Ithala SOC Limited CEO, Dr Thulani Vilakazi, said the bank remains open and operational and will continue to service existing clients.
Last week, the Financial Sector Conduct Authority FSCA suspended the KwaZulu-Natal-based bank's licence after it failed to meet financial soundness requirements.
'In terms of transactional accounts, customers can still use their Ithala cards to pay for purchases or make withdrawals at stores and ATMs. In terms of loans, customers can and should still continue servicing their Ithala loan repayments.
Insurance policies are not affected, as the insurance portfolio has been moved within Ithalas parent organisation, Ithala Development and Finance Corporation IDFC, which has a valid Financial Service Provider FSP licence,' Vilakazi said.
He said customers can and should still pay their premiums and make claims which will be processed.
