MeTime Co-operative Financial Institution was created out of the need to empower women and help them create generational wealth. It was also meant to help bring savers and lenders together and to interlink them in a system that enables the parties to pool their resources together in a form of savings, loans and shares. The main objective of the CFI is to encourage and promote a culture of thrift between the members and by teaching them to use their money sensibly and manage their limited resources effectively. It further aims to create an asset that will help the members to have a guarantee and collateral for future loan access, resulting in making loans more accessible for members when they need them.

The objective of the MeTime CFI is to assist excluded communities with lower incomes with improved access to finance, to bridge the financial exclusion gap by pooling members’ financial resources together and to enable members to break the cycle of poverty caused by lack of access to low-cost financial services. How this will come to light is by creating a platform for women to save money at an interest rate based on the repo rate. The savings will help finance women seeking higher education loans, business start-ups/loans and home loans.

It is also to encourage and promote thrift culture within the members by teaching them wise use of their money and efficient management of their limited resources, teaching them how to create an asset that helps them to have a guarantee and collateral for future loan access. Essentially it is making finance more accessible for members when they need it, creating a hassle-free environment where savings/borrowing transactions can take place with minimum effort.

The goal is to have the CFI registered and operational by 2023. After it has been registered as a legal entity with CIPC Registrar of Co-operatives and the PA as regulator of CFIs with a minimum of 200 members.