ANCYL on Absa mobilising mission

ANCYL on Absa mobilising mission

The ANC Youth League (ANCYL) says Absa must be barred from doing business in South Africa, branding the bank a repeat offender. 

Collen Maine ANCYL press_jacanews
Photo: Maryke Vermaak

The league briefed the media amid the competition commission's findings on banking collusion, and the fixing of the rand.


Thousands of ANC Youth League members marched to Absa last week demanding the bank pay back billions of rands for the Bancorp bailout. 


Now the league wants government to review the bank's operating license. 


The league's President Collen Maine says they will mobilise South African's to close their Absa accounts.


"I can tell you that young people in their numbers have started to do that and members in the youth league, in particular. We will put pressure on government to stop doing business with Absa with immediate effect," says Maine.


The ANCYL also says international ratings agency Moodys is no longer welcome in South Africa.

ALSO READ - ANCYL: Treasury to blame for banking collusion


The country has been hovering above  junk credit status for the past two years, but the league believes the firm is susceptible to corruption.


Finance Minister Pravin Gordhan was also not spared the league's wrath.


He was accused of protecting big business and so-called white monopoly capital. 


The league still wants Gordhan to be axed, and believes someone else should take over at Treasury as soon as possible.


"There have been a number of issues we have raised that pertain to Treasury. Where is the State Bank today? We have consistently said as the ANC there must be a State Bank," says ANCYL General Secretary Njabulo Nzuza.


Nzuza says Gordhan must be redeployed.


"Get someone that will start cracking the whip in Treasury. Make sure that the people who are Treasury will pursue the development agenda of South Africa and not protect white monopoly capital," says Nzuza.

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