EFF statement on Human Settlements Minister grandstanding on racial discrimination in banking sector
29 August 2024
The Economic Freedom Fighters (EFF) notes the recent statements by the Minister of Human Settlements, Mmamoloko Kubayi, with deep suspicion. Her so-called "concern" over the systemic racism entrenched in the home loan industry is nothing but grandstanding, a pathetic attempt to appear as though the ANC government is finally awakening to a reality that has long been exposed by countless institutions, individuals, and ourselves as the EFF.
The statistics she presented—where less than half of the six million home loan applications from historically disadvantaged persons (HDPs) were approved, while white applicants received loans valued exponentially higher—are not new revelations. They are merely the latest numbers in a long history of economic apartheid, where Black people are denied access to the fundamental human right of housing, while white wealth is further entrenched and protected.
The EFF have long been aware of the racist practices entrenched within the banking sector, where Black people are systematically exploited and denied fair access to financial products. As early as 2019, the EFF publicly demanded a judicial commission of inquiry with financial forensic capacity to investigate these discriminatory practices, particularly after the revelations of FNB's racism against Black homeowners were exposed on SABC's Special Assignment.
We have always known, from the countless complaints received from our people, that this exploitation is not isolated to home loans but extends across the entire financial sector.