South Africa's National Treasury announced it will make up to ZAR 2.2 billion available, following consultations with the KwaZulu-Natal Provincial Government, to repay depositors of Ithala SOC Limited. The payout process is scheduled to start on 8 December 2025 and will require depositor verification before payments are made. First National Bank (FNB) has been appointed as the payout bank, with depositors contacted by SMS and asked to present an ID, proof of address, and proof of an alternate bank account for the deposit of funds. Once verified, payments are expected to be processed within around two days; depositors can visit any FNB branch after receiving the required communication and do not need to become FNB clients, and no payouts will be made at Ithala branches. Depositors with existing loans must continue making repayments to a dedicated Absa account. Depositors will have until 2028 to claim their payout. National Treasury is working with the KwaZulu-Natal Government and the Prudential Authority, noting that depositors have been unable to access funds since January 2025 after the Prudential Authority applied to liquidate Ithala due to solvency issues and regulatory breaches, with the liquidation case still pending and no hearing date set.
National Treasury (South Africa) 2025-12-02
South Africa's National Treasury makes up to ZAR 2.2 billion available for Ithala depositor repayments via First National Bank
South Africa's National Treasury will allocate up to ZAR 2.2 billion to repay depositors of Ithala SOC Limited, with payouts starting on 8 December 2025, following depositor verification. First National Bank has been appointed as the payout bank, and depositors will be contacted via SMS for verification. The Prudential Authority's liquidation case against Ithala remains pending due to solvency issues and regulatory breaches.