By Sipho Tshabalala
South Africa’s financial system is nothing more than a well-oiled machine of white dominance, a fortress designed to keep black people out while white capitalists hoard the wealth. Luther Lebelo of the uMkhonto weSizwe Party (MKP) is not mincing his words: The South African Reserve Bank (SARB) and National Treasury are not institutions of democracy—they are colonial outposts, working in service of white monopoly capital.
“Black leaders are not running this country,” Lebelo declares. “They are mere frontmen for white economic interests. The real power lies with the white elites who have held onto financial control since apartheid. Our so-called black leaders? They are nothing but puppets on a string, dancing to the tune of their masters.”
The recent VAT hike? A direct order from the unseen hands of white capital, Lebelo argues. “Enoch Godongwana didn’t make that decision. Cyril Ramaphosa didn’t make that decision. These men are just messengers, carrying out instructions from their white bosses. We are not here to appeal to them. We are here to send a message to white capital itself: Your days of unchecked control are numbered.”
Lebelo has no time for Reserve Bank Governor Lesetja Kganyago’s empty posturing. “He is not in charge. He’s been rewarded for his obedience, not his leadership. That’s why Stellenbosch University—yes, the headquarters of white capital—handed him a professorship. A pat on the back for a job well done in maintaining their stronghold.”
At the core of the crisis is South Africa’s banking sector—an exclusive club that exists to enrich white elites while shutting out black entrepreneurs. “There is no thriving economy without an inclusive financial system,” Lebelo explains. “Yet in South Africa, we have five major banks—ABSA, FNB, Nedbank, Standard Bank, and Capitec—all run by a select few white men in Stellenbosch. These banks rake in billions from black South Africans through exorbitant banking fees, yet refuse to lend to black businesses.”
The formula is simple and sinister: “If you are a black business owner with R1 million in the bank and need a R5 million loan to grow, they will reject you. But a white man, unemployed and living on his father’s farm, will get the money—no questions asked. This is how white capital suffocates black enterprise and keeps us locked in financial chains.”
The war against black banks is another weapon in this economic apartheid. “Look at what they did to VBS,” Lebelo says. “SARB refused to grant them a full banking license, deliberately crippling their operations. They were forced to function at only 25% capacity, making it easy for white regulators to later claim the bank was unprofitable. They shut it down, and when they succeeded, who benefitted? The white banks absorbed all VBS clients, consolidating their monopoly.”
But Lebelo has a warning: They will not get away with this again. “Because we didn’t stand up for VBS, they now think they can destroy Ithala Bank the same way. But we are drawing the line here. White capital and its lackeys will not close Ithala Bank—not on our watch.”
For over 60 years, Ithala Bank has struggled without a full banking license, while white-owned banks are given licenses without resistance. “Capitec got a license. Discovery Bank got a license. Tyme Bank got a license. Old Mutual Bank just received theirs. But black banks? Left to starve, left to fail. This is not a coincidence. This is deliberate economic sabotage.”
The message from the MK Party is clear: Enough is enough. “Thirty years of so-called democracy, yet black people are still trapped in poverty while white capital flourishes. This ends now. MKP is here to reclaim our economic freedom. The financial oppression of black South Africans is coming to an end.”
* Sipho Tshabalala is an independent writer and contributor.
** The views expressed do not necessarily reflect the views of IOL or Independent Media.