Reporter – George April
Johannesburg:- ABSA Bank has announced a major financial commitment, more than R10 billion set aside to support black industrialists and small-to-medium enterprises.
It will be a special focus on black women entrepreneurs and youth innovators in manufacturing, logistics, and green energy.
The bank says the initiative is aligned with South Africa’s B-BBEE policy and forms part of its broader strategy to promote inclusive economic growth. Government voices have praised the move, calling it “real economic empowerment in action.”
But while the announcement has been celebrated in some circles, it has also triggered strong reactions from the public. It reflecting the ongoing tension around economic policy, and perceived fairness in the financial sector.
Public Voices React
Almost immediately after ABSA’s announcement, social media platforms lit up with mixed responses, some supportive, others sharply critical.
For some, the issue is not empowerment itself, but who gets empowered.
Tony Ganas, for example, expressed frustration, saying:
“Time to close all accounts with ABSA. ABSA has become a racist bank. What about the other race groups? People should boycott ABSA.”
His message reflects a growing sentiment among those who feel the bank is isolating other demographics in an already fragile economic environment.
Another customer, Elize van der Merwe, echoed that sentiment, adding:
“Maybe it’s a good decision for me to say bye-bye to ABSA!”
Comments like hers suggest the bank could face customer backlash if the rollout and communication aren’t handled carefully.
Others raised concerns unrelated to race, but rather past corruption and mismanagement in public projects.
Modisane Modisane referenced the Tembisa Hospital scandal, warning:
“ABSA has not learned from Tembisa Hospital. The whole medical budget for patients bought five Lamborghinis. Beware of the comrades.”
His comment highlights a broader fear that large funds, even when aimed at empowerment, may not reach the intended beneficiaries.
But not all responses were negative.
Leno’s Ratsira took a more systemic view, saying:
“The resources are available in this country, the problem is how they are being distributed, especially to poor communities.”
His perspective points to the root issue: communities want fairness, transparency, and equal opportunity, not just promises.
A Policy Success or a Divisive Move?
ABSA’s initiative is being positioned as a major step toward economic inclusion, particularly in sectors where black ownership and participation remain low.
Yet the public reaction shows how deeply divided South Africans still are on race-based economic policy.
As one local analyst noted, “Empowerment works when everyone feels included, not excluded.”
ABSA has not yet responded publicly to the wave of criticism, but more detailed criteria for the fund are expected to be released soon. Until then, the debate continues, loudly and passionately, across the country.