KZN Premier Ntuli throws everything at saving Ithala
AS ITHALA fights to survive following a positive court ruling that allowed the black-owned bank to resume its operations, Premier Thamsanqa Ntuli has once again thrown his weight behind it.
Ntuli held a media briefing on Wednesday in Durban, where he vowed to fight to save Ithala Bank. The bank, which the late former leader and founder of the IFP, Prince Mangosuthu Buthelezi, was instrumental in forming, has more than 200000 active clients.
In his address, Ntuli reiterated that Ithala bank was not just a bank, but a “lifeline” for thousands of families and small businesses across KwaZulu-Natal.
Ntuli said the institution’s financial troubles have laid bare the socioeconomic consequences of regulatory decisions on vulnerable communities.“In the fight for economic justice, Ithala is a symbol of hope. We cannot afford to let this institution fail when so many people rely on it not just for banking, but for survival,” said Ntuli.
He also recounted heartbreaking stories from ordinary South Africans from KZN, whose lives have been disrupted by the freezing of Ithala accounts prior to the court’s ruling.
Among them was KwaDukuza-based farmer Mhlengi Ngcobo, who was forced to lay off workers and destroy part of his crop infrastructure due to financial inaccessibility.
“These are not just statistics. These are our people – sons and daughters of this soil – whose livelihoods have been torn apart,” Ntuli said.
His call for action came shortly after the Pietermaritzburg High Court ruled in Ithala’s favour, permitting the entity permission to resume operations despite earlier intervention by the Prudential Authority.
However, the authority has since indicated its intention to appeal the decision.
Ithala’s CEO, Dr. Thulani Vilakazi, appeared alongside Ntuli at the briefing and said the institution was cautiously optimistic.
“We are still receiving advice from our legal team. The focus now is on transparent communication with our clients and on stabilising operations,” he said.
Vilakazi admitted that services remain limited, especially over-the-counter transactions and deposit-taking. However, he emphasised that customers can still receive advice and access updated payment solutions.
Premier Ntuli further announced that the KwaZulu-Natal government would lead by example by transacting directly with Ithala.
“We will put our money where our mouth is. Provincial departments and municipalities must begin transacting with Ithala. Not as a favour – but because it is the right and legal thing to do,” he urged.
Ntuli described the institution as an essential pillar of the province’s inclusive economic strategy. He praised Ithala’s legacy of serving rural and underserved communities, especially where commercial banks had failed to establish a presence.
“This bank has stood by us in isiZulu, in township branches, in forgotten rural towns. Why then are we hesitating to stand by it?” Ntuli asked.
He also called on traditional leaders, businesses, and ordinary citizens to rally behind the bank. “Let us open accounts, transfer business, and lend Ithala the credibility it needs to thrive. Let us lead a movement, not just make statements.”Ntuli closed his address by invoking the spirit of Ukuzakha Nokuzenzela – the Zulu philosophy of self-reliance and upliftment.
“This is not just about Ithala. It’s about preserving the dignity of those who believe in it. It’s about building an economy that includes us all.”
As the fight to stabilise the bank continues, Ntuli’s call has been clear: unity, urgency, and collective commitment are the tools that will determine Ithala’s future.
The Daily News newspaper approached the Deputy President Paul Mashatile's office for comment, in his capacity as leader of government business nationally, but did not receive a response at the time of publication.
DAILY NEWS