Wesbank has vehemently denied charges that race plays a role when determining interest charged for vehicle loans.
The reaction to the allegations follows after a former employee, whose name is withheld, said the vehicle financier deliberately determined interest rates based on race, which could mean an interest rate that varies from 10% to 18%.
Political parties ActionSA and the African Transformation Movement are demanding that the issue be taken to the Human Rights Commission for investigation.
Wesbank chief executive officer Ghana Msibi has said the company welcomed any investigation as it would clear its name.
“We do not charge black people more,” he told 702.
“In approvals, we do not consider any factors relating to race. What we have been given as the basis of the allegations is factually incorrect as to how this process works.”
He said they only considered factors required when providing anyone with credit, such as prior credit servicing performance and affordability.
Asked why it was necessary for them to indicate race and gender in certain paperwork he said this was prescribed information needed for data and statistics.
“We have got to report back to the National Credit Regulator indicating the number of contracts that have been signed across the race groups in a given period.”
