ATM calls for a probe into alleged discriminatory practices of a major bank

Johnathan Paoli

THE African Transformation Movement (ATM) has expressed its discontent with the Rand Manipulation scandal, with party president Vuyo Zungula saying the party is also deeply concerned by banks who are intentionally overcharging Black clients and calling out unethical practices within the financial sector.

The statement comes after a report that a former WesBank employee has blown the whistle on his former employer alleging that the bank used a specific system to determine interest rates resulting in Black clients paying more compared to whites.

The employee said the financial institution used discriminatory policies to determine interest rates charged to its clients.

The ATM said it found the allegations deeply concerning and reflecting a pattern of systematic discrimination within the financial sector.

Zungula said that Black clients had reportedly been charged up to 18% compared to the 10% charged to white clients.

The party said that it called upon the