eThekwini Municipality postpones SMME support plans due to Ithala Bank’s legal troubles

The eThekwini Municipality’s intentions to enter into a three-year R20 million partnership with Ithala Development Finance Corporation (IDFC) has been put on hold. At a Full Council meeting in December, the municipality stated that both parties intended to cooperate with each other, to support Small, Medium, and Micro Enterprises (SMMEs) with financial and non-financial support services, and to continue with the long-term relationship between the parties. Now controversy surrounds the Ithala Bank as it prepares to face the Prudential Authority (PA) over claims of alleged insolvency and…