From bank teller to banking boss: Nkosinathi Mdlovu’s bold mission to launch a black‑owned bank with Aid Finance.
Credits: Nkosinathi Mdlovu (Supplied)
By By Duncan Mnisi
Bushbuckridge — Nkosinathi Mdlovu, a determined entrepreneur and founder of Aid Finance, is fast becoming a disruptive force in South Africa’s financial landscape.
A former Capitec Bank employee, Mdlovu left his secure position in 2023 after six years in the banking sector. His bold ambition: to build a black-owned bank that would serve all South Africans.
Aid Finance — registered in 2022 — entered the market in 2023 as an online credit provider. At first, Mdlovu faced heavy criticism and disbelief. Many questioned why he would abandon a stable job, while others dismissed his dream of starting a bank as unrealistic.
But he remained focused.
“Starting an online loans company that is accessible countrywide was just a glimpse of our main goal — to start a bank,” Mdlovu said. “People said it was impossible, but now they can see we are not joking. It has all materialised.”
Today, Aid Finance has expanded its footprint into major cities, including Cape Town, Durban and Johannesburg, signalling undeniable progress toward his long-term vision.
“What was once a dream is now a goal with a solid plan,” he added confidently.
Mdlovu is now preparing to launch a bank share scheme, encouraging South Africans to partner with him in what he describes as a historic moment. “We are looking for serious investors who want to be part of this financial transformation,” he said, noting that participation requires a minimum contribution of R50,000.
In recent months, he has been meeting with business leaders in Bushbuckridge, calling on local entrepreneurs to join the movement. “This is the greatest financial transformation in the history of Bushbuckridge, Mpumalanga and South Africa,” he said. “If you know someone who should be part of this, pass the message along. I will personally visit them to discuss business.”
Outside of banking, Mdlovu prioritises mentorship and personal development. He balances business leadership with family life, reading, travelling and community engagement. “Impact motivates me,” he said. “Knowing that Aid Finance is helping people secure a better financial future keeps me energised.”
He is also the author of Our New Money, a book aimed at promoting financial literacy and responsible credit use. “Your credit score is your new money,” he explains — a principle he believes every South African should understand.
As Mdlovu continues pushing boundaries, his journey stands as a powerful reminder: when ambition meets action, dreams can become reality.
