Today, the Inkatha Freedom Party (IFP) is set to lead a protest at the Durban City Hall, voicing its opposition to the possible liquidation of Ithala Bank.
The demonstration highlights growing concerns among local communities about the potential closure of the financial institution, which plays a key role in supporting the black economy in KwaZulu-Natal.
Opposition from Political Parties
The IFP has teamed up with other political parties in a united stance against the Prudential Authority’s proposal to liquidate Ithala Bank.
Leaders argue that such a move would have devastating effects on the local economy, particularly for black communities that rely on the bank’s services for financial inclusion and support.
The opposition stresses that Ithala is not just a bank—it is a critical pillar that enables access to economic opportunities for many people.
A Call for Solutions, Not Shutdowns
IFP National Spokesperson Mkhuleko Hlengwa emphasized the long-term implications of liquidating Ithala Bank, comparing it to past failures such as VBS and African Bank.
He noted, “This is not just a political issue. It has far-reaching consequences. If we continue down this path, we risk undermining the black economy, which has already faced enough challenges.”
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Hlengwa added that while the bank does face issues, the solution should not be to shut it down but to find ways to resolve its challenges and ensure it continues to serve the people.
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