ANC Youth League calls for boycott of Capitec Bank

Capitec has denied claims by the ANCYL that it funds the DA. Photographer: Lubabalo Poswa / African News Agency (ANA)

Capitec has denied claims by the ANCYL that it funds the DA. Photographer: Lubabalo Poswa / African News Agency (ANA)

Published Sep 27, 2023


The ANC Youth League (ANCYL) is upping the ante in its fight with Capitec Bank whom it says its founder, Michiel Le Roux is opposed to transformation by funding the liberal DA.

The fight between the two started over the weekend when it was revealed that Le Roux is allegedly funding the liberal party using some of the profits he derives from the lucrative bank which is mainly used by black people.

According to the media reports over the week, Le Roux denied the accusation.

Despite that, on Tuesday the league piled more pressure on the bank by calling for a boycott by consumers - but it did not say how the boycott should be carried out.

The boycott was advocated for through posters on social media platforms like X (formerly Twitter).

In response to the accusations, Capitec Bank told IOL that it is not associated with any political party.

One of the posters read: “Capitec founder funds the DA which stands opposed to progressive laws and policies that seek to address injustices of the past.”

In another poster, the league alleged that: “Capitec founder funds the DA, but refuses to fund higher education and black businesses at low-interest rates.”

The last of the three posters read: “Capitec founder funds the DA which against Affirmative Action and Employment Equity.”

On Tuesday Zama Khanyase, the spokesperson for the league said they would clarify their campaign against Capitec Bank at a later date.

“We are aware of the ANCYL allegations and can confirm that Capitec does not fund or associate with any political party including the DA,” the bank told IOL in response.

“As a business, Capitec remains committed to our clients and fellow South Africans in providing solutions relevant to their needs,” the bank said.

Durban-based management consultant, Thabani Khumalo, who is also a political analyst said since the dawn of democracy in 1994, corporate SA has been donating huge sums of money to political parties in the name of strengthening the country's multi-party democracy.

He added that on the surface that sounded like a good enough reason for generosity and said he thinks that the donation, whether made by the Capitec or by Le Roux should be understood and welcomed within that context.

Again Khumalo said it is worth noting that companies, in order to avoid criticism by some parties, used to allocate their donations to parties guided by their seats in parliament.

According to Khumalo, the ANC Youth League’s campaign is misguided.

“The ANCYL campaign is uncalled for and is most likely to fail. People bank with Capitec, purely for economic reasons which they feel are they not getting elsewhere.”

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