ANC against Nedbank taking over VBS refunding

The ANC in Limpopo has come out against Nedbank taking over retail depositors’ accounts of VBS Mutual Bank.
ANC Provincial Secretary Soviet Lekganyane says the move to allow Nedbank to issue payouts of up to R100 000 to VBS retail depositors will not benefit people in rural areas.
He was addressing COSATU’s provincial congress in Polokwane on Wednesday.
Lekganyane says this is sign that those who hold monopoly interest are trying to liquidate VBS to benefit themselves.
His comments come after the Reserve Bank governor, Lesetja Kganyago’s announcement that Nedbank will come to the rescue of VBS retail depositors who made deposits of less than R100 000 into VBS.
Lekganyane says Nedbank is neither accessible to people in the rural areas nor associated with rural communities.
Nedbank has began with registering clients on their system, who can access their money from Friday, 13 July 2018.