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South African bank fees under fire

| Economic factors

South African banks may be forced to reduce the fees they charge customers, the Sunday Times reported.

According to the report, politicians are in favour of “drastic action” to protect South Africans against high bank fees.

The Sunday Times quoted ANC spokesman Zizi Kodwa as saying that “they [the banks] do not have a choice”.

The banks, however, argue that their fees are fair. Other people also agree that banks should not be forced to cut fees.

DA shadow minister of finance Dion George said that while local bank fees are high, market forces should drive down prices.

Also see: South African banking fees 2015

The full report is available in the Sunday Times of 15 February 2015.

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