The National Black Consumer Council (NBCC) is calling upon the President Cyril Ramaphosa to institute a commission of inquiry into the financial sector.
This follows a report carried by SABC Special Assignment Sunday night alleging that certain banks are charging exorbitant bond interest rates to black consumers.
systems have been put in place in order to make sure the black man remains in debt for the rest of his or her life is infuriating…white folk and their institutions are here to make it impossible for black folk to ever have real wealth ???? #SpecialAssignment pic.twitter.com/ZB6fNnfi71
— Soul-Jah (@FeligoC) March 10, 2019
Special Assignment showed that thousands of black home owners believe they were discriminated against by FNB when it took over from Saambou’s books through securitisation.
They allege they were charged higher interest rates compared to white home-owners and have been waiting for years for FNB to pay back the money the bank took from them. The matter has headed to the equality court.
Watch SABC 3 #SpecialAssignment is exposing the racists bank crooks
— Zwelinzima Vavi (@Zwelinzima1) March 10, 2019
The NBCC wants the inquiry to investigate amongst other things Interest rate calculations on loans, the insider trading around the repossession and resale of houses and business loans to black businesses or lack thereof.
The council is also calling upon all banks to recalculate their interest rates on bonds in a fair and transparent manner.
NBCC Press Statement on bond interest rates from SABC News
Watch SABC’s Special Assignment exposé on the banks:
