SA’s First Female Owned Bank Told It Will Lose Credibility After Showing Up With Somizi
Mzansi’s first black and the female-owned bank called Young Women In Business Network (YWBN) has been trending on Twitter since last night.
This, after its founder, Nthabiseng Likotsi came under fire on social media for lack of transparency and failing to answer some hard questions thrown at her by social media finance gurus.
The bank is allegedly owned by depositors who buy shares by contributions.
There are some irregularities noted in how the mutual bank charges its membership fees which are non-refundable. More so, the bank doesn’t provide the critical information needed by the public to see if it’s a great investment or not.
One popular social media financial guru, Koshiek Karan started asking hard questions directed to the bank’s founder Nthabiseng.
WTF is a mutual bank?
You’re probably thinking ‘oh no VBS!’. Not all mutual banks are dysfunctional.
Mutual banks are institutions owned by depositors and are regulated. They also have lower capital requirements with the SARB.
They can accept deposits can issue loans.
— Koshiek Karan (@iamkoshiek) June 3, 2021
Many have started suspecting that the bank runs a pyramid scheme.
Despite the controversy surrounding business operations on the bank, it managed to sell a million shares within 72 hours of operation.
And one of many who quickly bought into the bank is Somizi Mhlongo.
The bank’s founder took to her Twitter page to celebrate the huge endorsement by Mzansi’s star.
Thank you @somizi for the support at the YWBN Own the Bank Share Scheme media briefing, your words echo like a drum “they had to oppress us because they knew what black people can achieve, but our time is now, black child, we have arrived”
To buy shares https://t.co/hvcRU0uvVN pic.twitter.com/sPLT0P3kkP
— Nthabeleng Likotsi (@MissNthabeleng) June 3, 2021
But this fueled more controversy on the bank as many hard questions came through on its credibility.
Somizi’s nemesis Ntsiki Mazwai was one of those who questioned the bank.
Instead, as usual, she found a way to attack Somizi.
“Also starting a bank and then showing up with Somizi will make you lose credibility so quickly,” she tweeted.
Social media is still divided over the controversial black-owned bank.
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