What is the state of transformation in the financial sector? How far did we come?
In 2017 the National treasury welcomed the public hearing on transformation in the financial sector. But how did that address the lack of effective transformation in the financial sector that is still present today, February 2018?
2015 – present has seen ABSA and other banking institutions appoint transformation specialists to comply with the pressure from the National Treasury to implement transformation on management level.
The latest statistics indicate that banks are still not up to par with the new regulations as stipulated by the national treasury.
ABSA, in particular has dismissed their transformation manager in the Western Cape, exactly because of transformation happening too fast to the liking of the old white guard.
We are aware that the protection of white monopoly in the financial sector has been planned from the late eighties. The Western Cape is known for their financial prowess and the protection of the white minority sends out the message that Black people cannot be trusted with financial decisions.
Successful transformation can only be attained through substantial support by the decision makers.
The EFF calls on financial institutions, especially ABSA in the Western Cape to stop their sugarcoating of transformation and engage in meaningful transformation actions.
EFF Provincial Chairperson.