Cyril Ramaphosa's Son, Tumelo Says Local Banks Won't Help Him Open an Account as He Is “Politically Exposed”

Cyril Ramaphosa's Son, Tumelo Says Local Banks Won't Help Him Open an Account as He Is “Politically Exposed”

  • In a recent Instagram post, the son of South African President, Cyril Ramaphosa, Tumelo revealed that SA banks want nothing to do with him
  • He shared that he cannot open a bank account in his home country on the basis that he is publically exposed
  • While the StudEx Group founder and CEO didn’t disclose which banks turned him down, he motivated for decentralised finance

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The son of South African President, Cyril Ramaphosa, Tumelo took to social media to share his frustrations at not being able to open a bank account in Mzansi.

In an Instagram post, the businessman revealed that banks will not open a bank account for his business because they say they say he is politically exposed.

Cyril Ramaphosa, Son, Tumelo, Local Banks, Politically Exposed, South Africa, Buisness, Crypto
Tumelo Ramaphosa has motivated for decentralised finance after being called a financial nuclear weapon. Image: @ramaphosatumelo/Instagram
Source: Instagram
“…So they won't touch me. They call me a financial nuclear weapon... So I basically can't even work in my own beautiful country that I love so much - the most beautiful country in the world.

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“Decentralised finance is here to feast like a pregnant mother Polar Bear. We gonna feast on seals and @studexmeat all day long,” Tumelo wrote without revealing which banks turned him away.

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The Citizen further reported that Tumelo’s ventures are rooted in wildlife conservation and the production of Wagyu beef. He is also a Bitcoin believer and ‘cryptopreneur’.

He is the founder and CEO of StudEx Group, the parent company for IT consultancy StudEx Enterprise, cryptocurrency-based StudEx Wild Life, and community networking vehicle StudEx Live.

Social media users responded with questions, concern, and banter about Tumelo’s plight. Check out some of the comments on the post below:

.Momohlala asked:

“But how is that even fair?”

can_he_18 responded:

“Continue to use Mattresses Bank in Phalaphala .”

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Marabisto wrote:

“That's really sad to hear how banks treat you in SA, but if needs be you are more than welcome to use mine . Onwards and upwards chief.”

tshepisoyoungtee15 replied:

“You can use my bank in SA.”

kagisomasela commented:

“ BEAST MODE.” said:

“Sorry to hear. It's a tough one.”

President Cyril Ramaphosa’s prized cattle will go on auction at his Phala Phala farm amid theft allegations

In another story, Briefly News reported that President Cyril Ramaphosa’s Phala Phala farm will host an auction of his Ankole cattle on Saturday 18 June.

The auction is held annually at the president’s farm and more than 15 guest sellers will be present on the day.

The Ankole Cattle Breeders' Society of South Africa shared on Facebook that the second National Ankole Auction will showcase one of the best Ankole offerings yet.

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“Some of the top Ankole in the industry will be on offer as well as their offspring and genetics. The standard from all sellers is high,” the group shared.

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Source: Briefly News

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