Blacks urged to establish own banks

Canaan Mdletshe

Canaan Mdletshe

Controversial former ANC MP Ruth Bhengu, pictured, who is now deputy mayor of Ugu district municipality, has urged blacks who run cooperatives not to put their money into mainstream banks.

Speaking in Port Shepstone on the KwaZulu-Natal South Coast this week, Bhengu said cooperatives should start their own banks, rather than saving in "white institutions".

"Stop taking your hard-earned money to banks that will only loan their money to people like Tokyo Sexwale.

"He lives a top life because of you. I am saying this because you walk the walk he walked, you talk the language he talked and marched the same marches you also marched, so why is he not like you," Bhengu said.

"Establish your own cooperative banks and save your money."

She said statistics showed that stokvels contributed about R12billion to the country's economy.

"If all that money was saved in your own banks, with yourselves cashing up your profits, you would be rich," Bhengu said.