Medicoop – Launch of Cooperative Bank For The Medical Sector

Medicoop

The health economy is to be boosted by a cooperative bank for the medical sector – MediCoop. The cooperative financial institution offers an injection into the health economy offering health professionals access to lending capital that they need to bring a new practice to its feet.

MediCoop was launched on 24 July 2017 at the V&A Waterfront in Cape Town. Alan Winde, the Western Cape Minister of Economic Oportunities, said in his address to an audience of high profile representatives, that the MediCoop concept provides huge potential to grow the health economy in the Western Cape and that his department is offering their support and partnership for this initiative. He said that Cape Town’s economy is growing and that the health sector forms an important part of this growing economy.

MediCoop’s decision to grow their business from Cape Town is a pointer in the direction of growth for health professionals. He also said that the cooperative bank concept will empower heath professionals that have struggled to gain access to capital and investments, to be able to start their own medical business. He acknowledged that the concept of a cooperative bank is new for the health industry in South Africa, but that the concept of a cooperative is tried and tested globally, and that South Africa’s health economy is ready to challenge current structures.

The event was attended by health innovators in the business sector as well as leaders of health associations across the country. Theuns Botha, MD of MediCoop CFI, said that the cooperative offered growth opportunities not only for the sector, but also for health professionals wanting to enter the sector, but needed seed capital. “MediCoop can be the medium to grow the health economy.  MediCoop CFI is unique because it is a member-driven bank.

Membership is limited to health care professionals, health care workers, medical industry stakeholders and related parties. Qualifying members are required to acquire a mandatory minimum of 1000 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 percent 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).

For more information visit www.medi.coop