Masina has decried the inability for small businesses to get funding from banks
Parliament’s Portfolio Committee on Trade, Industry and Competition hopes to have several engagements with the banking sector to find solutions on how best to support consumers. This, after the committee indicated earlier this month that banks have been called to appear before them in order to explain their credit policies.
The chairperson of the committee, Mzwandile Masina says they want to raise concerns they have with banking policies on the first engagement.“In South Africa it is very easy to get consumption credit like to buy a car, to buy a house, to have a credit card but it’s very difficult to get credit for productive purposes like starting a business.
“There are a number of reports that we are looking at, the research team and ourselves. We will also produce a perspective because we don’t want the banks to come and present to us. We also need to give them feedback in terms of what we have found from our own research. We don’t think that this will be a once off engagement. This is a start and from there we should have other, even if its individual engagements with the banks so we can begin to say these are the issues that we are flagging.
The country’s major banks have yet to confirm their appearance before Parliament’s Portfolio Committee on Trade, Industry and Competition. Masina says should the banks not cooperate, the Parliamentary laws will be used to subpoena them to appear before the committee.
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