Building a bank with R1000 at a time

South Africa's first jointly owned and democratically controlled financial enterprise

SVG Illustration
Image Description
About Us

Financial institution

Eyezizwe CFI is a jointly and democratically controlled enterprise based on the following principles: voluntary membership, democratically controlled, economic participation and continuous education of all members, autonomous and independent, co-operation among co-operators, and concern for communities

A.

Co-operative Financial Institution

Eyezizwe Co-operative Financial Institution (CFI) is a member based deposit taking financial co-operatives, owned and controlled by its members who have a common membership in Eyezizwe as a Savings and Credit Co-operative (SACCO) organisation. It is an autonomous voluntary association of members with a common goal of meeting their economic and financial needs and aspirations.

B.

Co-operative Structure

Our cooperative structure is designed on principles mutual help, democratic decision-making and open membership, in view of the fact that our ownership and control is directly vested in the hands of our members.

Image Description
C.

Products and Services

Eyezizwe Co-operative Financial Institution (CFI) will offer many of the same products and services as commercial banks, however it differs in a number of ways as it is of service and owned by its members, its board of directors are elected by its members.

D.

Interest Rates

Its interests are lower than mainstream commercial banks and its surplus goes back to members in the form of dividend or patronage proportion. Our existence is guided by the requirements of the Cooperative Bank Act of 2005.

Image Description
Timeline

The Road to Eyezizwe Commercial Bank

We are envisioning registering Eyezizwe Commercial Bank in less than 10 years. With consistent recruitment of members and contribution- this will be the first ground up black bank to be owned by members in co-operation.