Banks fire back at claims of lending practices bias
Overall black ownership amounted to 38% in 2024, surpassing Financial Sector Code’s 25% targe, Basa says
SA banks launched a robust defence about access to credit for black South Africans and account closures, pushing back against this week’s fiery parliamentary session (https://www.businesslive.co.za/bd/national/2025-02-05-mps-leery-of-pace-of-change-at-sas-banks/) that thrust the roughly R8-trillion sector into the spotlight.
Speaking at the launch of the Banking Association SA’s (Basa’s) transformation report for 2024 on Wednesday, MD Bongiwe Kunene presented a detailed account of the progress of the sector — dominated by Standard Bank, Absa, FirstRand, Investec, Nedbank and Capitec — and compliance with legal standards regarding account closures...
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