Our people have spoken, the message is loud and clear. We believe now is our time, we are therefore making a call to all the sons and daughters of our continent. Let us make our stand together and build the Africa we want now. Let us make this decade a decade for our people.
Ligugu Ya Taifa (LYT) is a non-profit company that wants to start a bank that would love and serve our people for who they are, sons and daughters of our continent, and proud to be African. Up until today we feel our people have been marginalized and treated as second class citizens wherever they are in the world. We believe it's the right time to change this narrative.
As captured in our name, we believe our people are the true treasure of our nation, Africa. Ligugu in siSwati (Nguni language spoken mostly in the south) means "treasure or highly valued" and Ya Taifa in Swahili (language spoken mostly north of our continent) means "of our nation". We have chosen the Republic of South Africa as our base, so within the context of RSA the road map to starting a bank starts with getting a CFI (Cooperative Financial Institution) license. The process is well documented in the CFI start-up guide.
We might have a lot of things that have divided us as a continent over the last 400 years. Our tribes, borders, religion, political association, generational gap, social classes etc. However, there is one thing that we all agree on, we need to change the current narrative about our continent and our people. We have had enough of being told we are poor, corrupt, lazy, illiterate, dark continent, third world country, the underdeveloped nation, that we cannot lead ourselves or solve our own challenges. It seems we must always borrow or beg from the west or the east for our own needs, infrastructure development, technology, energy, education, medicine, or food.
We believe the current financial industry disadvantages our people and makes it almost impossible for our people to build and create industries and brands that are 100% African owned. We would like to change that. We have chosen RSA as our base, and in terms of RSA laws, the road map to getting a banking license starts with getting a Cooperative Financial Institution (CFI) license first as it only requires an Initial Capital of R100 000, next step would be a Mutual Bank which requires R10mil and ultimately a Commercial Bank which requires R250mil Initial Capital. RSA National treasury and Reserve Bank regulates and issue the licenses for this industry.
If you are passionate about our people, our continent and happy to be part of our family, then simply complete the registration form via the attached link below. Note that you can also register for all your family members.
Our membership fee has now been adjusted to R1 500 per member. R750 payable at registration and the balance can be spread over six months. #lettherebe”LYT” #LiguguYaTaifa
"These will forever be celebrated and honoured as the pioneers of our organization for all generations to come. Their names will be engraved in our hall of fame. They saw this vision before there was anything to see and through their faith it was brought into existence for all to see." #lettherebe 'LYT'.
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