EFF calls for state-owned bank as alternative to 'racist banking cartel'


- citizen.co.za | a month ago

The Economic Freedom Fighters (EFF) have released a statement slamming the “racist South African banking cartel” and calling for the formation of a state-owned bank.

While the statement did not specifically make reference to a recent Special Assignment episode – screened this past Sunday – alleging that First National Bank (FNB) discriminates against prospective black homeowners, it is likely that this is what has inspired the press release. Thousands of black homeowners reportedly believe FNB discriminated against them after taking over Saambou’s books through securitisation.

FNB has described the allegations as “baseless” and said they would defend the matter in the Western Cape Equality Court, following reports that some of the homeowners from the Special Assignment episode have approached the court. Rather than singling out any one bank, the statement instead alleges that all major banks have formed a “cartel”, charging black people higher interests than their white counterparts for loans.

“The media reports confirmed what we have already [known], from the hundreds of complaints received from customers who are victimised,” the statement says.

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