-
Signage seen at an Ithala Bank branch.
Ithala Bank depositors who have been unable to access their funds from the institution since January 2025 can breathe a sigh of relief.
National Treasury has announced that it will be making up to R2.2 billion available to enable the repayment of Ithala Bank depositors, following consultations with the KwaZulu-Natal government.
The payout process is set to begin on Monday, December 8.
FNB has been appointed as the bank to make the payout to Ithala recipients.
Recipients will not be required to open a bank account with FNB if they don’t already have one.
FNB will reach out to recipients via SMS, stating the verification details required, which will include their ID, proof of address and proof of an alternate bank account where their money should be deposited.
Ithala recipients will have until 2028 to get their money back from this process.
VIDEO | Ithala Bank appeal matter in court:
