The Annual General Meeting of Ziphakamise Co-operative Bank, held on Saturday, 23 August 2025 at the Naples Room in Richards Bay, brought together members, stakeholders, and partners to reflect on the bank’s progress and future direction.
Chairperson S. Ntshangase opened the meeting by welcoming attendees and reaffirming the bank’s commitment to strengthening its role as a community-based financial institution.
A groundbreaking development was revealed during the session, with confirmation that the bank has been provisionally funded to the tune of R1.4 million by SEDFA, under the Department of Small Business Development. These funds will be distributed as soft loans to small, medium, and micro enterprises. This marks an important new chapter for the co-operative bank, which has for many years primarily serviced employees, particularly those from Bell Equipment, with loans, savings, and deposits. The expansion into supporting township and local entrepreneurs demonstrates Ziphakamise’s growing ambition, with a long-term vision of one day financing purchase order funding as well.
The AGM also reflected positively on the progress made with existing products, including the ongoing business assistance loan application, while members engaged in meaningful dialogue about strengthening the bank’s operations. The board emphasized the importance of compliance, financial literacy within committees, and succession planning to ensure long-term sustainability. Another notable development was the successful migration to the MAMBU system, which has streamlined administration processes and reduced costs.
There were also discussions about making AGMs more inclusive, with members exploring the possibility of hybrid formats to allow wider participation among the bank’s more than 750 members.
Speaking on the new SMME-focused product, Chairperson Ntshangase said the move was not only an expansion of services but also a deliberate effort to align Ziphakamise with the national agenda of empowering small businesses and fostering local economic development.
As Ziphakamise Co-operative Bank positions itself for growth, its roots remain firmly in community ownership and empowerment, while its vision continues to stretch into new opportunities that uplift members and entrepreneurs alike.
