FNB pays out over R1bn to Ithala depositors in under a month

FNB has successfully disbursed over R1 billion to Ithala customers in just 29 days. Since the payout process commenced on 8 December 2025, approximately 37 000 individuals have regained access to their funds, accounting for nearly 50% of the total value earmarked for disbursement. FNB CEO Harry Kellan described the milestone as a major achievement for the bank’s dedicated teams.

“Reaching the R1 billion mark in under a month is a significant achievement for us and speaks to the dedication of our teams in delivering this process efficiently and responsibly. While the payouts are still underway, our priority remains on assisting every eligible customer in an orderly, secure, and dignified manner,” said Kellan.

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Context: The road to the R2.2 bn payout

The current recovery effort follows a turbulent year for the KwaZulu-Natal-based institution. Ithala depositors have been unable to access their savings since January 2025, after the South African Reserve Bank’s (Sarb) Prudential Authority moved to liquidate the entity due to regulatory breaches and technical insolvency. Although often referred to as a bank, Ithala operated under a special exemption from the Banks Act that expired on 15 December 2023.

After years of mismanagement and outdated operating systems, the National Treasury stepped in with a R2.2 billion guarantee to ensure that approximately 250 000 individual depositors were not left out of pocket.

Read: National Treasury details R2.2bn payout process for Ithala clients

To maintain order and security, FNB has implemented a strict SMS-based notification system. Each eligible customer is contacted directly with a specific date to visit their local branch. This controlled approach is designed to manage foot traffic and ensure that every person is served fairly without the burden of excessive queues. Kellan urged customers to remain patient and wait for their official notification before heading to a branch, as arriving without a scheduled appointment can hamper the bank’s ability to assist those whose turns have actually arrived.

As the recovery effort moves into 2026, FNB has resumed standard trading hours at its branches. During the initial December rush, branches in KwaZulu-Natal extended their hours to 07:30–17:00 to accommodate the high volume of Ithala clients. Those locations will no longer open earlier than usual. Standard operating hours are now 09:00 to 15:30 on weekdays and 08:30 to 11:00 on Saturdays.

Read:
Can pragmatism save Ithala?
R2bn Ithala guarantee will have ‘dire consequences’ for province – KZN Treasury

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