Congress of South African Trade Unions (Cosatu) has reiterated its calls to create a workers’ bank.
This comes in the wake of its recent three-day central executive committee meeting, where the federation has said the establishment of a workers’ bank is imperative at a time where the country is faced with an economic crisis.
Cosatu president Zingiswa Losi explains that they have revived the initiative because she claims that big commercial banks make it difficult for the working class to invest in the building up the economy.
“You also realise the commercial bank – with us the working class – when you go and you seek for loan to start a business you will be taken from pillar to post, you’ll be declined but the very same bank for the very same person if you were to go and you ask for a load to buy BMW they will grant you that loan. So, we have realised that what the commercial banks are doing to our people is to lend you money to spend on things that are not going to grow the economy.”
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