Leaders of Black First Land First (BLF) will move its accounts to VBS Mutual Bank, the little-known bank that provided President Jacob Zuma a R7.8 million loan enabling him to pay back the nonsecurity upgrades to his Nkandla home.
BLF leader, Andile Mngxitama, told The Citizen in an interview that he and his leadership team wanted to support the black-run bank that had stepped in to assist the ANC leader.
“President Zuma went to get a loan from a black-owned bank. As BLF, we praise President Zuma for choosing a black bank and giving it so much exposure, which no money could buy,” he said.
He said VBS had gained massive advertising space and exposure and that such exposure was an opportunity created by Zuma’s gesture of working with them. He applauded President Zuma for “showing a vote of confidence in a black-owned bank”.
“We then want to take it further and say to black South Africans they must take their accounts to this bank and to the bank itself, we say it must call for a prospectus where we can publicly buy shares to create a serious capital base so that it can compete with the white banks,” said Mngxitama.
The Citizen sent an enquiry to VBS Mutual Bank’s spokesperson, Tsumbo Matambela, regarding the services it offers to clients. No response was received before going to print. But the bank’s website states its products range from transactional savings accounts, debit cards and cheque accounts.
Meanwhile, Mngxitama caused a stir last weekend when he placed an advert with the headline: “Hands off President Zuma – Economic Liberation” in City Press, a publication with a circulation of about 92 000.
He said BLF had made several demands to Zuma, urging him to address land for blacks, end business monopoly, nationalise banks and mines and provide free education.