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VBS customers line up outside Nedbank in Thohoyandou in anticipation of retrieving their money. They started queuing as early as 04:00 last Friday morning.

Happier days for VBS customers?

 

Scores of VBS customers, who have been sleeping and keeping vigil at the bank to get their cash for months, were filled with joy on Friday as they laid their hands on their cash for the first time in a long time.

VBS Mutual bank experienced financial difficulties after allegedly being plundered to the tune of more than R1,5 billion by its executives and certain individuals and was placed under curatorship some months ago.

Many of its clients were left stranded under a cloud of uncertainty. Some of the estimated 22 000 clients, including stokvels, burial societies and clubs, who were only allowed to make withdrawals of a thousand rand for a long time, could withdraw amounts up to R100 000 for the first time in months.

This followed an announcement last week by the Reserve Bank Governor, Mr Leseja Kganyago, of a bail-out and that accounts had been moved to Nedbank, where transactions could be made at branches countrywide.

The big day people had been waiting for was on Friday. Despite being assured that their money was safe and that there was no need to rush to Nedbank, people started queuing as early as 04:00 at the Thohoyandou Game Centre branch. "We have toiled enough for our money, and the time has now come that we get what is due to us. I arrived at 04:30 here in order that I be first in the line when the bank opens its doors, but there were already 20 people in front of me, “said Mr Mukondeleli Makhwanya of Tshikondeni.

He added that he would continue “using this bank as it is reputable and has the products that I need for investment”.

Ms Mavis Mudau (38) of Tshaulu thanked the government for lending them a helping hand. "We have suffered enough. For months we have been sleeping at VBS just to get a thousand rand at a time. Now we can be rest assured that we will get our money at any given time," she said.

Mr Dave Swagman, divisional executive of retail and business banking at Nedbank, said that, despite a few hitches, the transition was running smoothly. "We have brought in extra personnel, and besides our branches in Louis Trichardt, Thohoyandou, Sibasa and Malamulele remaining open for long hours, we also made available mobile units for our clients not to spend a long time in queues. We have managed to help many, and a large number have decided to continue banking with us," he said.

Limpopo police spokesperson Col Moatshe Ngoepe warned people against carrying large amounts of cash, saying they were making themselves vulnerable to criminals.

 

The mobile units supplied by the bank to ease the flow of VBS customers on the first day of their switch to Nedbank.

 

Date:19 July 2018

By: Elmon Tshikhudo

Elmon Tshikhudo started off as a photographer. He developed an interest in writing and started submitting articles to local as well as national publications. He became part of the Limpopo Mirror family in 2005 and was a permanent part of the news team until 2019.

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