The Banking Association of South Africa (BASA) published a report detailing progress in racial transformation within the banking industry. According to the report, black individuals represent 48% of board directors and 90% of junior management—exceeding the set target of 80% for junior roles—although senior management diversity fell short of the 60% target. The report has sparked debate among lawmakers and critics over whether these achievements represent substantive change or merely symbolic efforts.

On February 7, 2025, during a Parliamentary committee session, the Banking Association of South Africa (BASA) presented transformation statistics showing 38% black ownership in local banks – exceeding the 25% target set by the Financial Sector Charter. However, BASA’s chair admitted that the scorecard fails to measure the true impact of transformation efforts, drawing sharp criticism regarding the banking sector’s superficial approach to addressing longstanding racial disparities and economic exclusion.

On February 5, 2025, South African lawmakers sharply criticized BASA during a parliamentary session for its alleged failure to curb discriminatory banking practices, including unjust account closures and high fees that disproportionately affect marginalized communities, thereby perpetuating a neo‐apartheid system.

According to the BASA Transformation Report 2024, South African banks have exceeded their targets for black ownership and economic interest, demonstrating a concrete commitment to fostering inclusive economic growth, enhanced diversity, and fair representation in leadership roles.

During a joint parliamentary meeting on February 4, 2025, BASA representative Ms. Bongi Kunene defended its member banks by stating that none were found guilty of racism, while questions were raised by committee members regarding persistent discriminatory practices, lack of transformation in ownership, and opaque account closure processes in the banking sector.