By Celani Sikhakhane
- Premier Thami Ntuli wants municipalities and government departments to put their money in the Ithala bank to support it.
- He told banking regulators to back off and warned they are ready to fight in the Constitutional Court.
KwaZulu-Natal Premier Thami Ntuli has called on municipalities and government departments to support Ithala Bank by keeping their money there.
Ntuli said the bank is safe and that people in the province should back it, especially after it won a court case last week.
Ithala is in a legal battle with the Prudential Authority and the Repayment Administrator. The two bodies are appealing the ruling in the Supreme Court of Appeal.
“We saw many people fighting for Ithala — some on the streets and others online. We ask them to keep supporting it by putting their money in the bank,” said Ntuli.
He said Ithala is more than just a bank. It plays a big role in helping people in KwaZulu-Natal and in building the province’s economy.
Ithala has 38 branches across the province and serves more than 328,000 people.
Ntuli said: “We will not rest. We are ready to fight this to the Constitutional Court.”
Ithala CEO Dr Thulani Vilakazi became emotional as he explained how the bank’s system was shut down without warning.
“As the CEO, I was not even told. All the ATMs were shut without our knowledge. Our clients suffered that day. It felt like war had started,” he said.
Vilakazi said that when the shutdown happened, no one thought about the people who needed to pay for cars, homes or businesses through the bank.
He told clients they can go to branches to claim funeral and stokvel insurance payouts, but for now, they cannot deposit or withdraw money.
MEC for Economic Development, Tourism and Environmental Affairs, Reverend Musa Zondi, said that instead of trying to destroy Ithala, it should be helped to become a full state-owned bank.
Pictured above: KZN Premier Thami Ntuli told regulators to back off and leave Ithala alone. Ithala CEO Dr Thulani Vilakazi said they are in a fight for survival. MEC Reverend Musa Zondi stood with them during a press briefing.
Image source: Celani Sikhakhane
