THE National African Federated Chamber of Commerce and Industry (Nafcoc) plans to launch a mass market, black-owned "mega" bank this year that will mimic the Chinese model and grow small businesses.
This is the best news I've read in weeks. We need this – please launch this thing NAFCOC.
I suspect that a government owned bank would be better than business owned; the Freddy Mac and Fanny Mae models in the USA to give every American their own home worked very well for a very long time, and also ctreated employment in the building industry. History has proved that when capital is readily available to small and medium business entrepreneurs a strong and long term economic driver comes into being. The problem with private investor owned banks is that they are easily over cautious, and worse still, their driving force becomes investor returns rather than lending to the real economy.
I suspect that a government owned bank would be better than business owned; the Freddy Mac and Fanny Mae models in the USA to give every American their own home worked very well for a very long time, and also ctreated employment in the building industry. History has proved that when capital is readily available to small and medium business entrepreneurs a strong and long term economic driver comes into being. The problem with private investor owned banks is that they are easily over cautious, and worse still, their driving force becomes investor returns rather than lending to the real economy.