The South African Reserve Bank issued a cooperative banking license to Ziphakamise Savings and Credit Co-operative, the first license of its kind to be issued since 2011.

Ziphakamise was previously regulated under the exemption notice administered by the South African Cooperative Banks Development Agency. The institution becomes the third cooperative bank in South Africa, joining OSK Koöperatiewe Bank and Ditsobotla Primary Savings & Credit Cooperative Bank, both of which were registered in 2011.

As of Dec. 7, US$1 was equivalent to 13.66 South African rand.