Dr Motsuenyane’s contribution to banking highlighted at memorial

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Speakers at Dr Samuel Motsuenyane memorial service held at the Gallagher Convention Centre in Midrand have highlighted his relentless demand for excellence, economic development, wealth creation and community upliftment.

South African Reserve Bank Governor Lesetja Kganyago says while Dr Motsuenyane remarkably raised R1-million to establish the African Bank by collecting small donations from the community and black business, the Reserve Bank of the apartheid days made it difficult for him to secure a banking license.

Kganyago says one of Dr Motsuenyane’s final wishes was for his foundation to be supported and kept alive.

“The story of African Bank has been one of highs and lows. The bank had new shareholders and NAFCOC’s [National African Federated Chamber of Commerce and Industry] influence diminished significantly. Towards the end of his tenure as chairman of the bank, he was no longer happy with the direction that the bank was heading towards underserved.”

“It was for that reason that I opened a bank account with African Bank in Plein Street in Johannesburg in the early 80s. It was an institution I could relate to as a black South African,” adds Kganyago.

African Bank’s Chairman Dr Thabo Dloti pays tribute