On Monday, February 24, 2025, members of the Inkatha Freedom Party (IFP) gathered on West Street in Durban to protest the closure of Ithala Bank, a financial institution closely linked to the late Prince Mangosuthu Buthelezi.
With the closure of the bank, many party members have voiced their concerns, stressing that this move threatens the legacy of the influential leader.
The bank, which has played a crucial role in empowering many black South Africans, was closed after the Prudential Authority (PA) sought its provincial liquidation at the Pietermaritzburg High Court.
IFP Members Express Their Anger Over the Closure
The protestors on the streets of Durban were vocal in expressing their displeasure with the bank’s closure.
IFP member Jabu Zondo questioned the motives behind the decision, highlighting the historical significance of the bank to the Buthelezi family.
She said, “Why are they closing iThala? It was founded by someone from our community, and we use it.
Prince Mangosuthu Buthelezi was the one who opened this bank, so why now, after his passing, is it being shut down?”
Another party member, who wished to remain anonymous, shared her frustration about the impact of the closure on local people who rely on iThala Bank.
“I’ve been part of a stokvel at iThala Bank, and now I’m forced to change banks,” she said.
“This is not just about the legacy of the late Prince Buthelezi; it’s about people who depend on it. We need this bank, and that’s why we are here today, fighting to keep it open.”
IFP President Velenkosini Hlabisa Speaks Out
Speaking live from the protest in Durban Central, IFP President Velenkosini Hlabisa passionately addressed the growing unrest over the bank’s closure.
He explained how the decision had caused significant distress, particularly among the IFP members, the Buthelezi clan, and the people of KwaZulu-Natal.
Hlabisa emphasized the vital role the bank had played in empowering marginalized communities, particularly during the Apartheid era, when it provided financial services to black individuals and businesses that were excluded from mainstream banks.
Hlabisa called on the South African Reserve Bank to act swiftly, demanding a positive response within 21 days to prevent the closure of Ithala Bank.
He stated, “We demand that the South African Reserve Bank and the appointed administrator provide us with a clear plan to save Ithala Bank and ensure it remains open for the people who need it most.”
A Legacy at Risk
For many people in the region, Ithala Bank is more than just a financial institution; it is a symbol of empowerment and progress.
It has been an essential part of the community, especially in providing affordable banking services.
The IFP has made it clear that the fight to keep the bank open is not just about preserving a legacy but also about protecting the interests of those who rely on the bank’s services.
As the IFP continues to rally against the closure, the future of Ithala Bank remains uncertain.
The call for action has been made, and many are waiting for the South African Reserve Bank to respond and offer a solution that keeps the bank open for those who need it most.