KZN premier calls for the public and institutions to support Ithala bank

The bank is not permitted to resume its deposit-taking activities but can carry on other functions like its insurance services and it has made arrangements for its clients to be able to pay instalments.

This then calls for those who have been supporting the entity over the past four months to put their money where their mouths are.

“Your voices have not only been heard — they have carried weight. They have reminded us that Ithala is not just a bank, but a beacon of our collective struggle for economic justice and dignity,” Ntuli said.

“Let us translate our support into action. Let us mobilise our communities, institutions and businesses to open accounts with Ithala. Let us stand not as passive observers, but as active participants in the rebuilding of this essential institution.

“It is through such solidarity that we will restore Ithala to its rightful place — as a cornerstone of financial inclusion, economic empowerment and provincial pride.”

He called on provincial government departments and municipalities to lead the way by banking and transacting with Ithala.

“I call upon all municipalities and provincial departments across KwaZulu-Natal to demonstrate tangible support for this institution. Let us move beyond symbolic gestures. Let us lead by example.”

Ntuli said Ithala’s efforts towards economic inclusion in the province, highlighted by its unique reach to communities who had been “historically excluded” from the mainstream financial sector and its impact on entrepreneurship, makes it the pride of the province that should be preserved to enable the provincial economy to grow.

“By choosing to bank with Ithala, we are not merely supporting a financial institution, we are investing in a more inclusive and equitable economy. We are backing a bank that knows our people, that serves in isiZulu, that reaches rural villages and townships where no commercial bank dares to go.”

Ntuli added that he was not putting people’s finances at risk with his call to bank with Ithala despite the uncertainties facing it, insisting that their money is safe with the institution.

“At no stage will they lose their money. What is important is the preservation of the institution, not only for the money that is with them but for the economic growth of the province because Ithala is a distinct institution when it comes to the conditions that are there for people who needs support.

“It’s our hope as a province that we can see better growth in our economy if Ithala is active; supporting those who are emerging entrepreneurs and those expanding their businesses. There’s no risk, therefore, for them to keep their money with Ithala.”

Ithala CEO Dr Thulani Vilakazi reiterated that the institution’s current assets exceeded its liabilities by R356m, which he said negated the claim that it was insolvent.