13 September 2016

THE African National Congress Youth League is pleased with the news that the President of the ANC and the Republic of South Africa J.G Zuma has honored the ruling of the Constitutional Court. We hope as the ANCYL this will finally put the matter to rest. We say this because we know that the enemy of the ANC has been using this matter relentlessly to pit the President against the nation.

Whilst there have been positive responses from ordinary members of society following this announcement, we have noted certain quarters, especially those advancing the interests of the white monopoly capital, casting aspersions on VBS Mutual Bank.

Critically, we are not surprised that already, opposition political parties and so called analysts including the white-owned media are already embarking on this campaign as part of efforts to see this bank on its death bed. Over the next few months, they will be behaving like vultures hovering on the sky and hyenas with drooling mouths lurking in every shady valley.

As the ANCLY, we want to pay tribute to this financial institution for its role in supporting marginalized communities. Despite prevalent discriminatory practices in the banking sector with few banks having the monopoly, VBS Mutual Bank has stood the test of time.

We salute the founders and workers who worked hard over the years in building this financial institution and seeing it through the initial teething phase.  

As the ANCLY, we will be mobilizing young professionals in their millions and South Africans in general to open accounts with VBS Mutual Bank. We are convinced that this is a unique banking facility tailor-made to transform our economy. 

We call on ANC-led government to ensure that this bank leads in driving the new developmental programmes of poverty alleviation through the development of the SMME and Cooperative sectors.

The major South African banks are generating billions of profits through government accounts but yet these banks are failing to provide starting capital to millions of emerging young entrepreneurs and those who remain marginalized economically.   

Government departments cancel their accounts with such financial institutions as they are not interested in addressing issues of wealth distribution and creation of wealth at the bottom of the pyramid.  

Issued by Mlondi Mkhize, National Spokesperson, ANCYL, 13 September 2016