South Africa – Dlamini-Zuma says country needs more black-owned banks

News24

Tshidi Madia, News24

South African interior minister Nkosazana Dlamini-Zuma speaks during a press conference as head of the African Union (AU) Commission. (Simon Maina, AFP)

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.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s