Cooperative bank could curtail debt trap for workers, argues SACP

The South African Communist Party (SACP) has reiterated the need for a public-owned cooperative bank in the country.

The SACP says the current big commercial banks are leaving workers indebted and instituting a cooperative bank would relieve them off such a burden.

Cooperative banks are member owned banks based on members' economic participation, independence, education, community and other principles.

SACP’s Alex Mashilo says a cooperative cank would function differently than the 'big five' commercial banks, reports EWN's Pelane Phakgadi.

Mashilo says a cooperative bank would belong to its members, Phakgadi explains.

It's a bank which will belong to its members and the profit will then belong to all of them, equitably as they have put down capital.

Pelane Phakgadi, EWN reporter

He says this bank will help employees and workers to have their own profit.

Pelane Phakgadi, EWN reporter

Mashilo maintains that a cooperative bank may improve access to home loans and see a decrease in the costs of mortgage repayments.

The SACP has suggested that the South African Post Office (Sapo) be accredited and licensed fully-fledged bank.

Take a listen to the EWN update:

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