Bheki Ntshalintshali
As a result, more than 11-million credit-active SA consumers have been described as overindebted by the SA Human Rights Commission. According to the Reserve Bank, consumer debt is R1.7-trillion, with a study by the World Bank revealing that 25-million SA adults owe money to various financial institutions and corporate lenders.
The country’s big banks are not held accountable for how they conduct business. They make decisions that are not developmental and they abuse their hegemony. A state bank will offer competition to the existing banking system and could be a way to help expose customer abuses and the gouging that is prevalent with these big private banks. It will offer a transparent alternative to the private banks that have been involved in currency manipulation and other reprehensible activities.
In the public service alone about 900,000 workers out of a 1.3-million workforce do not own houses because they do not qualify for housing loans or are already highly indebted. We need a bank with a business and lending approach that will not be driven by greed and will factor developmental imperatives into its activities.
Jesus wept.
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