We enable people to look after those that have helped them.
We enable people to look after themselves and others by creating accessible and affordable products that aid in building long-term financial wealth and simplify everyday financial tasks.
- E11even's Philosophy
E11even was made for you!
E11even is one of the first cooperative banks in South Africa, made from the ground up to give you complete control of your money, investments and so much more.
Cooperative banks, also called mutual banks, have been around for quite some time, dating back to the 1800s. The main idea behind this type of bank is returning the power to its customers, you.
This type of bank is setup in such a way that all customers become members or owners of the cooperative bank with relatively small investments. The customers earn the ability to have a direct say in the business; they are involved in the governance, strategy and risk management processes. This model of transparency creates value for its members and a long-term relationship of trust as opposed to the hidden approach to traditional mainstream banking aimed at profit maximisation for the very few.
Cooperative banks are structured towards efficiency and sound governance. Members exert checks and balances through the power of votes. Each customer is offered the ability to vote on all issues of the business, allowing for transparency and swift action towards identifying customer needs or minimising structural or credit risk.
This model offers a more resilient bank, contributing to a more stable business through the proximity of their customers - fostering self-help, responsibility and solidarity. Cooperative banks were founded to improve access to finance to all members, who would otherwise have limited or no access to finances at reasonable rates. Cooperative banks introduce a more humane method of business, less abstracted away from their members. Traditionally this type of banking system foster the development of their communities through cultural sponsorship and responsible citizenship. This is why cooperative banks are at the forefront and market leaders in Socially Responsible Investment (SRI) products, such as investment funds and savings accounts.
E11even is on your side, built for you to take back control of your well earned money and offer help to those who can't help themselves. Finally, you have the power to change the way money is spent and decisions are made.
We are E11even and when it comes down to it, we are people looking to make life easier right now, and in the long run. That’s where we come in.
You + Elleven = making it easier to take your money further.
1 + 1 = E11even