i-Thala Bank Urges Responsible Media Reporting on Current Challenges.

By: Sithulile Mdletshe

iThala Bank is urging the media to report accurately and responsibly when covering the challenges the bank is currently facing.

This follows the Financial Sector Conduct Authority’s (FSCA) decision to suspend the KwaZulu-Natal development bank’s licence last week.

The FSCA stated that iThala had failed to meet the required financial soundness standards.

KwaZulu-Natal MEC for Economic Development, Musa Zondi, provided an update on the suspension, explaining that while iThala is prohibited from conducting any new business, it is still permitted to continue offering financial services to its existing customers.