ANC challenges banks’ ‘monopolistic behaviour’
Telecommunications and Postal Services Minister Siyabonga Cwele says corporatised Postbank would help change the status quo
The ANC’s call for the fundamental transformation of the financial sector was not meant to collapse the banking system but to change "monopolistic behaviour", Telecommunications and Postal Services Minister Siyabonga Cwele said on Wednesday. Speaking in Parliament during the debate on President Jacob Zuma’s state of the nation address, Cwele said there was a need to review the financial sector charter in relation to access to finance for small and informal businesses as well as financial inclusion, affordability and bank charges. The ANC had been calling for opening of space for a variety of sector-specific banks or second-tier banks such as a construction bank, stokvels, co-operative banks and state banks to improve access and affordability to support inclusive growth, he said. Zuma’s address last week largely focused on "radical economic transformation", including changing patterns of ownership. During Friday’s TNA business breakfast, sponsored by Gupta-owned newspaper The New Age...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.