Capitec Bank founder Michiel Le Roux has recently faced allegations of using the bank’s funds to support the Democratic Alliance (DA), a South African political party. However, Le Roux has vehemently denied these claims, stating that Capitec does not fund any political parties.
The controversy began when ANC Youth League (ANCYL) member Collen Malatji called for a boycott of Capitec, accusing the bank of being anti-black and alleging that banking with Capitec was equivalent to supporting the DA’s alleged anti-black stance. Malatji’s call for a boycott gained attention and sparked a debate about the relationship between Capitec and the DA.
Le Roux clarified that he personally donated R15 million to the DA through his other companies, Fynbos Ekwiteit and Fynbos Kapital. These donations were made in 2022 and were not funded by Capitec Bank itself. It is important to note that these donations were not illegal, as political party funding is a common practice in various democracies worldwide.
The DA, on the other hand, disclosed its highest donation of R15,977,687.13 in August of the previous year. The majority of this amount came from Fynbos Ekwiteit (Pty) Ltd, with the remainder donated by the Friedrich Naumann Foundation (FNF), a German entity.
Moving beyond the controversy, it is crucial to understand Michiel Le Roux’s role in the DA. In addition to his financial contributions, Le Roux has actively participated in the party’s affairs. According to News24, he was part of a delegation that met with former DA leader Mmusi Maimane, urging him to consider resigning in the party’s best interests. Le Roux also authored a report commissioned by the DA, analyzing the party’s electoral performance in 2019.
It is worth noting that Le Roux’s involvement in the DA does not necessarily imply that Capitec Bank shares the same political affiliations. Capitec Bank is a prominent financial institution in South Africa, serving millions of customers across the country. The bank has gained popularity for its innovative banking solutions and inclusive approach, targeting previously underserved communities.
Capitec Bank’s spokesperson, Brownyn Pretorius, reiterated Le Roux’s statement, affirming that the bank does not provide financial support to any political parties. This clarification should alleviate concerns regarding the bank’s alleged bias or discriminatory practices.
As an ethical and responsible financial institution, Capitec Bank remains committed to promoting financial inclusion, supporting economic growth, and serving the needs of all South Africans. The bank’s track record speaks for itself, with its customer-centric approach and dedication to providing accessible and affordable banking services.