Vehicle finance institution WesBank found itself in hot water after information surfaced that they were intentionally using a system that hikes up black client’s interest rate to almost double than that of their white clients.
This shocking discovery was shared by the company’s former employee who worked in the IT department at the financial institution for four years. The former employee disclosed that the finance provider intentionally applied a systematic approach that saw black clients paying more than white clients.
The discriminatory charges against the vehicle finance institution further labelled that WesBank charged black clients an interest rate of around 18% and more, whereas white clients were at only 10%.
The former employee spoke to Sunday Independent sharing:
“While I was there, I worked on many projects and some of them are how the applications come through. I also upgraded the online applications for customers. One thing I picked up at that time was enquiring in the acquisition system, which gives all the customers information, and it was more like a pre-approval but needs the information provided and collected from the third parties to see what credit they can give you.”
He also added:
“Based on that, they determine how much they are charging clients. This system had nothing to do with the credit score. They determine the interest rate based on certain risk factors, and this is based on the acquisition site.”
This information is gaining momentum on social media on a daily basis with many expressing how institutionalized racism is a big thing in South Africa.
WesBank and all White Businesses get away with discriminating Black People in SA because their beloved Constitution protects them. This constitution dismissed Rand Manipulation Case despite banks pleading guilty and paying R542m fine in USA. SA’s justice system post ‘colonialism’
— Great Zulu? (@SuperiorZulu) January 24, 2024
These Wesbank shenanigans are just another example of how white people will use every bit of power they have to make black people’s lives even a little harder
— Null (@Vhoyde) January 23, 2024
