'We need to have a more diversified financial sector' - Coovadia

The high concentration of South Africa’s banking sector has been increasingly contested by organisation’s like Black First Land First.

A second parliamentary hearing on transformation of the financial sector on Wednesday nearly ended in a fist fight.

READ: Chaos erupts in Parly between Carrim and Mngxitama

In March, Deputy Reserve Bank Governor Kuben Naidoo told the standing committee about the risks of having just six banks represent the country’s banking division.

More than 91% of the banking sector is represented by just six banks, Absa, Nedbank, First National, Standard, Investec and Capitec.

The Banking Association of South Africa's (Bassa) Cas Coovadia has repeated sentiments for a more diverse banking sector.

We have challenges of inclusion, bringing more people into the system and I think the way to do that is to have a more diverse financial sector.

Cassim Coovadia, Managing Director of COSAB

Click below to listen to the full interview...


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