Latest News & Developments
banks
Gauteng couple in financial distress blames Absa for reckless lending on R3. 2 million home loan
A couple is on the brink of financial disaster after accepting a second home loan while the husband was unemployed, resulting in an overwhelming debt of more than R5. 1 million.
Financial distress: Couple accuses Absa of reckless lending after accepting R3. 2 million second home loan
A couple is on the brink of financial disaster after accepting a second home loan while the husband was unemployed, resulting in an overwhelming debt of more than R5. 1 million.
New developments bring hope to the R60 billion class action against major banks
While hundreds of dispossessed homeowners have been eagerly awaiting the certification of the action for some years, Shaw said things may now run more smoothly as the Office of the Gauteng Judge President this week moved the matter to a judge to adjudicate.
FSCA to publish findings on racial profiling allegations against banks
The FSCA is set to release the results of its investigation into racial profiling and discriminatory practices by banks, following media scrutiny and Zondo Commission findings
New hope for the R60 billion class action against banks
Advocate Douglas Shaw sheds light on the R60 billion class action against major banks, revealing the persistent delays in the judicial process and the urgent need for justice for dispossessed homeowners.
Understanding the Banks Act exemption: MEC Zondi’s insights on Ithala
KwaZulu-Natal Economic Development, Tourism and Environmental Affairs MEC Reverend Musa Zondi addresses the media on the Banks Act exemption and its impact on Ithala SOC Limited.
Ithala CEO explains ongoing operations amidst court cases
Ithala SOC Limited’s CEO Dr Thulani Vilakazi, addresses the bank’s ongoing operations and client engagement following a recent court ruling.
High Court gives Ithala bank greenlight to resume business operations
The KwaZulu-Natal High Court has ruled that Ithala Bank can resume operations, rejecting attempts by the South African Reserve Bank’s Prudential Authority to liquidate it.
How South Africa's banks are driving socio-economic change through sustainable investments
South Africa's leading banks are investing in affordable housing, youth employment, and green financing.
R60bn class action against banks lauded
Advocate Douglas Shaw is pushing for a R60 billion class action against major South African banks who allegedly sold repossessed homes for as little as R100, leaving people homeless and destitute.
R60 billion class action against banks gains momentum for exploited homeowners
Advocate Douglas Shaw is pushing for a R60 billion class action against major South African banks who allegedly sold repossessed homes for as little as R100, leaving hundreds homeless and destitute. The case could be certified by year-end, finally bringing hope to affected homeowners after years of delays.
Mastermind behind R4. 6 million bank fraud scheme convicted in East London
A 41-year-old East London man, Thobani Mabizela, has been convicted of fraud after masterminding a scheme that cost banks over R4. 6 million. The Hawks' investigation revealed he created fake financial documents to secure vehicle loans that were never repaid.
Resistance against impunity movement condemns SA banks for discriminatory practices that harm black businesses
RAIM's strong condemnation of South African banks reveals a troubling trend of account closures targeting Black individuals and businesses.
Resistance Against Impunity Movement condemns South African banks for discriminatory practices that harm Black businesses
RAIM's strong condemnation of South African banks reveals a troubling trend of account closures targeting Black individuals and businesses.
US banking rules may affect South African banks over reputational risk closures
A legal expert warns that South African banks could face US sanctions following new American legislation that prohibits account closures based on reputational risk. As the US Banking Committee implements the FIRM Act, South African financial institutions may need to reconsider their practices or risk hefty fines from US authorities.
US banking body taking steps to eliminate use of reputational risk to de-bank companies
US Senate Banking Committee moves to end reputational risk in banking regulation, sparking controversy over de-banking practices.
FSCA's review reveals critical gaps in banks' complaints handling processes
The Financial Sector Conduct Authority's latest review exposes significant shortcomings in South African banks' complaint management systems, highlighting issues in categorisation, record-keeping, and customer communication. The report emphasises the need for urgent improvements to protect consumer interests
Kidnapped for Cash: The growing crisis of express kidnappings and bank liability in South Africa
South Africa is experiencing a significant rise in "express kidnappings," where victims are abducted and forced to withdraw or transfer money from their bank accounts. Over the past decade, kidnappings have increased by 260%, with Gauteng being the hardest-hit region.
SA's big banks post modest 5. 9% earnings in 2024 amid economic headwinds - PwC
South Africa's major banks demonstrated resilience in 2024, posting a 5. 9% increase in combined headline earnings to R119 billion, despite challenging economic conditions. The Big Four banks maintained strong capital positions and saw improvements in credit loss ratios, while advancing their digital transformation initiatives
MKP slams 'racist' banking practices as Cosatu protests VAT hikes
MKP's Luther Lebelo launches scathing attack on South Africa's major banks over alleged discriminatory practices and licensing bias, while Cosatu simultaneously protests Treasury's proposed VAT increases - highlighting growing tensions in SA's financial sector.
Donald Trump family organisations sue Capital One over alleged ‘political de-banking’
Two of Donald Trump’s family organisations are suing Capital One, claiming account closures were politically motivated following the Capitol riots.
Navigating global power shifts amid Trump crisis: Insights for SA from Dr Iqbal Survé
South Africa stands at a crucial crossroads, with its sovereignty and economic future hanging in the balance amid shifting global power dynamics. Dr Iqbal Survé explores the implications of the Trump administration's policies on the nation.
Banks’ Killing Black Economic Transformation
The banks have had their time to do the right thing. Now, the nation must act to ensure that transformation is no longer a dream but a reality. The fight is on, and failure is not an option, writes Sipho Tshabalala.
Banks' Relentless Exclusion: The Covid-19 Loan Scheme That Was Never Meant for Black South Africans
OPINION: The banks must be forced to serve all South Africans, not just the privileged few. The fight for economic freedom is not over, writes Sipho Tshabalala.
SA needs more robust banking policies to curb high banking charges and questionable ethics, says EFF's Omphile Maotwe
Omphile Maotwe of the EFF confronts South African banks and regulators in Parliament, demanding accountability for high bank charges and calling for transformative policies.