“In SA we are forced to kneel before five banks,” Dlamini Zuma said in her keynote address. “This represents some of the most concentrated banking systems in the world.
Nkosazana Dlamini Zuma has taken a swipe at SA’s five largest banks along with the geopolitical world order, while also calling for a new global financial system to be developed to enable non-Western nations to plot their own developmental path.
“The greater concentration of banking to the big five has clearly undermined accountability, hindered development, stifled competition and passed on the cost burden to citizens.” Capitec still accounts for only 2.6% of the banking sector’s total deposit base largely due to it being historically more focused on unsecured lending to lower- income consumers.
“We now have a structural problem of a banking industry that is not only greatly concentrated and monopolised, but also in many ways does not serve our interests,” Dlamini Zuma said. “We need an alternative public banking and finance system beyond the dominant one, and we need it urgently. Without control over finance and banking, only those projects that converge with the interest of private interests will be funded while the interests of the communities we serve take a back seat.
“The history of Brics is fundamentally a history of resistance against colonial conquest and imperial abuse,” she said.
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