One of South Africa’s newest banks officially has a new name
Young Women in Business Network (YWBN) Mutual Bank has officially changed its name to eNL Mutual Bank, with the Reserve Bank’s Prudential Authority gazetting the change on Friday (25 July).
The change was effective 1 July 2025.
The bank’s new name refers to its founder and managing director, Nthabeleng Likotsi, who became the first woman to start a bank in South Africa.
Likotsi championed the formation of the bank, which is also the first majority black women-owned Mutual Bank in the country.
According to the group, the bank’s founding community members voted unanimously to have the name changes ahead of an official launch, to recognise Likotsi’s “heroic efforts” in establishing the bank.
“She had the vision, tenacity and the ability to pursue this groundbreaking endeavour that is not only historic, but unusual,” the bank said.
“She joins the ranks of women pioneers who dare to strive to achieve excellence in their field and contribute positively to economic freedom in South Africa today.”
The official gazetting of the name change cames at the end of legal proceedings earlier this year, where the bank sought a court order to force the South African Reserve Bank’s Prudential Authority to process the change.
While the bank had submitted the change, it accused the Prudential Authority of showing no interest in processing it, which it claimed was causing delays and disruptions to its launch.
First announced back in 2018, eNL started operating at a cooperative financial institution (CFI).
CFIs can only offer services to its members, but Likotsi had ambitions to serve a wider market and started the process to convert eNL into a fully-fledged mutual bank.
The bank finally received its mutual banking licence at the beginning of 2024, with the Prudential Authority gazetting its registration in January that year.
The bank said at the time that it would spend 2024 using this licence to complete its bank build and launch sometime in 2025 or later.
eNL launched its EFT services in May 2025, enabling transfers between eNL and other banking institutions. Earlier this month, Likotsi alluded to a full launch for the bank in March 2026.
Once launched, eNL will join the likes of OM Bank, Postbank and state-run cooperative bank, SAIFSC, in South Africa’s bustling banking landscape. It is the only new mutual bank launching.
Mutual banks are banks that are ultimately owned by their depositors, who in turn become shareholders in the bank and can have a say in its operations through general meetings.
These banks tend to be more conservative in their investing and lending operations, usually more focused on saving. They are also restricted, by law, in their investment and lending operations.
According to the SARB, there are only four mutual banks currently operating in the country – these include Bank Zero Mutual Bank, Finbond Mutual Bank and GBS Mutual Bank.
VBS Mutual Bank was also a prominent player in the sector before being liquidated.
Notably, Bank Zero was recently acquired by Lesaka Technologies for R1.1 billion—something which eNL’s Likotsi said was a “game changer”.
Still subject to regulatory approval, the deal will see Lesaka acquire 100% of Bank Zero’s issued ordinary shares. The transaction is structured as a mix of newly issued Lesaka shares and up to R91 million in cash.
Once completed, Bank Zero’s shareholders will own about 12% of Lesaka’s fully diluted shares. Leseka said that the transaction represents a significant milestone in its growth trajectory.
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