The rebranding pays tribute to the bank’s founder and managing director, Nthabeleng Likotsi, who made history as the first woman to establish a bank in South Africa. The new name, eNL, references her initials and recognises her pivotal role in spearheading the formation of the bank — the first majority black women-owned mutual bank in the country.
In a statement, the bank said the founding members voted unanimously for the name change “to honour her heroic efforts in leading this groundbreaking endeavour.”
“She had the vision, tenacity and the ability to pursue this historic and unconventional journey,” the bank said. “She joins the ranks of women pioneers who strive for excellence and economic empowerment in South Africa.”
Legal Battle Preceded Name Change
The gazette follows legal action taken earlier this year, where the bank sought a court order compelling the Prudential Authority to process the name change after initial delays. The bank had accused the regulator of causing unnecessary disruptions to its timeline.
Originally launched as a cooperative financial institution (CFI) in 2018, eNL Mutual Bank was initially limited to serving only its members. However, Likotsi set out to transform the institution into a fully licensed mutual bank to serve the broader public. That goal materialised in January 2024, when the Prudential Authority granted eNL its mutual banking licence.
Since then, eNL has steadily built out its banking infrastructure, launching EFT services in May 2025, and is expected to have a full commercial launch by March 2026, according to Likotsi.
Growing Mutual Banking Sector
Upon its full launch, eNL will join a select group of mutual banks in South Africa, including Bank Zero, Finbond Mutual Bank, and GBS Mutual Bank. VBS Mutual Bank was previously among this group before its controversial collapse and liquidation.
Mutual banks differ from commercial banks in that they are owned by depositors, who become shareholders and can vote on key decisions. These institutions typically focus on savings and are governed by more conservative lending and investment rules.
In related news, Bank Zero was recently acquired by Lesaka Technologies for R1.1 billion, a move Likotsi described as a “game changer” for the mutual banking sector. The deal, pending regulatory approval, will see Lesaka acquire 100% of Bank Zero’s shares, with Bank Zero shareholders holding around 12% of Lesaka’s fully diluted shares post-transaction.
eNL Mutual Bank is now positioning itself as a key player in South Africa’s growing and diversifying financial services landscape, alongside names like OM Bank, Postbank, and the state-run SAIFSC.