Does SA need (another) black bank?

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Calls for Reserve Bank to relax the requirements for banking licences would put depositors’ money at risk.
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The country already has several black-owned banks. Image: Shutterstock
Nonkululeko Gobodo, hailed as South Africa’s first black chartered accountant and a founding member of one of the country’s largest accounting firms, recently called on the South African Reserve Bank (Sarb) to relax its requirements for new banking licences – to make it easier to start a black bank.
As long as the country’s central bank keeps its stringent requirements for a bank licence in place, most black people will remain beggars, she says, adding that the current economic structure makes black people feel unwelcome when they walk into a bank to ask for help.

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