Ithala Provides Transactional, Savings, Lending And Insurance Services To Help Ordinary South African Create And Manage Wealth.

The liquidation application means that their accounts will have to be closed to allow for the pending. Ithala is not registered as a bank and has not successfully applied to be established as a bank. This follows the financial sector conduct authority’s decision not to renew the financial services provider licence of the historic black financial institution.

Ithala Soc Limited Has Provided Finance Of Approximately R2.2 Billion To People In The Rural And Township Areas To Buy A Home, Car, Taxi, Education, And Other Essential Needs.

Intellect design arena ltd, a specialist in applying true digital technologies and a global leader in financial technology across banking and insurance, announced today that ithala soc limited (ithala), an authorized financial services and credit provider in south africa has chosen intellect’s fully integrated digital core solution to enhance. Ithala is a wholly owned subsidiary and a financial service provider. The application by the prudential authority (pa) for ithala soc limited’s provisional liquidation has triggered the closure of its 257 000 depositors’ accounts to prevent a run on the bank and ensure a fair distribution of funds.

This Move Affects Approximately 257,000 Depositors, Raising Concerns About The Safety Of.

Ithala, often referred to as a bank, was never granted a banking license. In the case of insolvency, consumers face the potential loss of all or part of their deposits. Rather, ithala has accepted deposits based on the exemptions granted to it under the banks act.

However, It Operated Under A Special Exemption Granted By The Minister Of Finance In Terms Of The Banks Act 94 Of 1990.