• Finalise the establishment of a public sovereign wealth
Transform the financial sector
fund as a social wealth investment fund that prioritise public
to support employment and benefit through targeted investments in social programmes,
infrastructure and sustainable development initiatives.
industrialisation South Africa needs a
• Work towards a state or public banking sector by creating
transformed financial sector with diversified
development and sectoral banks focused on specific sectors
ownership and control –public, private and aligned with industrial policy goals and building a public
retail banking system to directly serve the people’s needs.
social – which provides affordable credit,
• Empower provinces to establish their own financial
invests in industrialisation, infrastructure and
institutions.
job creation, facilitates financial inclusion and
• Empower cooperative banks by removing regulatory barriers
to entry, including the review of the National Credit Act
prioritises domestic investment.
and support the growth of cooperative banks. We will ensure
affordable access by the cooperative banking sector to the
national payment system, including ATMs and debit and
This requires a collaborative effort from the
credit cards.
government, financial institutions, civil society
• Ensure development finance institutions are well-capitalised
and communities.
to provide concessional lending to small enterprises and
social enterprises, and develop their capacity to support
regional development.
THE ANC WILL:
• Engage and direct financial institutions to invest a portion of
their funds in industrialisation, infrastructure development
and the economy, through prescribed assets.
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