Pretoria – The National Treasury has provided assurance to retail depositors of Ithala SOC Limited that their funds will be protected by a government guarantee.

This reassurance follows the Prudential Authority’s request for provisional liquidation of Ithala SOC Limited.
“We understand that depositors may have concerns regarding the security of their funds,” the National Treasury expressed in a brief announcement on Thursday, (16 January 2025).

“The National Treasury aims to ensure that retail depositors of Ithala SOC Limited are informed that their deposits will be secured by a government guarantee, pending the necessary technical processes.

“These processes entail offering a government guarantee to one or more banking institutions to facilitate the prompt transfer of depositor accounts and the accessibility of funds.

“We are working closely with the Prudential Authority to ensure a seamless process that prioritizes the interests of depositors.

“While depositors are encouraged to promptly consider alternative banking solutions, they can rest assured that we will do our utmost to safeguard their funds.”

The National Treasury has indicated that it will provide further information regarding the process for accessing guaranteed funds after the court’s decision on the liquidation request.