Wesbank Accused of Discriminating Against Black Clients, South Africans Livid: “We Want Our Refunds”
- South Africans are unhappy that Wesbank has been accused of discriminating against black people
- An ex-worker claimed that the bank overcharges black people, and this was done intentionally in comparison to white people
- WesBank issued a statement denying the allegations and stating that there is no racial discrimination in dealing with their customers
- South Africans were not surprised but were nonetheless angry that black people were exploited
Tebogo Mokwena, Briefly News's current affairs journalist, offered coverage of current affairs relating to banks and state-owned enterprises during his seven years at Daily Sun and Vutivi Business News.
Source: Getty Images
A former WesBank worker allegedly blew the lid off alleged discrimination done at the bank. The worker revealed that Wesbank reportedly charged black people more interest than white, and this had nothing to do with their credit scores.
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WesBank accused of robbing black people
According to IOL, the unnamed ex-worker claimed he worked as an IT contractor for four years, from 2014 to 2018. The source revealed that the bank used an acquisition system which gave the bank information related to the customer. He alleged that race is one of the risk factors used to determine how much interest rate they receive and added that black clients were charged 18% and more, compared to white clients who were only charged 10%.
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WesBank denies allegations
In a statement sent to Briefly News, WesBank denied discriminating against its customers.
"WesBank is aware of the recent media reports on unsubstantiated allegations that the bank’s vehicle finance applications processes include discriminatory pricing practices.
"WesBank does not discriminate against customers regardless of race, gender, or age. All vehicle finance applications are assessed on affordability and the customer’s credit profile by the National Credit Act. Other factors include asset risk and type, deal term and structure. Demographics such as race and gender are collected for regulatory statistical reporting and have no bearing on approval or interest rate calculations," the bank said.
South Africans livid with WesBank
South Africans on X, formerly Twitter, were displeased with how the bank allegedly robbed people.
Lassy Laden said:
"It's not like we didn't know. We just don't have the right institutions to help us get rid of such systemic racism."
AgriGrowthBuzz remarked:
"Julius Malema once said that we need a government bank, and once we have it, all of this will be a thing of the past."
Luh added:
"WesBank has been screwing us blacks for years."
Go nca pointed out:
"Generally, guys in IT see a lot of secrets."
Tinashe Mangena commented:
"Systemic racism is the reason many black people can't break the poverty cycle."
Julius Malema calls on faces behind Rand Manuüilatin to be exposed
Similarly, Briefly News reported that Economic Freedom Fighters leader Julius Malema called on those behind the banks implicated in the rand manipulation to be exposed.
This came after 28 banks were implicated and accused of manipulating the rand after Standard Chrter was found guilty of rand manipulation.
South Africans supported Malema and firmly criticised the banks for being complicit in such actions.
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Source: Briefly News
