Amazulu King Misuzulu KaZwelithini has expressed deep concern at the suspension of the banking license of Ithala Limited, a KwaZulu-Natal-based state-owned development bank.
This comes after the Financial Sector Conduct Authority (FSCA) announced in a statement on Friday that the service provider’s licence has been suspended because it doesn’t meet the financial soundness requirement specified for financial service providers.
KwaZulu-Natal Co-Operative Governance & Traditional Affairs (COGTA) MEC and Prime Minister of the Zulu Nation, Reverend Thulasizwe Buthelezi says the King is concerned that this will have devastating consequences on the livelihoods of thousands of his subjects who depend on Ithala Bank to conduct their business and social enterprises.
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“His Majesty hopes that all efforts will be persuaded by the minister of finance and premier of KwaZulu-Natal to reinstate the licence of Ithala, as Ithala Bank is the backbone of the rural economy in KwaZulu-Natal and sustains thousands of businesses in the rural areas and townships.”
