The Black Business Council (BBC) has rekindled its longstanding advocacy for the transfer of control of the African Bank into the hands of black individuals, honoring the legacy of the late Dr. Sam Motsuenyane. Dr. Motsuenyane, revered as the visionary architect behind the African Bank’s inception, passed away on Monday at the age of 97, following a prolonged illness.

Elias Monage, President of the BBC, speaking at the BBC Summit, expressed profound admiration for Dr. Motsuenyane’s pioneering efforts during the apartheid era. Monage highlighted Dr. Motsuenyane’s instrumental role in establishing the National African Federated Chamber of Commerce and Industry (Nafcoc), alongside his resilient pursuit to establish a bank tailored to African needs amidst systemic barriers imposed by apartheid.

“In homage to Dr. Motsuenyane’s indomitable spirit, we advocate for the retention of African Bank under black ownership,” stated Monage during the summit. “This institution should serve as a bank of choice for all South Africans, both in business and personal finance realms.”

Monage urged governmental collaboration to ensure African Bank’s continued support of social welfare initiatives, emphasizing the necessity of preserving Dr. Motsuenyane’s vision. He further proposed constructive engagement with the National Treasury to explore avenues for increased black consortium participation in the bank’s equity.

The BBC Summit, themed “30 Years of Democracy – Progress so far and Plans to Accelerate Implementation of Reforms,” provided a platform to underscore the persistent socioeconomic disparities and the imperative for transformative initiatives.

Notably, the BBC’s advocacy for a black-focused financial institution dates back to 2012, with concerted efforts directed towards acquiring the South African Reserve Bank’s stake in African Bank and pursuing the establishment of a black-owned bank.

Addressing the summit, President Cyril Ramaphosa acknowledged the historical inequities that stifled black economic empowerment during apartheid. He emphasized the collaborative endeavors between the democratic state and black business entities to redress economic disparities and foster inclusive growth.

“As we reflect on our journey, we must honor the resilience of pioneers like Dr. Motsuenyane and reaffirm our commitment to advancing economic transformation,” remarked President Ramaphosa.

The BBC’s renewed call for African Bank’s black ownership resonates not only as a tribute to Dr. Motsuenyane’s legacy but as a pivotal step towards realizing economic empowerment and inclusivity in South Africa.