IFP members march in Durban over the closure of Ithala Bank

IFP members painted West Street in Durban white as they marched over the closure of Ithala Bank on Monday, 24 February 2025. Party members expressed their concerns over the closure of the bank with many citing it as “killing” the legacy of the late Prince Mangosuthu Buthelezi.

The bank shut down after the Prudential Authority (PA) applied at the Pietermaritzburg High Court for the provincial liquidation of iThala SOC Limited (known as iThala), reported BusinessTech.

IFP PARTY MEMBERS FIGHT FOR THE LEGACY OF THE LATE PRINCE MANGOSUTHU BUTHELEZI’S LEGACY

IFP party members expressed their concerns and worries over the closure of the bank. Speaking to The South African, Jabu Zondo, a party member had questions about the closure of iThala Bank.

She said, “Why is iThala closing? Why are they closing iThala because it’s something yomntwana waka Phindangene le (Prince Mangosuthu Buthelezi’s clan name)? We are using it and we want it. He was the one who opened the bank. Why are they closing it now just because he is no more?”

Another party member who asked to remain anonymous said that it’s not just only about the legacy of the late Prince Mangosuthu Buthelezi but about the people who also use the bank. 

“I play stokvel at iThala Bank but now I am forced to change banks because they are closing iThala. We are a party that emphasises that we are also using iThala and we need it. We want it to return. That’s why we, as the IFP, are here today. It’s because we are here to say that we need this bank,” she expressed. 

She added that even the late Prince Mangosuthu Buthelezi was also using the bank and it was also the cheapest in South Africa. 

The South African sent a request for comment from IFP’s Media Liaison Ayanda Zulu and will be added once received.

IFP PRESIDENT VELENKOSINI HLABISA SPEAKS ON THE CLOSURE OF ITHALA BANK

Live at the Durban Central, IFP president Velenkosini Hlabisa spoke about the distress that the closure of the bank has brought as many people were using the bank, especially in KwaZulu-Natal.

“The distressing news of the imminent closure of Ithala Bank, an institution founded by the late IFP’s founder his excellency Prince Mangosuthu Buthelezi has caused untoned distress and uneasiness amongst the IFP members, the Buthelezi clan and the people of KwaZulu-Natal and South Africa at large,” Hlabisa mentioned.

He added that the bank was opened during Apartheid to economically empower black individuals and businesses. He says that the bank has been granting fund to those who did not have access to well-established banks.

Hlabisa said that they demand that the South African Reserve Bank respond within 21 days with a positive outcome.

“We demand that the South African Reserve Banks’ potential authority and the repayment administrator must in 21 days respond with positive outcomes to our call that Ithala Bank must not be closed and full details of a plan of action to save Ithala Bank,” Hlabisa stated.

What do you think of the closure of Ithala Bank?

Let us know by leaving a comment below or send a WhatsApp to 060 011 021 1.

Subscribe to The South African website’s newsletters and follow us on WhatsApp, Facebook, X, and Bluesky for the latest news.