An organization with the racist name of Black Business Council (BBC) is demanding that all new banks should be licensed with at least 50% black ownership so that it can contribute to the government’s goal to achieve “radical economic transformation”.

George Sebulela, the secretary general of the BBC, said the requirement for new bank licenses should be that new banks’ owners must be 51% black.

Although it is only currently suggestions, it will probably be gladly accepted by the ANC.

It is unclear how the eventual implementation would affect corporate banks, like those in Orania and Kleinfontein.

Read the original article in Afrikaans on Die Vryburger

South Africa Today – South Africa News