Major banks to face public grilling

South Africa’s major banks are set to face a public grilling at an open Competition Commission inquiry into their fees. This follows the release of a report that states that the banks had earned 29-billion rands from the national payment system, of which 10-billion rands was described as pure profit. Business Day reports that the inquiry could lead to a formal investigation into how banks arrive at the fees they charge customers and whether they are hindering competition. The fees charged by South Africa’s banks are considered among the highest in the world and stand in the way of more people entering the formal banking system.