Members of the #RacistBanksMustFall movement on Thursday handed over a memorandum of demands, following accusations that First National Bank and Absa have been “racially selective” and victimised black people financially.

Members of the movement, students and unions took to the streets of Sandton to march against “racist” banks.

The movement’s leaders said they were tired of the banks being racist towards people of colour by giving them higher interest rates.

ALSO READ: Claims of discrimination against black FNB customers heads to court

According to the president of the Transform Republic of South Africa, (TRSA) Adil Nchabeleng, major banks have been targeting black people by closing their bank accounts without warning, or even an explanation.

He claimed banks were targeting black people’s assets during the Covid-19 pandemic, even though many people had lost their jobs.

“We are tired of the racism meted out to black people by these racist banks. We are tired of being victimised and facing account closures and repossession of our assets, be it our cars or houses.

“Students cannot go to school because education is not free and now they are even denied loans because they are classified as credit risks. Parents cannot afford houses because they are either unemployed, unemployable or also classified as risk. But according to who?” asked Nchabeleng.

ALSO READ: Wesbank accused of charging its black clients more on interest

Jacob Seleka, whose house and car have been repossessed, said SA was faced with many issues in the financial sector and black people were being oppressed as the most vulnerable race.

“We are not saying these issues must be fixed now but we are willing to work with these banks towards a better tomorrow,” he said.

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