The former Western Cape Minister of Health, Theuns Botha, has been appointed as the Managing Director of MediCoop CFI, a financial cooperative that provides banking services exclusively to members in the healthcare sector.
MediCoop CFI was established in 2016 as a deposit taking institution. The organisation is headquartered in Cape Town, with branch offices in Port Elizabeth and Pretoria servicing a national member/client base exclusively in the healthcare sector.
At the time of the announcement, Chairperson of the MediCoop CFI, Adv. Barney Esterhuyzen, said: “The vision for MediCoop CFI is to be the leading cooperative bank for the healthcare sector in Africa. With the appointment of Theuns Botha as Managing Director, we are investing in a person that has a credible track record and substantial network in the sector.”
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.
MediCoop CFI is regulated under The Co-operatives Bank Act by the Supervisor of Co-operative Banks, the Co-operative Bank Development Agency, National Treasury and the South African Reserve Bank. MediCoop is also registered with the National Credit Regulator (NCR) as credit provider and with the Financial Intelligence Centre (FIC).
“I regard it as a huge privilege and opportunity to be involved in such a one-of-its-kind venture to enhance the medical and health sector in South Africa. It is my vision to develop MediCoop CFI to become the preferred financial institution for the sector and to make a meaningful contribution to specifically empower those in the sector who did not have access to opportunities in the past. MediCoop CFI offers an opportunity to all health professionals to become active, successful and valuable role players in the sector and our economy,” said Botha.
“It is our aim to eventually provide our members with a comprehensive range of financial banking products as well as auxiliary services and products. The general provision of financial services for medical professionals is not industry specific orientated and yet as a sector, it represents a major share in the economy. This creates a huge opportunity for MediCoop CFI to address this void,” concluded Botha.