SOUTH Africa’s banks are not just financial institutions – they are gatekeepers of economic power, deliberately locking black South Africans out of financial prosperity.
When Bongi Kunene, managing director of The Banking Association of South Africa, stood before Parliament, she painted a deceptive picture of banking transformation.
What she didn’t say is that during the biggest economic crisis in recent history, banks actively chose to sabotage black businesses.
The government made R200 billion available through the Covid-19 Loan Guarantee Scheme. It was a lifeline meant to keep businesses afloat during the pandemic.
Instead, banks hoarded the funds, deliberately obstructing access for black entrepreneurs while favouring their usual white clientele.
The commercial banks – Absa, Bidvest Bank, First National Bank, Grindrod Bank, Investec, Mercantile Bank, Nedbank, SASFIN Bank, and Standard Bank…
