South African News

WesBank Accused of Racial Discrimination: Former Employee Alleges Overcharging Black Clients

A former WesBank employee has claimed that the finance provider used a specific system to overcharge black clients, alleging racial discrimination.

According to the former employee, the bank used the acquisition system to determine interest rates, and based on certain risk factors, black clients were charged up to 18%, while white clients were charged 10%.

WesBank refuted the allegations, stating that all vehicle finance applications are assessed on affordability and the customer’s credit profile, and credit scoring is conducted by independent credit bureaus.

Financial investigator Emerald van Zyl reported receiving numerous complaints against WesBank. – IOL

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