EFF leader Julius Malema says South African banks have failed to transform.

He was speaking during a debate in Parliament on Wednesday on an EFF motion calling for the nationalisation of banks without compensation.

Malema says private banks currently manage 120% of the country’s GDP with 16 local banks, 15 branches of foreign banks, 36 representatives of foreign banks, two corporate and two mutual banks.

He says banks own land and huge commercial properties such as malls and industrial parks.

“Banks control and run the lives of so many people, despite running our lives, banks in South Africa refuse to transform,” says Malema.

He says they don’t even comply with the less courageous targets of the sitting government.

He goes on to say there is no bank in South Africa that has meaningful ownership by black people.

“The mutual banks that exist are not serious role players in the whole banking sector.”

“It is for this reason why we as the EFF call for state ownership of the banks so that they are made to play a meaningful role in the lives of all the people,” adds Malema.