Thousands of Ithala customers receive funds as FNB disburses over R1 billion
First National Bank says it has disbursed just over R1 billion to Ithala depositors within 29 days of the repayment process
Image: DOCTOR NGCOBO Independent Newspapers
First National Bank (FNB) says it has paid out just over R1 billion to Ithala depositors within 29 days of the repayment process commencing.
The process began on December 8, 2025, and has already disbursed almost 50% of the total funds allocated for repayment, reaching close to 37,000 customers to date.
This comes after the Prudential Authority applied to have Ithala placed under liquidation last year, following years of regulatory non-compliance that left thousands of depositors unable to access their savings. To safeguard these funds, the National Treasury provided a R2.2 billion guarantee and appointed First National Bank to manage the repayment process.
It was also previously reported that despite customers of Ithala Bank finally being granted access to their money, some have expressed frustration about the lack of information on the withdrawal process.
FNB CEO Harry Kellan said the bank was committed to ensuring an orderly and secure payout process.
“Reaching the R1 billion mark in under a month is a significant achievement for us and speaks to the dedication of our teams in delivering this process efficiently and responsibly. While the payouts are still underway, our priority remains on assisting every eligible customer in an orderly, secure, and dignified manner,” Kellan said.
FNB said the "payout process is rolling out in phases, with customers notified directly via SMS when it is their turn to visit a branch", adding that this approach reduces congestion and ensures customers are served fairly.
According to the bank, each SMS includes the customer’s designated branch visit date, allowing FNB to manage withdrawals in an orderly manner. The phased system is designed to reduce congestion at branches and ensure that all eligible customers are served fairly.
“We understand that many customers are eager to access their funds and want to reassure them that each of them will be contacted directly. Allowing the SMS-based scheduling process to run its course helps us manage queues effectively and ensures a better experience for all,” Kellan added.
mthobisi.nozulela@iol.co.za
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