ANCYL urges members to bank with VBS

2016-09-13 16:48

Johannesburg – The ANC Youth League has paid tribute to VBS Mutual bank and pledged to mobilise young professionals to open accounts with the bank, it said in a statement on Tuesday.

"We are convinced that this is a unique banking facility tailor-made to transform our economy. We call on ANC-led government to ensure that this bank leads in driving the new developmental programmes of poverty alleviation through the development of the SMME and Cooperative sectors," league spokesperson Mondli Mkhize wrote in the statement.

The Presidency confirmed that the bank had granted President Jacob Zuma the loan he needed to settle his bill for non-security upgrades at his private homestead in Nkandla.

The Youth League has criticised opposition parties and analysts for some of the views shared on VBS bank since the announcement was made.

"We are not surprised that, already, opposition political parties and so called analysts, including the white-owned media, are already embarking on this campaign as part of efforts to see this bank on its death bed."

It’s also predicted that the bank would receive more scrutiny going forward.

"Over the next few months, they will be behaving like vultures hovering on the sky and hyenas with drooling mouths lurking in every shady valley."

The league also shared its thoughts on some of the major banks in the country, claiming that they were making billions through government accounts, but had failed to provide starting capital to millions of young emerging entrepreneurs and those who had been economically marginalised. The young leaders also had some advice for the country’s leaders.

"Government departments cancel their accounts with such financial institutions as they are not interested in addressing issues of wealth distribution and creation of wealth at the bottom of the pyramid."

The league said it hoped that Zuma's payment would put the Nkandla matter to rest.

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