In the past, many South Africans did not have the option to save or get loans with the normal banking sector. As a result, a culture of savings and loan clubs evolved in the communities.

Such a club is the “Mayibuye” savings and loan cooperative, which was founded in 1998 by production employees at Continental Tyre South Africa (CTSA). In the meantime, the cooperative has grown, and is now a financial institute recognized by the “Reserve Bank of South Africa” and an official creditor according to South African credit law. The Mayibuye cooperative has two full-time employees who have their office in a container on a parking lot at the Continental plant in Port Elizabeth. A management board consisting of CTSA employees – training employees, tire builders and machinists – run the cooperative.

CTSA has backed the initiative since it was founded. At present, the company provides office space and equipment, financial assistance and specialized advising in various operating matters.