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Andile Mngxitama says move by banks to close Sekunjalo’s accounts driven by white agenda

Black First Land First leader Andile Mngxitama. Picture: African News Agency (ANA)

Black First Land First leader Andile Mngxitama. Picture: African News Agency (ANA)

Published Mar 3, 2022

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Pretoria - Black First Land First (BLF) leader Andile Mngxitama has characterised the controversial move by the major banks to close the Sekunjalo Group’s banking facilities as an “information warfare” launched by white monopoly capital to dominate “monologue in the media”.

Mngxitama is among political leaders who have added their voices to mounting criticisms levelled against the banking sector, which is widely deemed to be untransformed and discriminatory in general, and particularly against black businesses.

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He said the unified move by the banks to terminate Sekunjalo’s accounts was “driven by the Stellenbosch agenda, which is now on the offensive”.

“What this shows is that white monopoly capital remains a dominant force in the country and controls the system. They want a monologue in the media. They are using their financial muscle in the banking system to attack anyone who is not under their influence, especially those who provide a platform for alternative views. It is a war over the control of the minds of our people to ensure the continued domination of white interest,” Mngxitama said.

According to Mngxitama, the latest situation smacked of an “information warfare”, which was part of a bigger war, which has been ongoing “since 1652 over the control of land and the wealth of the nation. Part of that war is driven by propaganda, and that propaganda is manufactured in the mainstream media.”

He criticised the banks for being politically influenced and serving the wish of white monopoly capital. “They are a law unto themselves, and they do as they wish. And when they can’t defeat you through criminalising you, they simply shut your operation,” he said.

Mngxitama also echoed suggestions for the establishment of a state-owned bank as a solution to address the ongoing inequities in the economy and to stay the onslaught on black people and their businesses.

Spokesperson of the African Transformation Movement Sibusiso Mncwabe said the banks' conduct was not only negatively affecting the economic growth of black corporates but also of ordinary young people.

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“Young businesses seem to have serious red tape to deal with when it comes to accessing finance from the banks. They have to rely on government-owned funding institutions to assist them,” Mncwabe said.

He said that businesses, who although alleged to have been involved in corruption, had not been tried or found guilty yet were still quickly closed by the banks, “but you will never hear anything about Steinhoff’s accounts being closed down”.

“So, we are very concerned that the transformation in the banking sector seems to be either very difficult to happen, or it is happening very slowly. It doesn’t help to have black people on the board of directors of these banks while they are not adding any value to a real transformation of banks,” he said.

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Mncwabe has also come out in support of a state-owned bank, saying it would significantly cut red tape in terms of small businesses accessing finance, also noting that the future of the country is relying on the development and success of the SMME sector to contribute to the economy and create jobs.

Gauteng ACDP leader Bishop Adams shared his first-hand experience with the banks.

“I bought a house in Florida. When we applied for financial assistance as blacks, which include Indians and coloureds, we are not favourably looked at. We are looked at in a biased manner,” Adams said.

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ActionSA leader Herman Mashaba declined to comment, saying a call for transformation in the banking sector was driven by those in favour of a state bank.

He described himself as “an unapologetic capitalist” who prefers to remain in a capitalist state “where the government must stay away from businesses that can actually be run by the private sector.”

The ANC and the DA didn’t respond to requests for comments.

Pretoria News

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