Over R1.7bn to Ithala Depositors Repaid since December 2025

Rodgers welcomed the repayment progress and said the cooperation between national and provincial institutions has played a key role in moving the process forward.

More than R1.7 billion has already been paid back to depositors of Ithala SOC Limited, with repayments reaching over 80% of the R2.1 billion owed since December 2025. The progress was highlighted during a high-level meeting in Pretoria involving KwaZulu-Natal MEC for Finance Francois Rodgers, Head of Department Carol Coetzee, Finance Minister Enoch Godongwana, South African Reserve Bank Deputy Governor Fundi Tshazibana and Financial Sector Conduct Authority Commissioner Unathi Kamlana.

The discussions focused on resolving the remaining issues delaying the completion of legal agreements linked to Ithala, including outstanding matters related to depositor repayments and the settlement of the government guarantee.

Stakeholders Push to Finalise Outstanding Processes

Officials described the meeting as productive, with all parties reaffirming their commitment to bringing the Ithala matter to a close while maintaining strong governance and accountability standards. Rodgers welcomed the repayment progress and said the cooperation between national and provincial institutions has played a key role in moving the process forward.

He said the priority remains ensuring that every verified depositor receives their money as quickly as possible. At the same time, authorities are continuing to apply strict verification procedures to protect the integrity of the repayment programme.

Under the agreement between National Treasury and FirstRand Bank Limited, depositors have up to three years to claim their funds. Provincial authorities are still encouraging clients to visit their nearest First National Bank branch with the necessary documentation so that repayments can be completed much sooner.

Review of Repayment Administration Agreed

One of the key outcomes of the meeting was an agreement to review the role of Repayment Administrator Johan Kruger. The Prudential Authority will conduct the review as part of efforts to ensure the provincial government can fully meet its contractual commitments under the agreement with National Treasury. Officials said the decision was welcomed by all parties involved and is expected to support the completion of the remaining legal and administrative requirements.

Further engagement between stakeholders will continue in the coming days as they work towards reaching final transaction closure by 30 June 2026. The latest developments represent a major step in addressing Ithala's long-standing financial challenges and provide reassurance to thousands of depositors still waiting for the remainder of their funds.