Cape Town – The ANC-led government does not want to collapse South
Africa’s banking system, but rather reform it to provide access to previously
disadvantaged South Africans, said Siyabonga Cwele, Minister of
Telecommunications and Postal Services on Wednesday.
Speaking in a debate on President Jacob Zuma’s State of the Nation Address delivered on Thursday last week, Cwele said the ANC has repeatedly called for the fundamental transformation of the financial sector.
“Our efforts are not to collapse the banking system but the focus is on changing their monopolistic behaviour. There is a need to review the Financial Sector Charter as it relates to access to finance for small and informal businesses, financial inclusion, affordability and bank charges.”