By Celani Sikhakhane
King Misuzulu is asking for a fast solution to the suspension of Ithala Bank’s licence because the bank is very important to people in rural areas and townships.
The suspension has caused a lot of concern in these communities.
The Zulu King has stepped in, asking his Traditional Prime Minister to talk to the Minister of Finance and the Premier of KwaZulu-Natal, telling them to work hard to get the bank’s licence back.
The Financial Sector Conduct Authority (FSCA) suspended Ithala Bank’s licence, saying the bank doesn’t meet the required financial standards.
This issue began last year when the FSCA first planned to suspend the licence in December. Ithala Bank tried to fight this decision, but their appeal was rejected on 26 July this year.
Through his Prime Minister, Reverend Thulasizwe Buthelezi, King Misuzulu kaZwelithini said the suspension would badly affect thousands of people who depend on Ithala Bank for their businesses and daily needs.
“His Majesty strongly believes that the services of Ithala Bank, as the backbone of rural and township entrepreneurs in KwaZulu-Natal, must not be disrupted. His Majesty views Ithala Bank as the enduring legacy of his erstwhile Prime Minister, Prince Mangosuthu Buthelezi—a legacy that must be honoured and defended so that future generations can also benefit from Ithala Bank,” the statement read.
Ithala Bank was started by the late IFP leader, Prince Mangosuthu Buthelezi, with help from the first black Southern African Anglican Church Bishop, Alpheus Zulu, to give money to black entrepreneurs.
The FSCA has told Ithala Bank to move its services to other banks.
Pictured above: Ithala Bank’s licence has been suspended, causing concern in townships and rural communities.
Source: Ithala Bank
