The IFP says it won’t fold its arms and watch as Ithala Bank is about to be officially liquidated and the legacy of the late IFP founder and emeritus president, Prince Mangosuthu Buthelezi, goes down the drain.

The IFP in Ugu Region and Esayidi Sub-Region protested outside the Ithala Bank offices in Port Shepstone on Wednesday and made their intention clear that the bank should not close up shop.

Speaking to Fever, IFP Ugu Regional chairperson Sfundo Ngwane said they decided to gather and oppose the decision taken by the Prudential Authority and South African Reserve Bank, which declared that Ithala Bank should be closed.

“We saw it fit to oppose this decision and stand with Ithala Bank employees who may lose their jobs. At the moment, there is confusion as so many people are banking with this institution, and some are concerned that they could lose their money,” said Ngwane.

He said clients are unwilling to be moved to other banking institutions as those institutions are not of their choice. He described Ithala Bank as the only bank for the black society which helped small businesses and cooperatives.

He described it as the legacy of the late IFP leader, Prince Mangosuthu Buthelezi. “Of all the banks we have, this is the sole bank, which is owned by blacks. We are asking why something helping blacks should go down. We are here to protect that,” said Ngwane.

Scores of IFP supporters braved the hot sun and participated in the protest.

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