ANC Youth League’s Collen Malatji Tells South Africans Capitec Funds Apartheid — Banking Row Erupts

African National Congress Youth League (ANCYL) president Collen Malatji has sparked political controversy after reportedly calling on South Africans to withdraw their money from Capitec Bank over concerns about historical wealth accumulation during apartheid.

Malatji made the remarks during a public address on Wednesday, urging young people, township residents and working-class citizens to consider moving their accounts to black-owned financial institutions. He reportedly argued that South Africans should reconsider their banking choices as part of broader efforts to promote economic transformation and increase black participation in the financial sector.

His comments focused on historical corporate connections involving the Rupert family and PSG Group, which has been associated with Capitec’s founding structure. The issue has reignited discussions about the concentration of wealth, historical economic inequalities and the role of major financial institutions in transforming South Africa’s economy.

However, the reported address did not provide documentary evidence establishing the specific ownership claims raised by Malatji. It also remained unclear whether the ANCYL intended to introduce a formal resolution supporting a nationwide banking boycott.

Capitec Bank rejected the characterisation of its business, defending its position as a publicly listed financial institution serving millions of South Africans. The bank highlighted its broad customer base, employment contributions and regulatory obligations under the supervision of the South African Reserve Bank.

Capitec also emphasised that it is listed on the Johannesburg Stock Exchange, with shareholders participating in its ownership structure, arguing that portraying the institution solely through political allegations misrepresents its transformation record.

The controversy comes amid persistent unemployment, particularly among young people, and growing pressure on political leaders to address economic inequality.

In Soweto’s Meadowlands Zone 4, pensioner Nomvula Dlamini expressed concern about the practical consequences of the proposed boycott, explaining that her monthly social grant is deposited into her Capitec account.

Meanwhile, no formal ANCYL resolution or parliamentary motion had reportedly been introduced. Capitec shares also reportedly closed 1.3% higher on the Johannesburg Stock Exchange that afternoon.

The debate has exposed differing views over whether boycotting established banks would advance economic transformation or create unnecessary difficulties for ordinary customers.

https://x.com/ZANewsFlash/status/2111735536838684741

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