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FILE | Ithala bank’s Ndumo branch in KwaZulu-Natal.
Ithala depositors have begun flocking to branches designated to pay out their funds in KwaZulu-Natal as government begins the process of releasing funds.
The National Treasury has made available up to R2.2 billion to start being paid out this week through FNB branches.
Depositors are being sent SMSs directing them to the branches to submit their information before receiving funds.
The funds will be available to depositors at the new banking institution for withdrawal or transfer until 2028.
More than 250 000 depositors with Ithala had their funds frozen at the beginning of the year.
Ithala, with the support of the provincial government, is fighting a liquidation application filed by the South African Reserve Bank’s (SARS) Prudential Authority.
