Premier urges support for Ithala amid issues

KWAZULU-Natal Premier Thamsanqa Ntuli has called on all citizens, businesses, municipalities, and provincial departments to continue banking with Ithala SOC Limited amid ongoing legal and administrative challenges facing the financial institution.

- SIPHESIHLE BUTHELEZI

Over the past five months, the provincial government has been engaged in defending Ithala SOC Limited, a state-owned entity, in response to what Premier Ntuli described as an “unfolding crisis” that is now having devastating effects on ordinary citizens.

“Ithala is more than a financial institution. It is a cornerstone of economic inclusion and a vital catalyst for broad-based empowerment,” said Ntuli.

“These are real people. These are South Africans whose lives are being upended not because of reckless financial decisions, but because they chose to bank with a state-owned institution they trusted.”

The premier highlighted several cases where individuals have been affected by the freezing of their Ithala accounts. These included a farmer in KwaDukuza who had to lay off workers, a mother in Ulundi who could not pay her children's tuition fees, and an entrepreneur who could not repair business vehicles or buy medication for his mother.

Despite these dire circumstances, Premier Ntuli insisted that clients' funds were safe.

“I must say, their money is safe. At no stage will they lose their money. What is important is the preservation of these tools. Not only for the money that is with the institution, but for the economic growth of the province,” Ntuli stated.

“There is no risk, therefore, for them to keep their money in Ithala.”