Transformation in banking sector necessary - Yunus Carrim

Parliament's standing committee on finance chairperson, Yunus Carrim, says they have received over 70 submissions on the public hearings into the transformation of the financial services sector.

The committee currently hears arguments from parties following concerns from some members of the African National Congress (ANC) in the committee.

Carrim says members argued that there should be a balance between the need to de-racialise and de-monopolise the banking sector while abiding with the rules of standards of international financial sector.

He says they have also received complaints from people saying they are not getting access to banking services and are not treated in a fair manner.

Also read: Chaos erupts in parly between Carrim and Mngxitama

There has been improvement in the banking sector but nowhere near what is necessary. And the banking charter for one, needs to be updated.

Yunus Carrim, Parliament's Standing Committee on Finance chairperson

Carrim says there are various issues that need to be addressed including the need for a new black entrance and that over 90% of the market is occupied by four banks.

He says they understand that transformation can't be done overnight, but there has to be effective sustainable transformation in the sector.

The way we license, and the terms on which we license have to be reviewed as well.

Yunus Carrim, Parliament's Standing Committee on Finance chairperson

Carrim also responded to the outburst he had with Black First Land First leader Andile Mngxitama after he ordered Mngxitama to leave the hearing on Wednesday.

Mngxitama called the chairwoman of the trade and industry portfolio committee, Joan Fubbs, a “fascist” on Wednesday.

Carrim says disruptions can't be tolerated in Parliament.

Listen to the full interview with Yunus Carrim below...

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