MediCoop CFI, a financial cooperative that provides banking services exclusively to members in the healthcare sector, has been launched in Cape Town.
While the concept of a cooperative bank has been tried and tested globally, MediCoop says the concept is new to the health sector in South Africa.
MediCoop CFI was established in 2016 as a deposit taking institution and is head quartered in Cape Town, with branch offices in Port Elizabeth and Pretoria servicing a national member/client base exclusively in the healthcare sector.
The new bank, which will be headed by former Western Cape Minister of Health, Theuns Botha, as Managing Director, aims to boost the health economy by offering healthcare professionals access to capital and investment.
“MediCoop offers a platform for healthcare professionals to grow. We understand the challenges faced by healthcare professionals and MediCoop is well-positioned to convert challenges into opportunities,” said Botha.
Speaking at the launch, the Western Cape Minister of Economic Opportunities, Alan Winde, said that MediCoop’s concept offers exciting potential to grow the health economy in the Western Cape, adding that the cooperative will empower health professionals to start their own medical businesses.
MediCoop CFI is unique because it is a member-driven bank. Membership is limited to healthcare professionals, healthcare workers, medical industry stakeholders and related parties. Qualifying members are required to acquire a mandatory minimum of 1,000 shares at R1 per share. In order to ensure that the cooperative remains the property of its members, no entity or individual may own more than 15% of the bank.