It traces back to February 1992, when the political freedom fighters were released from Robben Island. Many of them — including figures like Nelson Mandela, Cyril Ramaphosa, Tokyo Sexwale, Max Mmare, Thabo Mbeki, Jacob Zuma, Alec Erwin, Joe Slovo and Trevor Manuel — later became ministers in the national Cabinet.

With the rollout of Black Economic Empowerment (BEE), a significant number of these leaders also became directors and shareholders in major banks, holding sizeable portfolios. That shift marked the point where consumer protection in South Africa began to weaken. When the government and the banking sector became intertwined, accountability suffered. After all, how could the state take strong action against banks when so many Cabinet ministers held direct financial interests in those same institutions?