ANCWL statement on the motion of nationalisation of banks without compensation in the National Assembly

8 November 2017

The African National Congress Women's League (ANCWL) has noted the debates in the National Assembly on the nationalisation of banks without compensation.

The ANCWL is disappointed that member of parliament who raised this motion did not do so with genuine motives to contribute ideas on the transformation of the financial sector but for demagoguery and populist political grandstanding. It is also saddening that member of parliament from the party in coalition government with the fanatics of anarchy in various Metros in the country stooped so low and uttered racist remarks and said he will polish his face to look black. Honourable members of parliament should be far-sighted and at all times be aware that law makers must desist from demagoguery and racist as those are not ingredients to build united country that will eradicate inequalities, unemployment and poverty created by legacies of the past. 

The ANCWL supports transformation of the financial sector. In the 54th National Conference, the ANCWL will persuade ANC members to elect leaders that will be unapologetic and fearless in championing transformation of the financial sector.  Currently there are about four top banks dominating the banking industry and four top auditing firms controlling about R9bn worth of audit work. The asset management which has about only 32 black owned players out of 90 players is controlling about R7trn. There is a need for  the fundamental changes in the structure, systems, institutions and patterns of ownership, management and control of the financial sector in favour of all South Africans, the majority of whom are African and female. 

The ANCWL demands that the ANC government must: 

- Establish State Bank.

- Issue full banking licence to South African Post Office and to black female owned banks. 

- champion the revision of the mandate of the South African Reserve Bank.

- Stop doing business with all banks found guilty of manipulation of currency.

- Ensure that Absa to pay back the money as per the Public Protector remedial actions on CIEX report. 

The ANCWL supporters, members and society in general must rally behind radical economic transformation as a vital policy position to transform the financial sector and redress the imbalances of the past created by colonialism and apartheid. 

Radical economic transformation now or never!!!

Issued by Meokgo Matuba, ANCWL Secretary General, 8 November 2017