Discovery will give black depositors 10 percent equity of its tech-led bank
Discovery has appeared to have angered a lot of people with the launch of its tech-led bank that will give black depositors 10 percent equity when they join the bank.
Due to the scheme not being opened to white depositors, it is facing a backlash and has been accused of being discriminatory. Some have even gone as far as saying the scheme is immoral.
Discovery is expected to launch its tech-led bank next year in March, but the scheme is expected to complete the testing of the functionality of the bank during this festive season.
Its going to be far more difficult for white people to prove that they have been the victims of discrimination than it it would be for a black person because of our history.Pierre de vos Claude Leon Foundation Chair in Constitutional Governance at University of Cape Town (UCT)
Speaking to Joanne on the Afternoon Drive, De vos said he disagrees with the statement that the scheme has acted immorally.
Anybody who knows what the Constitutional Court says about redress measures will know. If you have a scheme that is aimed to redress the past wrongs and is based on the categories that people have been victims of discrimination including race, gender and sexual orientation and if it doesn't unduly burden the group that will not benefit it is considered valid, he says.
Its important to take into account the differences in social statuses and power of the parties. That is why it is going to be difficult for a white person to prove that the scheme has acted immorally argues De Vos.
Click below to listen to the full interview:
This article first appeared on 702 : Discovery will give black depositors 10 percent equity of its tech-led bank
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