The National Treasury, announced it would avail, up to R2.2 billion to enable the repayment of depositors of Ithala SOC Limited (“Ithala”).
The payout process is expected to start on the 8 December 2025.
Although the liquidation process is underway, depositors were unable to access their funds since January 2025, following an application to liquidate Ithala, due to solvency issues and regulatory breaches.
National Treasury said in a statement, on Tuesday, the 02nd December 2025, the liquidation case is still pending, and a date has not yet been set for the matter to be heard.
But depositors will first need to be verified, to ensure payments go to the correct recipients.
Once verified, payments will be processed within approximately two days through First National Bank (FNB).
Treasury appointed FNB, as the payout bank for Ithala depositors and to facilitate access to their funds.
“This arrangement is intended to ensure that funds are paid out in an orderly and secure manner. Depositors will not be required to become FNB clients and may choose to transfer their funds to a bank of their choice.”
Treasury also said no payouts will be made at Ithala branches.
“Depositors will be contacted by FNB. This communication must be received before visiting a branch for verification. Depositors will be contacted via SMS with details of the required documentation, which will include an identification; proof of address and proof of an alternate bank account, where their money will be deposited.”