Mon. May 20th, 2019

White South Africans throwing their toys over Discovery Bank’s ‘racism’

Laptop imageGet ready. The “that is so racist!” posts are coming.

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Discovery CEO Adrian Gore announced that we are getting a new bank in 2019. Not only will Discovery Bank be the world’s first and only behavioural bank, but it will give Black clients 10% equity. Gore explained:

“The intention is that when black depositors join the bank, they will be given an equity. There will be no requirement for them to purchase shares at all.”

This, apparently, does not sit well with South Africa’s white citizens. The angry horde took to Twitter and voiced their complaints, with some saying they refuse to switch. Many of Discovery’s existing clients are threatening to leave.

Voor in die koor is Renaldo Gouws, who said that “if you are a white individual then they still want your money but you can’t get shares because you are white. They don’t even hide the discrimination anymore.” And then he made a video asking how is it possible to still discriminate against people based on their race 24 years into a democracy.” I don’t know, hey. That could be a question for Claudette Rabie.

Read: The benefits of opening an offshore company versus an onshore company

Dan Roodt also expressed his concern about white citizens not having a “slegs blankes” bank: “Blykbaar gaan #DiscoveryBank teen blankes diskrimineer. As ons nie binnekort ons eie bank/versekeringsmpy [sic] kry nie, is ons kapot!”

Another Twitter user, Andre Bruton, said Discovery Bank is playing the race card while someone else added that “Discovery are racist against whites, deposit money in their new bank to get free shares but only if you’re Black! It’s time to boycott All Discovery products!” The user is known as ‘No Victim Here. Oh, the irony…

De-Colonized Hein jumped on the complain train by saying he will be cancelling all his Discovery products. Sommer tomorrow, nogal. He urged other “non-racists to do the same.” All this non-racist talk coming from a guy who wants President Trump to prioritise white lives. Anyway. I digress.

Read: South African entrepreneur to launch appliance company in 2019

Gore said in a press release that he expected this kind of “political backlash.” The company also said on Twitter that it is important for them to align to the sector transformation target” and they are “doing this in a way that is broad-based by recognising some of our first black clients by letting them share in the growth of the bank.”

In another tweet, the company said that they are sorry to see some of their customers go, but that those leaving should kindly note it is their “vision to build a financially stronger SA” and that they are committed to “supporting the long-term transformation targets of the financial services sector.”

Kudos, Discovery.

The white minority is still, on average, the wealthiest in the land and this is simply one means of correcting that and restoring the balance. But hey, when you are used to privilege and the first-pick of everything, equity feels exclusion.

Discovery Bank’s share scheme

The company’s Head of Reputation, Felicity Hudson, told My Broadband that the drive behind this is “their vision for a modern, sustainable South African bank,” with a shareholding scheme.

This simply means that the distribution of the shares are broad-based and that black clients will receive recognition first and foremost, which will enable them “to share in the growth of the bank.” The scheme must still be fine-tuned and Hudson said the team will meet with stakeholders in the upcoming months.

The bank offers several benefits worth looking at. It is somewhere between a traditional bank and a fintech service, and no brick-and-mortar branches mean it will be quicker to sign up.

Read more about it here: Discovery Bank: The new kids on the banking block

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