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By Vukosi Maluleke

Digital Journalist

‘Fake news’: SA Reserve Bank denies giving Orania bank an award

SARB says it doesn't award or rank banks.

The South African Reserve Bank (SARB) has denied giving the Orania Spaar en Krediet (OSK) Koöperatiewe Bank an award.

This comes after a post on X (formerly Twitter) claimed the central bank had recognised OSK Koöperatiewe Bank as the best community bank in South Africa.

“SA Reserve bank appointed Orania OSK bank as the best co-op (community) bank in SA. We are very proud of our own institutions on own land with own labour. During the past financial year bank transactions through the system accounted for R1.34 Billion… growing by 16.3%!,” the post read.

On Thursday, SARB said there was no truth to the post, labelling the claims as “fake news”.

“A post by X user, @AfrikanerO8040 claiming that the SA Reserve Bank has recognised Orania OSK bank (OSK Koöperatiewe Bank Beperk) as the best co-op bank in the country is false,” SARB said in a statement.

SARB further said it does not rank or award banks.

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‘Important clarification’

Responding to SARB on X, CEO of the Orania Movement, Joost Strydom, said the claims were an honest mistake by a “supporter”.

“Orania Spaar en Krediet Koöperatiewe Bank Beperk, recieved these recognitions from the South-African Goverment [Sic] institution the Co-operative Banks Development Agency (CBDA), not @SAReserveBank . Just a bone fide mistake from a supporter, the awards are real,” Strydom said.

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What took so long?

SARB’s response comes two weeks after the claims were made, causing many to question why the central bank took this long.

Concerns over the bank’s timing mostly stemmed from fear that innocent people would want to invest in OSK because of its “SARB award”.

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