The party lashed out at what it described as"the racist South African banking cartel".
"The media reports confirmed what we have already known from the hundreds of complaints received from customers who are victimised. Black people are charged extremely high interest rates when they borrow money for home loans and other forms of loan. "The EFF is well aware that it is not only banks that discriminate against black people and charge them high interest. The whole financial sector thrives on exploiting black people. Black people are charged high rates for funeral cover, life cover, motor insurance and all other forms of financial products - only because they are black," he said.
Ndlozi said the party had long been vocal about the exploitation of black people by the financial sector. He claimed that the practice went beyond the prices that black people paid for financial products. "When black people fall into financial difficulties, banks are quick to repossess their products, but white people are given enough time to make arrangements without losing their properties. Hundreds of black people sit with bad credit records, which could have been prevented had banks not discriminated against them," he said.
Source: Entertainment Trends (entertainmenttrends.net)
Julius_S_Malema Can you'll stop with this black sympathy campaign you'll are instilling hatred In you'll supporters
Our leader we love u too much O ya nyemolla ditaba
We must fight as much we can to stop all companies which are against AFRICANS their got our monies ,We do not hv
Julius_S_Malema This is true! I bought a car from a white gentleman and he was paying R300 car insurance with Outsurance... When I approached Outsurance they wanted to charge me R600 so I told them to take a hike.
Julius_S_Malema All this is taking place under the so called capable leadership of the GautengANC ANCParliament PresidencyZA
Julius_S_Malema Is there any substantive evidence that you have that could perhaps assist us as blacks to win this battle
So the black employees at the banks said nothing for 20 years if that was going on ?
Julius_S_Malema About 2007-2008 I was involv in a conversation with a stranger in certain short course. 1subject was how insurance r ripping off blcks. We r hi risk on car theft when we stay in townships bt stat says diffrently most car theft happens outside township how cme dey charging us more
The funny part is that Black people from this different call centres call us to promote this insurance companies & this insurance companies will only reduce the premium if you cancel or move to another policy!!!!
The funny part is that Black people from this different call centres call us to promote this insurance companies & this insurance companies will only reduce the premium if you cancel or move to another policy.
The funny part is that Black people from different call centres call us to promote this car insurance companies & this insurance companies will only want to reduce the premium if you want to cancel the policy 🤔
Julius_S_Malema The president must I say must establish a commission on Racim by Banks on Blacks. Why the DA is quite on this matter. Maimane and Lekota we are Listening.
They delight is having us work for them all our lives try, we need to change mindset and start owning businesses and industries
I would not have believed it until I went to a certain dairy distributor in Bulawayo to buy product direct and they just tried every trick In the book not to engage me including refusing me to see them but to talk to them on the phone at the security gate
Please
FNB amasimba
Very unfair
Take back the land and all will be resolved. These whites have the power because they own our land. What's stopping us?
We deserve to know the truth
racist banks
all I'm saying the banks should return the extra money once I have proven not to be high risk.. why keep it?
Can someone seriously normal who can invest his earnings with the vbs bank?
They know blacks will loot vbs and run back to the fnb thats why they charge high interest rate as much as they wish isn't that the truth?
So what do we have to do about this discrimination discrimination sitback n do nothing about it, when u r a concern black person these hurts when u hear about them, u know?
Finally people are talking about this exploitation. I choose to remain in the township because the radicilous interest rates and funding model of banks.
Need another a grizzly tale on this. Hehehe
Im just here for these comments 'Get over it, playing the victim, race card, use your head, we don't know the whole story lets here from the other side, what about Malema, Zuma is looting, 30%nter, you must work hard like we did...'
It's not racism it's business risk
o
AbsaSouthAfrica is this true ?
Also companies......they pay black employees lesser amount of salaries as compared to their counterparts doing exactly same job with same credentials. Kunzima
For a change is speaking sense
Banks care about money they don't care what color you are. If you are higher risk they charge you more interest, that's true the world over. A Yet in south Africa we have to make everything about race.
So easy to generalize in SA....
And we wonder why blacks are always in the Broke margin. We need to rise and turn create our own economy. Capitec showed that change can happen. Now let's make a change fit for us. 🙏
a black run financial services provider is not gonna charge discriminatory fees/premiums ..a black run fsp will make ur money disappear into accounts of the politically connected ..so whether u opt for white owned fsp's or BEE ones u r screwed
Well we don't have a government to government things like these. The majority are crying but the party put by that majority is not taking action.
Julius_S_Malema Xo
That’s true, I experienced it with Discovery, when I realized and wanted to switch they were willing to reduce my premiums by ZAR1000. Bit I still dumbed them. Discovery_SA Momentum_za
The victims won't do anything about it, even when the shekels of slavery are off, the slave just stood there not knowing what to do.
FloydShivambu sat in on the public comments on the financial services sector. He knows how many grassroots lobby group highlighted THIS issue. This so called expose is a well known FACT
Really ?
Dankie my EFFSouthAfrica
Yes I am one of those victims. I bought my house through a montgage bond under NBS if which later it was taken over by FNB. My bond was R64 800.00 in 1992 when I settled my house it was like I paid R1.2 Million just imagine that. I think the banks must return our money.
Eff when are u creating jobs ?
TimesLIVE Thyini! Banks and their white racist staff, Yintoni nina?
The so called freedom changed nothing. In fact , its gives them right to charge u based on u looks
Sinyiswa macala!
Julius_S_Malema That’s because blacks don’t pay their bills and have a higher delinquency rate. What don’t you understand?
Black people are categorized as high risk, the apartheid system still active in the so called democratic country,
Apartheid 2.0 in effect!
SiyamcelaHlohl1 You black people also rush to support those white people businesses, knowing that they'll charge you more than what we can change you. Just because you want people to talk about you and rate you. While we can provide better services than them.
Black man you are on your own, Biko said so.
N the media will run with a silly VBS cousin who got 16million when there’s steinhoff Gordhan nephew who got billions n financial sector discrimination of blacks. Black Man U r on ur own if u continue to rely on the likes of Karima n hafarghee for news, they r real enemies
Fake news :)
We need the EFF charged for racism given their policy is Blacks Only.
We need to stop relying on politicians for everything bad that happens to us. We had a black bank and they all stole from it. Why can't us as the people boycott FNBSA ? The power lays in our hand ✊😉
Try because they are poor and exploited because they are seen as a bad risk.. this has to change. The poor should be paying less..
Proof your not free black man.
Why are we being punished for being black in our own country?
LeighMathys It's as if we're tenants in our own country. The pain of being landless is so humiliating
Please contact me to unpack my ordeal. I'm Sello Stephen Mapeka, my email address is smapekayahoo.com
Just keep on insisting to indicate race on forms. For as long as there is race indications there will be problems. Afterall it is blacks getting the jobs because they black
How on earth do they get to this conclision?
MrMogomotsi noksy_k
Ask the banks for Defaulter Statistics by race. There you will the answer to your outrage.
This form that they want us to fill and wanting to fill in the race thats where the problem is why cant we just be SA citizens feela without mentioning race
Now that’s what’s up! Been wondering why kuthulwa about such a crime, and it should be considered a crime. Mxm! This is an unfair practice. Iyadina
Banks must repay all those they have stole from Good to hate but dont take their money if they are so bad to you. If you hate him hate his efforts as well. It has long happened as far back as the 80's. Banks discriminating against blacks
FloydShivambu Where are those journalists were probing VBS scandal? Here is de biggest scandal nid to b probe, poor blckz lost their houses due to high interest charged by de Banks...
Long Bitcoin short the bankers.
Julius_S_Malema Car rental companies are discriminating blacks too,they charge higher deposits and gives limited kilometers per while the other race is given unlimited km per day.
It's a crime against humanity
FloydShivambu Why dont u start you own bank for blacl people? I mean VBS was a black bank and a disaster but if it is so unfair then there must be a lot of money to be made
Julius_S_Malema Karabo_Maggz
The ANC government knows and benefits from these practices and they will protect their livelihood no matter what
So this “how can we help you” thing is for the previously advantaged. What is the point of Black Board Members in these institutions when there’s continued Financial Apartheid practiced by these institutions. Take licenses if this is true please!
This country is a joke.
Its about time, that the systematic exclusion of black people by banks in RSA is investigated.
Why this ain't trending black child wake up
Haaaaaaabeeeeeeee
Julius_S_Malema worldwide Banks price against poor. In SA most poor R black so is price discrimination racism. -data cost more per unit the less U buy so discriminates against poor people with less 2 spend. R Networks racist as it means average poorer black pays more per unit than average white?
Julius_S_Malema They are actually saying black people are a high risk
What about how minibus taxi drivers rip off predominantly black commuters, how deep-rural black-owned spaza shop owners rip of poor predominantly black patrons for basics like bread, flower, etc and how many black pastors of 'churches' rip of predominantly black worshippers?
Bcs they have a bad credit history and don’t believe in paying as a rule maybe contributes ?
This shows that EFFSouthAfrica is the only political party in South Africa to face WMC head on I don't know about the yellow and blue party I see what You doing for us EFF we will remember on the 8th ✊🏿✊🏿
It's hard to leave in SA they like to see us left with nothing not Owen anything
Blacks are the ruling party , the ANC , and want fellow blacks to be overcharged for food , Petrol , life Insurance cover , bank loans , cars , taxis , trains , clothing , shoes , paraffin, Electricity, air fares , water , nothing or no one escapes , ANC
Julius_S_Malema We’re supposed to own and use our own institutions but Govt makes it so hard.
Nope, it’s because they are a high financial risk.
The so called Black middle class thought they ve made it when they are actually swimming in debt...
VusiSambo Check out OUTsurance adverts all white people pay less than R1000 for big cars but, black lady pay R1800 for Renault clio. I once done quotation for polo vivo and they quoted me R2000 which my young brother doesn't even pay for polo R line.
Why doesn’t motor insurance decrease as the car depreciates 🤷♀️. Instead you get involved in a car accident not even caused by you, then insurance increases.
Julius_S_Malema When we financially excluded how can we ever claim to be free Not Yet Uhuru SA viiva EFF.
Financial sector is meant to bring about 😈 devil's schemes for the mark of beast be imposed to the entire world. Ultimately if one does not have 666 won't be able to buy or do the like. Bankrupting the masses is the strategy, now is coming to pass. Capitalism is in motion..
The saddest part is that we generally earn less but r charged more-its time for our black businesses to rise & serve the ppl we need honest men & women to take the opportunity starting with our own financial institutions
VusiSambo This is absolute twaddle !
Julius_S_Malema Have you ever read more absolute rubbish before in your life. How this even gets airtime is beyond me.
Ey it’s hard being a black man in SA 😢
ehlers_anthony oh for FFS!!!! ... everyone gets charged the same according to same income bands irrespective of race - the NCA saw to this as implemented in 2007!!! ... what absolute EFF (baby ANC) Rhetoric BS is this!!! WAKE UP people... ANC & EFF poltical bias for self enrichment is exposed
Please look into this matter CyrilRamaphosa PresidencyZA ParliamentofRSA PublicProtector SAHRCommission eNCA SABCnews SakinaKamwendo MkhulekoHlengwa MYANC.
And if if black people stop using banks or any of these systems they will collapse
I will repeat again; the power of the Black Population economically can destroy any business which discriminates. Strength in unity. Withdraw all your funds and use another bank, no other action required.
Yah no kunzima ukuba umunt'omnyama
Even at some white school and creche Blacks are charge more if school is R1500 white may pay less than black per month.
This is damn upsetting eish😠😠😠😠
This is a scoop for this Sunday front page. You've been ignoring this expose' for some time. Thanks interrec
tumisole This is not the Democratic S.A that our fathers fought for, we're not free. Can this seriously be dealt with cause we're already struggling with black tax, when you're black qualifications must be produced & stay for years before promotion is given.
...And entry criteria is lowered for black students at universities and black kids marks are boosted at schools. When will the racismm stop?
MbuyiseniNdlozi Just provide proof.
tumisole Imihlola and black people earn less than white people imihlola
tumisole This is why we need more black owned banks that will put the needs of a black person first, but instead of building those we are destroying them...wer is VBS ? white ppl r still going to make us surfer as long as we r at their mersey.
With motor insurance check out outsurrance with their on how much whites saves and black saves
tumisole Instead of fighting white companies. Let's start and fund our own. The only way businesses will change their ways is when the profits turn to losses. We will continue to be disrespected because we do not own the means to finance ourselves. We basically have no choice.
Blacks even earn less than their white peers.
Nothing but the truth
As black, we mustn't always cry foul; why can't we have our own banks, funeral cover, motor insurance etc? I've travel Africa, a black person is always complaining. Even in America, Nigger are complaining.WHY?
There's a simple, fact based principle, called risk rating.
MbuyiseniNdlozi And white people are legally prejudiced, just because they are white. Life is hard in Non-racial S.A.
This is real worrying so being black in SA is really a curse 25 years after the so called DEMOCRACY
Wheres the proof and then we will decide......
Then the entitled lackadaisicals deny that they have white privilege.
Does that confirm the existence of White monopoly capital?
Where are the racists to defend this BS?
Senzenina?
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