Capitec boycott campaign

The ANC Youth League (ANCYL) has called for a boycott of Capitec Bank over its billionaire founder Michiel Le Roux’s donations to the DA.

Le Roux is the DA’s largest funder. He donated over R50 million to the political party through his private companies, Fynbos Ekwiteit and Fynbos Kapitaal.

He explained that the donations came from him and his companies and had nothing to do with Capitec Bank.

Capitec’s head of brand and communications, Bronwyn Pretorius, also confirmed that the bank does not fund any political parties.

“As a business, Capitec remains committed to our clients and fellow South Africans in providing solutions relevant to their needs,” she said.

However, this did not deter ANCYL president Collen Malatji from attacking Capitec, saying, “Banking with Capitec is a vote for the DA and a vote for anti-blackness”.

The youth wing of the ruling African National Congress also distributed promotional material calling for a boycott of the bank.

“Capitec founder funds the DA but refuses to fund higher education and small black businesses at low interest rates,” one flyer said.

Another one said, “Capitec founder funds the DA, which is against Affirmative Action and Employment Equity”.

Yet another said, “Capitec founder funds the DA, which stands opposed to progressive laws and policies that seek to redress the injustices of the past”.

Donations are an important revenue stream for political parties and assist them in their operations, campaigning, and gaining votes.

It is, therefore, not surprising that the ANC Youth League is taking aim at Le Roux’s donations to the DA.

As the biggest donor, his funds will assist the DA in its general election campaign next year, where the ANC may lose its outright majority.