The #FinancialLiberation mission and objective is simple: Black South Africans lack the financial levers to fulfil their potential and the banking community needs to do more to support black entrepreneurs and their ambitions.
The #FinancialLiberation campaign was created to transform the financial and economic structures in South Africa, and end the system whereby an elite minority of old guard businesses control the economy.
South Africa has a deep wealth divide along racial lines that is hampering economic growth, with the majority of South Africans excluded from participating in the economy in a meaningful way. Although all South Africans gained political power at the end of apartheid, the struggle continues and the majority of South Africans find it impossible to access financial services, start businesses and become wealth generators. All the benefits and opportunities that exist within the system have only helped an elite minority.
Our banks are not providing the necessary capital for new businesses, with just 3% of the shares on the JSE owned by black investors, and with black entrepreneurs still being prevented from launching media houses. A biased press causes South Africans to receive diluted and prejudiced views on how our economy can be reformed.
Efforts to transform the economy are not working, despite what you might read in the papers.
How #FinancialLiberation affects ordinary people?
Access to finance is taken for granted by South Africa’s elite. They are the rich minority that benefit from our country’s wealth. Efforts to address the issue often lead to the privileged feeling threatened and they feel the need to respond by justifying racial inequality.
But the truth is that black South Africans and other racial minorities are the ones who suffer. It’s time to fight for the wealth and social privileges that they continue to be denied. It’s time all South Africans enjoyed equality of opportunity in education, healthcare, access to finance and in business.
How we can bring about #FinancialLiberation?
Reform to the education system is an essential first step to delivering financial liberation. If you are a black South African you are significantly less likely to finish high school and significantly less likely to go to university. This needs to change. Black South Africans need to be equipped with the skills they need to fulfil their economic potential.
South Africa’s banks need to develop products and services that will enable black entrepreneurs to start businesses and become wealth generators.