'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...


Recommended

by NEWSROOM AI
Read More
TIA on mission to grow SA's economy by funding technological innovation

TIA on mission to grow SA's economy by funding technological innovation

The Technology Innovation Agency has established three different funds to offer specific assistance to viable projects.

Online portal 'YouStudent' matches young people with fitting study, career paths

Online portal 'YouStudent' matches young people with fitting study, career paths

YouStudent is designed to help parents and students choose an appropriate career path using a holistic assessment process.

Don't get distracted - govt has failed to fix SA schools, says Equal Education

Don't get distracted - govt has failed to fix SA schools, says Equal Education

Equal Education says South Africans mustn't be distracted by promises of quick fixes as politicians try to score election points.

Banking Association of SA relieved that Fica Bill is finally signed into law

Banking Association of SA relieved that Fica Bill is finally signed into law

President Jacob Zuma on Saturday signed the Financial Intelligence Centre Amendment (FICA) bill into law, the presidency said.

Is your money in the bank safe? Banking Association on S&P's downgrade of banks…

Is your money in the bank safe? Banking Association on S&P's downgrade of banks…

S&P has downgraded South African banks. Banking Association of SA’s Cas Coovadia discusses the development on The Money Show.

Clients do not have to worry about banks downgrade  - Cas Coovadia

Clients do not have to worry about banks downgrade - Cas Coovadia

The Banking Association of South Africa's (Bassa) Cas Coovadia says banks have enough capital to handle the downgrade.

Popular articles
Shift to stage 2: Over 800 megawatts back on line from Cahora Bassa - Eskom

Shift to stage 2: Over 800 megawatts back on line from Cahora Bassa - Eskom

Eskom COO Jan Oberholzer predicts Stage 2 load shedding for Friday and Saturday and energy expert Chris Yelland also weighs in.

Capetonians water consumption down by about 536 million litres of water a day

Capetonians water consumption down by about 536 million litres of water a day

Mayco member for water and waste, Xanthea Limberg talks to Kieno Kammies about Cape Town's latest dam levels.

Kwese TV obtains free-to-air licence in South Africa

Kwese TV obtains free-to-air licence in South Africa

Icasa has approved a TV licence for ​Kwesé Free TV ​to start ​5 ​new channels in South Africa from 2020.

Distraught caller describes harrowing experience on Baden Powell Drive

Distraught caller describes harrowing experience on Baden Powell Drive

A CapeTalk caller explained to Lester Kiewit how he went through flames and over rocks, and debris to escape his car being stoned.

Here's how to check your load shedding schedule in Cape Town

Here's how to check your load shedding schedule in Cape Town

Eskom has warned that more power cuts can be expected as maintenance continues over the next twelve months.