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A worker counts money.
Thousands of Ithala Bank customers are expected to start having access to their funds from Monday through a new banking institution.
National Treasury will make up to R2.2 billion available for the payouts from December 8th at FNB branches.
In January, the South African Reserve Bank’s Prudential Authority applied for the bank’s liquidation after it was declared insolvent.
More than 250 000 customers have not had access to their funds for about a year.
KwaZulu-Natal Premier Thami Ntuli says payments will not be made all at once but they are confident customers will have access to their money by Christmas.
“We have reached an agreement with a National Treasury to come on board on the issue of the guarantee and they’ve confirmed that on the 8th of December the depositors will have to access their deposits. But the plan is that there will be communication through sms’s to the depositors so that they will be able to go and have their money.”
