Ricochet News

Banks given 14 days to respond to FSCC demands - read demands

NOVEMBER 5, 2015
Banks given 14 days to respond to FSCC demands - read demands

South Africa's leading banks were on Thursday given 14 days to respond to a list of demands from the newly-formed Financial Sector Campaign Coalition (FSCC), during a march to the Port Elizabeth offices of the First National Bank (FNB).

The march was organised by the South African Communist Party (SACP) in the Eastern Cape to demand transformation in the financial services sector.

Cited in the FSCC's Memorandum of demands are First National Bank, ABSA, Standard Bank, Nedbank and Capitec Bank as well as the Department of Trade and Industry (DTI) and the Department of Economic Development.

"We are putting our justifiable and reasonable demands in front of the financial institutions for them to be considered as a matter of urgency. This we are doing for all of us to find solutions in transforming and diversifying the financial sector to serve the people.

"We therefore demand a response to our demands within 14 days. We commit ourselves as the South African Communist Party and the entire FSCC, that this is a start of another rolling mass action to transform the financial sector to serve the people," reads the Memorandum of Demands, which was delivered by Solly Mapaila, that SACP's Second Deputy General Secretary.


Several political bigwigs from the African National Congress (ANC), Congress of South African Trade Unions (COSATU), South African National Civic Organisation (SANCO) and the SACP were part of the march, which somewhat got off to a slow start.

These included Buti Manamela - Deputy Minister in the Presidency and SACP Central Committee Member; Zizi Kodwa - ANC National Executive Committee (NEC) member and its National Spokesperson; David Toyise - COSATU Eastern Cape Provincial Chairperson; Eugene Johnson - SANCO NEC Member and Mluleki Dlelanga - Young Communist League of South Africa (YCLSA) National Secretary.

Police also kept a watchful eye on the march.

The FSCC consists of various South African organisations across wide spectrum including COSATU, ANC, SANCO, YCLSA, ANCYL, SASCO, COSAS, SACC, PAC, Taxi Association, SANGOCO, AZAPO, NAFCOC, EC Sports Council, Cooperatives Development Network, SGBs, SMMEs, among others.

On Tuesday, Siyabonga Mdodi, SACP Eastern Cape Provincial Spokesperson, said that; "The recent student struggles for free quality education has put impetus to the urgent need to transform the financial sector to compel them to contribute in the development of our country including free quality education."