The Portfolio Committee on Trade, Industry and Competition has called on South Africa’s five commercial banks to appear before Parliament early next year.
These banks include Standard Bank, FNB, Absa, Nedbank and Investec.
The chairperson of the committee, Mzwandile Masina briefed the media on Tuesday about the committee’s wishes and said that these banks make unilateral laws that make no sense.
Masina said that these banks need to account to members of Parliament in 2025 and address why it is so easy to get credit in South Africa for consumption, but it was extremely difficult to secure funding for entrepreneurship and creating businesses.
“The consumption credit is easily available in SA but credit for creating a business is not available ... and we have to hold them accountable,” Masina said.
He also wants these banks to explain certain bank charges that are levied to “individuals and government institutions”.
“So, they will appear before us, so we can have a conversation about what are the areas we need to tighten,” Masina noted.
Airlines are also in the firing line
At the same media briefing the chairperson also called for the the Competition Commission to investigate South Africa’s low-cost airlines and possible price gouging on ticket prices.
Masina said that he wanted an investigation into FlySafair, Lift, Airlink, and CemAir tickets specifically, and accused the airlines of creating sky-high ticket prices that make it impossible for average South Africans to travel.
“Their costs are exorbitant, and they are not affordable for our people. We will need to do a market inquiry in this regard and ensure that our people can move from province to province," he said.
“We will be approaching the Competition Commission through the Minister of Trade, Industry and Competition to call for a market inquiry into this."
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