"Stronghold of four big banks a threat to democracy" Co-operative Banks expert

Competition Commission head, Thembinkosi Bonakele has made comments saying regulation should be eased to allow for second-tier banks to allow new entrants to participate in the highly concentrated banking sector.

Desmond Golding, Chair of the Co-operative Banks Development Agency, says co-operative banking means a group of people coming together for a common purpose, such as establishing a business venture that will benefit all members.

So therefore a co-operative bank would be a form of saving by those members who will then be able to borrow against their own savings without approaching a commercial bank.

Desmond Golding, Chair of the Co-operative Banks Development Agency

They can also be able to lend out the money they would have saved up for amongst themselves.

Desmond Golding, Chair of the Co-operative Banks Development Agency

Golding adds that co-operative banking is not a uniquely South African concept, although perceived as micro business outfits.

He says co-operative banks in many countries all over the world, run big businesses and insurances and big banks.

During the 2008 crisis, they did not suffer as much as your conventional banks because of the shared risk factor.

Desmond Golding, Chair of the Co-operative Banks Development Agency

Golding says it is important to support co-operative because the stronghold of the four big banks is a threat to democracy and financial stability in South Africa.

Listen to the full interview in the audio below:


This article first appeared on 702 : "Stronghold of four big banks a threat to democracy" Co-operative Banks expert


Read More
We know what to do - Ramaphosa

We know what to do - Ramaphosa

EWN's Stephen Grootes brings an update from the World Economic Forum's final day where the Deputy President was speaking.

Images of Marine Le Pen pelted with egg surface ahead of French election

Images of Marine Le Pen pelted with egg surface ahead of French election

Presidential candidate Emmanuel Macron has extended his lead at the polls and is expect to emerge victorious.

International investors looking forward to Warren's "no-nonsense" approach

International investors looking forward to Warren's "no-nonsense" approach

Money Show host Bruce Whitfield previews the Berkshire Hathaway AGM taking place on Saturday.

Dlodlo, unlike her predecessor, gives encrypted TV the thumbs-up

Dlodlo, unlike her predecessor, gives encrypted TV the thumbs-up

It's the last day of the World Economic Forum on Africa in Durban, and Xolani Gwala speaks to EWN's Stephen Grootes for updates.

Jail those involved in corruption! - Trevor Manuel

Jail those involved in corruption! - Trevor Manuel

Ray White interviews EWN’s Stephen Grootes, who is in Durban at the World Economic Forum (WEF) on Africa summit.

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

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

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

Transformation in banking sector necessary - Yunus Carrim

Transformation in banking sector necessary - Yunus Carrim

Parly's standing committee on finance chairperson says there are various transformation challenges that need to be addressed.

[LISTEN] Business in Africa unpacks financial sector growth on the continent

[LISTEN] Business in Africa unpacks financial sector growth on the continent

Refilwe Moloto, Founder and Principal Advisor at Ambassador Advisory breaks down financial services expected to grow in Africa.

Bitcoin bonanza offers SA investors the chance to make a quick buck

Bitcoin bonanza offers SA investors the chance to make a quick buck

On April 2 a Bitcoin was worth $1079. By May 2 it was worth $1428.

[LISTEN] Fica Bill signing is only the first step

[LISTEN] Fica Bill signing is only the first step

The financial action task force will meet again in June.

Affiliates disagree on whether Zuma should address members - Cosatu

Affiliates disagree on whether Zuma should address members - Cosatu

Cosatu says some affiliates would not have been happy if President Zuma had been banned from speaking at May Day rally.

Bitcoin, Uber and GoPro - how the mighty are challenged - Part 1

Bitcoin, Uber and GoPro - how the mighty are challenged - Part 1

Becoming a world disrupting new technology is not the end of the journey, it may not even be the hardest part.

Popular articles
[LISTEN] 'We are dealing with an outbreak of Listeriosis' - Dr Thomas

[LISTEN] 'We are dealing with an outbreak of Listeriosis' - Dr Thomas

Head of the Centre for Enteric Diseases at the NICD Dr Thomas says that Listeriosis is problematic because it isn’t notifiable.

Publisher saves South African students billions with free textbooks

Publisher saves South African students billions with free textbooks

This year we're going to hit a million downloads of free textbooks in SA - James van der Westhuizen, country manager for Bookboon.

‘Conflicted’ Zuma will never again have say in appointing NPA boss, court hears

‘Conflicted’ Zuma will never again have say in appointing NPA boss, court hears

Shaun Abrahams is no longer the National Director of Public Prosecutions and President Zuma can't appoint his replacement.

Steinhoff money woes and why you should care

Steinhoff money woes and why you should care

The company lost around R100 billion leaving the JSE reeling in one of the biggest private sector business scandals.

Few retirement funds unaffected by Steinhoff implosion (i.e. you just got had)

Few retirement funds unaffected by Steinhoff implosion (i.e. you just got had)

Your money, and Steinhoff… Bruce Whitfield interviews Certified Financial Planner Peter Calitz.

‘There were clear warning signs at Steinhoff. All of which fund managers missed’

‘There were clear warning signs at Steinhoff. All of which fund managers missed’

The Money Show’s Bruce Whitfield interviews Sygnia Group CEO Magda Wierzycka.

Zille: 40 000 affordable housing units in the pipeline for WC

Zille: 40 000 affordable housing units in the pipeline for WC

Western Cape Premier Helen Zille says the government plays a crucial role in the provision of affordable housing in the province.