‘They call me a financial nuclear weapon’ – Ramaphosa’s son says SA banks ‘won’t touch’ him

The saying goes: ‘When it rains, it pours,’ and right now it’s pouring in the presidential household.

President Cyril Ramaphosa‘s youngest son and entrepreneur, Tumelo Ramaphosa says South African banks have refused to open a business banking account for him.

In an Instagram post, Tumelo explains that locally-based banks “won’t touch” him because he is “politically exposed.”

“They call me a financial nuclear weapon… So I basically can’t even work in my own beautiful country that I love so much,” he posted.

Ramaphosa dogged by claims of criminality

His father’s corruption-free image was decimated earlier this month, after former State Security Agency boss Arthur Fraser laid criminal charges against Ramaphosa for allegedly concealing a $4 million robbery that took place on his private wildlife farm in 2020.

According to the case docket from Fraser, a well-known ally of former President Jacob Zuma, criminals broke into Ramaphosa’s Phala Phala farm in Waterberg, Limpopo, following a tip from one of the cleaners of a cash stash in foreign currency concealed in the mattress.

ALSO WATCH: Inside Ramaphosa’s Phala Phala’s game farm

Fraser further claims the suspects were subsequently kidnapped, interrogated, and paid off to keep silent.

The president is accused of trying to evade taxes and contravening various fiscal and foreign currency regulations.

There’s been mounting pressure on the president to ‘take the nation into his confidence,’ but so far Ramaphosa has avoided providing details on what transpired.

Tumelo makes a case for crypto-based decentralised finance

In business, the apple didn’t fall too far from the tree. Tumelo’s ventures are rooted in wildlife conservation and the production of Wagyu beef. He is also a Bitcoin believer and ‘cryptopreneur’.

ALSO READ: Presidential beef: Have you tried Ramaphosa Wagyu?

Ramaphosa junior is the founder and CEO of StudEx Group, the parent company for IT consultancy StudEx Enterprise, cryptocurrency-based StudEx Wild Life, and community networking vehicle StudEx Live.

While Tumelo didn’t elaborate on which banks turned him away, he said the incident strengthened his support for decentralised financing.

“I’m not crying that’s why I’m in crypto to F the banks,” he said.

The Citizen has reached out to Tumelo for comment. We will update the story if and when he responds.