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EFF calls for inquiry into Capitec, says it can't trust bank's info

Earlier this week, research group Viceroy claimed it found that Capitec had been advising and approving loans to delinquent customers in order to repay existing loans.

Picture: Capitecbank.co.za

JOHANNESBURG – The Economic Freedom Fighters (EFF) has asked for a parliamentary inquiry into the allegations against Capitec Bank, saying that it cannot simply trust the information the bank has made public.

Earlier this week, research group Viceroy called on the finance ministry and the South African Reserve Bank to investigate the bank, claiming it found that Capitec had been advising and approving loans to delinquent customers in order to repay existing loans.

The EFF has endorsed Viceroy's request and would also like Parliament to look into the claims.

The Reserve Bank has responded to the allegations saying according to all the information available the bank is solvent, well capitalised and has adequate liquidity.

However, the EFF's Mbuyiseni Ndlozi says this is not enough.

“So if people are engaged in irregularities, surely that they will not submit for public scrutiny, that’s why there must be an investigation.

“Even by the admission of the Reserve Bank, it bases its assertion on publicly available information and therefore, that’s why we’re saying you can’t just leave it like that.”