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[@ndy]

Discovery Bank share scheme

As part of its value proposition, Discovery Bank will give black depositors 10% equity in the business. These shares will be given to black depositors without any cost or risk to them.

 

The Discovery CEO admitted that there is some political risk because the plan excludes white customers.

I'm not 100% sure how I feel about this but I've been half in with Discovery and half in with Momentum for the last two years. This might be enough to say enough with Discovery and go all in with Momentum.

[WrightJnr]

I'm not 100% sure how I feel about this but I've been half in with Discovery and half in with Momentum for the last two years. This might be enough to say enough with Discovery and go all in with Momentum.

There are 3 Tech Banks launching next year. Disco, Zero and Tyme. I do think they are way forward and I will only be putting my hard earned money into one of them. All criteria will be taken into consideration.

[Captain Fastbastard Mayhem]

Discovery Bank share scheme

As part of its value proposition, Discovery Bank will give black depositors 10% equity in the business. These shares will be given to black depositors without any cost or risk to them.

 

The Discovery CEO admitted that there is some political risk because the plan excludes white customers.

Yeah, 10% of the share allocation will be ringfenced for black economic empowerment.

[Opc_danny]

Offer this to everyone FFS 

 

Discovery Bank share scheme
As part of its value proposition, Discovery Bank will give black depositors 10% equity in the business. These shares will be given to black depositors without any cost or risk to them.

The Discovery CEO admitted that there is some political risk because the plan excludes white customers.

[Danger Dassie]

Do any of the white management relinquish 10% of their packages and benefits to black staff? ... Or is the political risk too high.

[shaper]

Becoming quite a social media storm... many threatening to cancel Disco policies and move because of this share scheme!!

[Mats]

CptMayhem, what is the current stats, how many people or how many products has been cancelled?

[Captain Fastbastard Mayhem]

CptMayhem, what is the current stats, how many people or how many products has been cancelled?

Hey Carpet, none of our clients at all. And if they try, we'll tell them they're being dof - they don't have to sign up for the bank, but to cancel alles due to a share incentive scheme (which, by the way, a LOT of companies have in place) for previously disadvantaged individuals / that sector of the population which needs it most, is foolish. Especially when the product in question has boggerall to do with the life / med aid side of things, and how good those products are in and of themselves. 

 

Yes, it's a large percentage of the shares that have been listed, but the simple fact is that the proportion of black individuals who NEED this sort of thing is far higher than the percentage of white folk who need this sort of leg up. We can still purchase shares in the company (Disco Bank) but we have to pay for it. As a social responsibility venture, I get it. I also get the outrage, but I don't agree with it. 

Edited November 15, 2018 by Cptmayhem

[Captain Fastbastard Mayhem]

Becoming quite a social media storm... many threatening to cancel Disco policies and move because of this share scheme!!

short-sighted people, in my opinion. 

 

Look, I don't know how many shares have been / will be issued, but 10% of the total share package ringfenced for this sort of thing goes a long way to at least partly addressing the issue of wealth disparity that is in this country (and no, it's not just apartheid's fault, just in case you think that - you know my stance on how this govt has by in large failed the majority of its citizens since '94) And on a platform which is entirely app-based, with great benefits, means that those who need it and cannot necessarily travel to a branch to open up a bank account (still difficult, for some people - I'll let you guess who those people are) can get an account easily, and also get a leg up at the same time. 

Edited November 15, 2018 by Cptmayhem

[Captain Fastbastard Mayhem]

if someone can offer up an extremely good reason as to why this was a bad move, or why it should be opened to anyone, instead of helping those which need it most, I'll be happy to change my mind. 

[Captain Fastbastard Mayhem]

.

Edited November 15, 2018 by Cptmayhem

[Vetplant]

if someone can offer up an extremely good reason as to why this was a bad move, or why it should be opened to anyone, instead of helping those which need it most, I'll be happy to change my mind.

I guess it would alleviate some of the frustration people feel if it wasn't ring fenced on race, but rather on social economic standing.

 

ie.

Someone with an income below the threshold of the middle income bracket. Or someone who lost their job after a retrenchment and is living off UIF.

 

You need to uplift the poor with these schemes, not the guy working in Rosebank who already made it, just because of the colour of his skin.

[@ndy]

if someone can offer up an extremely good reason as to why this was a bad move, or why it should be opened to anyone, instead of helping those which need it most, I'll be happy to change my mind. 

 

I can't see how this is helping those who need it most. I would hazard a guess that the people who take advantage of this share deal already have some money / income to bank with and are off the bottom of the scale.

 

The cynic in me thinks this is more about marketing than uplifting the disadvantaged. Someone has more than likely undertook a study and realized the gains from securing new customers outweigh the lost customers from the white minority who move policies.

 

Then again the more optimistic side of me realizes that this sort of thing goes on all the time. Maybe someone could educate me on the ins and outs of BEE policy, are there BEE benefits to be gained from having this type of quota based shareholding? If a company can gain the BEE status by offering shares to their clients while running a more merit based personnel structure then I guess I prefer that business model.

[WrightJnr]

if someone can offer up an extremely good reason as to why this was a bad move, or why it should be opened to anyone, instead of helping those which need it most, I'll be happy to change my mind.

Why not take that 10% and use it to build schools, pay for the teachers / other staff, provide lunch meals and basic medical for students. Maybe even keep the text books up to date? Discovery to own and run the program, no sub contacting to thieves. I have no problem when a business is trying to make real, long term change to uplift the country and not individuals who, if can afford to bank probably aren’t the most in need of free help.

[Dexter-morgan]

Why not take that 10% and use it to build schools, pay for the teachers / other staff, provide lunch meals and basic medical for students. Maybe even keep the text books up to date? Discovery to own and run the program, no sub contacting to thieves. I have no problem when a business is trying to make real, long term change to uplift the country and not individuals who, if can afford to bank probably aren’t the most in need of free help.

Well said.

[Opc_danny]

Right in the feels this 

 

An Education Development Scheme. 

 

Why not take that 10% and use it to build schools, pay for the teachers / other staff, provide lunch meals and basic medical for students. Maybe even keep the text books up to date? Discovery to own and run the program, no sub contacting to thieves. I have no problem when a business is trying to make real, long term change to uplift the country and not individuals who, if can afford to bank probably aren’t the most in need of free help.