Work begins to create a local bank
MIDRAND – The Midrand Co-operative Bank held their first formation meeting on 27 May, where they appointed board members as part of the processes needed to be done to register their bank.
The Midrand Co-operative Bank held their first formation meeting on 27 May, where they appointed board members as part of the processes needed in order to register their bank.
The bank was established to assist those who work, study, live, worship, or operate their businesses in the Midrand area.
Chairperson of the newly constituted board of directors, Boitumelo Kgomo said their working group members amounted to 10 members who had been volunteering their skills and services and resources for the past two years without payment, sacrificing their time to make sure the project comes to fruition.
She added that the bank is at stage three of the four-stage development plan. “Stage one was where we laid the foundation or structure of the working group and of the way ahead. Of essence in stage two was that we did a feasibility study or survey in 2019 to back up and provide evidence that the people in Midrand do actually want to have their co-operative bank,” Kgomo said.
“The highlight of that survey and what people wanted was that people mentioned they wanted property finance, for both business and residential use. We already have a draft business plan and the constitution as well as a policy.”
She added that they would like to see more women join the bank as 70 per cent of the bank’s ownership is made up of male members.
“We are planting a seed with this bank. Most of us come from different provinces, once we plant this seed in Midrand, we have to go back to our homes and start co-operative banks that side.”
Tebogo Phadu, a member of the bank, said that the elected people would be changed at the bank’s first annual general meeting.
Details: Follow Midrand Cooperative Bank on social media platforms.
