Treasury unlocks R2.2bn to repay Ithala depositors
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GUEST - Khaya Sithole, Independent Analyst
For nearly a year, over 275,000 South Africans, many of them in KwaZulu-Natal have been locked out of their savings after Ithala SOC hit financial trouble and faced court-ordered provisional liquidation. Now, relief is finally on the way.
The National Treasury has confirmed that it will release up to R2.2-billion to repay Ithala depositors, with payouts beginning from 8 December through First National Bank appointed as the secure payout partner. Depositors won’t be forced to bank with FNB but will undergo a verification process to ensure funds are returned safely and correctly.
For nearly a year, over 275,000 South Africans, many of them in KwaZulu-Natal have been locked out of their savings after Ithala SOC hit financial trouble and faced court-ordered provisional liquidation. Now, relief is finally on the way.
The National Treasury has confirmed that it will release up to R2.2-billion to repay Ithala depositors, with payouts beginning from 8 December through First National Bank appointed as the secure payout partner. Depositors won’t be forced to bank with FNB but will undergo a verification process to ensure funds are returned safely and correctly.
