Nafcoc to Launch Black-Owned Bank in 2013


The National African Federated Chamber of Commerce and Industry (Nafcoc) told Business Day on Thursday that they had launched plans to open its own commercial bank by next year.

Nafcoc president Lawrence Mavundla said that they had already begun fundraising to launch the bank and were expecting to sign a memorandum of understanding with an Indonesian delegation, who has agreed to support them, this weekend.

In 2011 Nafcoc had mentioned plans to launch a black-owned bank to help grow small businesses; however they failed to make its deadline of the end of 2011.

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