typically adopt conservative investment and lending practices, focusing on savings and operating under strict legal restrictions.
Currently, South Africa has only four mutual banks:
- Bank Zero Mutual Bank
- Finbond Mutual Bank
- GBS Mutual Bank
- eNL Mutual Bank
The sector previously included VBS Mutual Bank, which was liquidated following a major corruption scandal.
The mutual banking sector recently made headlines when Bank Zero was acquired by Lesaka Technologies for R1.1 billion, a deal Likotsi described as a “game changer.” The acquisition, still subject to regulatory approval, involves a mix of newly issued Lesaka shares and up to R91 million in cash, giving Bank Zero’s shareholders about 12% ownership in Lesaka post-transaction.
As eNL prepares for its official launch, its success will hinge on its ability to carve out a niche in South Africa’s competitive banking sector while staying true to its mission of empowering communities and promoting financial inclusion.
