Public support is growing for Ithala Bank amid the looming liquidation court case. Picture: File.
THE campaign to save Ithala Bank through initiatives led by politicians and other influential people continued to gather momentum.
A massive rally dubbed the “Save Ithala Bank March” is set to take place at the Durban City Hall next Monday, with senior members of the Inkatha Freedom Party (IFP), including party President Velenkosini Hlabisa and provincial chairperson, and Premier Thamsanqa Ntuli, are expected to lead the charge.
The uMkhonto weSizwe Party (MKP), led by former president Jacob Zuma, have also joined the fray, with their weekly "#SaveIthala" demonstrations throughout KwaZulu-Natal
The future of Ithala, the only black-owned bank in South Africa, hangs in the balance as it faces a court case initiated by the Prudential Authority (PA) seeking the entity's liquidation, by citing allegations of non-compliance.
This has ignited a fervent mobilisation effort among political parties, traditional leaders, and community activists, all aiming to prevent what many believe would be a devastating loss for the people of KZN.
Premier Ntuli, who has previously pledged to 'move mountains' to prevent the bank's collapse, had previously said, “We will fight with all that we have to save Ithala Bank from liquidation. Allowing the bank to collapse will be a big blow to the people of KwaZulu-Natal.”
His determination echoed the sentiments of many residents who view Ithala as a critical financial lifeline, particularly for those in marginalised communities.
In a show of solidarity, traditional leaders, including Inkosi Zuzifa Buthelezi, the son of the late founding IFP leader Mangosuthu Buthelezi, the man who is credited for being the brains behind the formation of Ithala, were expected to attend the upcoming court hearings.
The bank currently serves approximately 257,000 clients, many of whom could lose access to essential banking services should liquidation action take effect.
Sifiso Ngcongo, a MKP supporter from Dundee, noted, “This is a bank that should be saved because it is the only bank that serves the poor and the marginalised.”
Last week, demonstrations took place in Dundee, Pietermaritzburg, and Port Shepstone, reflecting growing public unrest over the bank’s situation.
In a recent media briefing, MKP member of the provincial legislature, Sthembiso Magubane, said the party would fight tooth and nail to save Ithala. “The moment you collapse Ithala, you are not only affecting Ithala; you are also affecting the SMMEs of the province of KwaZulu-Natal.”.
The call to action was further echoed by traditional authority figures, including King Misuzulu kaZwelithini, who plans to convene an imbizo on Friday to explore ways to save the bank.
This gathering will take place at the newly built royal palace, Emashobeni, near Pongola, evidencing the multi-faceted approach to address the challenges facing the institution.
As the anticipated court case in Pietermaritzburg is expected to be heard next month, the mobilisation efforts amplify the urgency surrounding the bank's fate.
DAILY NEWS