Share

SA needs more banks owned by blacks - Dlamini-Zuma

Ekurhuleni - Former chair of the Commission of the African Union Nkosazana Dlamini-Zuma has given a glimpse of her thoughts on the recent banking saga, saying the country needed more banks, especially banks owned by blacks.

She was speaking at the opening of a church in Thokoza, East of Johannesburg.

"Women and young people want to venture out into business but often find one of their greatest challenges is that there is no financial assistance," said Dlamini-Zuma.

She attended the event, where she participated in a ribbon cutting ceremony flanked by leaders in the ANC Women's League, including its president Bathabile Dlamini and secretary general Meogo Matuba.

Some of South Africa's banks have been implicated in an international collusion scandal, where agents are accused of alleged price fixing and cheating fictitious bids on both local and international markets.

Since the collusion scandal was made public by the Competition Commission there have been growing calls for a state bank, with the Women's League and the ANC Youth League supporting the idea.

Some have even called for an inquiry into South Africa's banks, in some instances accusing Finance Minister Pravin Gordhan of protecting their interests.

"Banks need to be open, in South Africa there should actually be many banks," said Dlamini-Zuma.

She added that not only a few should be making so much money on their own.

She told those in attendance that in South Africa more black people had to own banks as they were in the majority, just like in other countries on the continent.

Read Fin24's top stories trending on Twitter:

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.97
-0.3%
Rand - Pound
23.95
-0.3%
Rand - Euro
20.49
-0.1%
Rand - Aus dollar
12.37
-0.1%
Rand - Yen
0.13
-0.4%
Platinum
907.94
+1.2%
Palladium
1,014.30
+1.3%
Gold
2,213.20
+0.8%
Silver
24.81
+0.7%
Brent Crude
86.09
-0.2%
Top 40
68,312
+0.9%
All Share
74,502
+0.8%
Resource 10
57,145
+2.7%
Industrial 25
103,988
+0.7%
Financial 15
16,481
-0.3%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders