High bank charges and questionable ethics were called out by the Economic Freedom Fighters’ (EFF) MP Omphile Maotwe on Tuesday as she called for more robust banking policies.
“We need true monitoring policy. We can’t have the Reserve Bank not playing a critical role. It cannot be that the Reserve Bank is only working on inflation,” Maotwe said.
“It can’t be the only thing you do. The poor are getting poorer by the day.”
She said a more robust policy is needed. The EFF would be calling for the nationalisation of the SA Reserve Bank (Sarb).
Maotwe stated politicians are only around for about five years, not always completing what they set out, these bodies remain in their tenure for about 15 years so there was no excuse for transformation.
The party is also calling for a state-owned bank.
Maotwe also pointed out that all of the bank CEOs present were male, of which only one out of the six was an African.
The Financial Sector Conduct Authority (FSCA) also received the disappointment from the EFF.
Maotwe further addressed the Banking Association South Africa (BASA) and stated the organisation was in the pockets of the banks, again, expressing her distaste at the matter.
Addressing the banks, Maotwe touched on the high banking charges South Africans pay.
“We bank with you because we are law-abiding citizens, if we had a choice we would not bank with you. But, I want to ask you. Why are you charging us such high bank charges? Why?” she asked.
Maotwe stated the fact that the bank not only charges its clients for depositing, withdrawing and a monthly fee was unnecessary and the only people benefiting were in fact, the banks.
IOL