IFP President Velenkosini Hlabisa delivered the keynote address during the party's 50th anniversary at the Prince Mangosuthu Buthelezi regional stadium in Ulundi on Sunday. Picture: Sibonelo Ngcobo Independent Newspapers
Image: Sibonelo Ngcobo Independent Newspapers
The IFP has called for Ithala Bank to be saved from liquidation and to be granted a licence to operate as a fully-fledged bank.
“We demand that Ithala Bank be granted a banking licence so that it is able to become a fully-fledged state bank. We call on Treasury and the KwaZulu-Natal Government to ensure a lasting solution to save Ithala,” said IFP president Velenkosini Hlabisa.
He was speaking at the party’s 50th celebrations in Ulundi on Sunday
Ithala is fighting for survival in the courts as the SA Reserve Bank's Prudential Authority has brought an application to liquidate the bank.
“We stand united against the closure of Ithala Bank,” said Hlabisa.
"Ithala has been a beacon of hope and empowerment for marginalised communities in KwaZulu-Natal’s rural heartlands and urban centres. This is the lasting impact and contribution of Prince Mangosuthu Buthelezi’s legacy.
"Ithala’s footprints can be found in townships and rural towns, where many businesses it funded still stand. In some towns across this province, it is the only bank, and the bank through which our most vulnerable receive their Sassa grants.
"But this crisis is about more than just Umtwana’s (Buthelezi's) legacy. It is about the livelihoods of thousands of people in KwaZulu-Natal. It stands at the heart of the IFP’s vision of a KwaZulu-Natal that is stable and prosperous — a KZN that works for its citizens," said the IFP leader.
He said the party stands in solidarity with the Ithala Bank beneficiaries who have no access to their funds, Sassa beneficiaries who have had their personal information simply transferred to another bank without their go-ahead or approval, while others have had their accounts frozen.