Fragile balancing act: diplomatic ties or trade concessions with Trump?

South Africans banks are no different, he said.

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According to Nchabeleng, banks selectively target and close down banking accounts and facilities of certain high profile individuals in society purely for political reasons, which he said was “racist and discriminatory”.

He said the process violated the South African constitution and trampled on legal rights of citizens’ access to financial services.

Critics of the banking sector also highlight how this practice disproportionately affects South Africa’s most vulnerable. Nchabeleng said the same practice also gets extended towards the most poor and vulnerable in South Africa's society.

“Local banks have unilaterally bankrupted lots of families and auctioned off person assets and homes of many South Africans. In some instances auctioning off and closing accounts of South Africans without any due cause except that that particular individual is politically deemed a reputable risk client,” he said.

Nchabeleng said banks must be called into line and brought to account.