Reserve Bank not supporting black owned financial services: Manyi

uMkhonto weSizwe Party Chief Whip, Mzwanele Manyi has accused the South African Reserve Bank of not supporting black owned financial services.

Manyi’s comments come as the party marches to the Reserve Bank in the City of Tshwane today, following the liquidation of Ithala Bank.

The party will also march to Treasury against the proposal of a VAT increase, as Finance Minister Enoch Godongwana is expected to table a new budget on Wednesday.

Manyi says that any challenges being faced by Ithala Bank can be resolved.

“We’re saying that the Reserve Bank has been on a mission basically to destroy everything that is black financial services. It doesn’t matter whether you are a bank, financial services, it doesn’t matter what it is, the symbiotic relationship with between the Reserve Bank, the Prudential Authority and National Treasury has been very detrimental to the life of black businesspeople that are in financial services in this country.”

The march is outside National Treasury where the MKP will handover a memorandum. The crowd is sings “wenzeni uZuma”… @sabcnews #sabcnews pic.twitter.com/K4IdNqplOM

— Sibahle Motha 🇿🇦 (@SibahleMo) March 10, 2025

VIDEO | MK Party’s, Mzwanele Manyi, says the Reserve Bank has made it difficult for black business in finance to thrive: