South Africa's major banks are under scrutiny as they appear before Parliament's Portfolio Committee on Trade and Industry amid allegations of collusion and discriminatory practices targeting Black-owned businesses. The Banking Association South Africa (BASA) and other banks are being questioned about their failure to meet transformation targets, with calls for increased accountability and stricter regulations to ensure transparency in the sector. Dr. Joe Maswanganyi, chairperson of the Standing Committee on Finance, emphasized the necessity for full transformation within the banking industry, labeling it a constitutional and economic imperative. Concerns were also raised regarding arbitrary account closures and the ongoing dominance of the white minority in the financial sector. The uMkhonto weSizwe Party has reported complaints from constituents about possible collusion between BASA and the banks, highlighting the need for clarity on these issues.