Poor South African savers ruined by VBS collapse

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Fear spread through poor rural communities across South Africa when VBS, a regional bank that catered to poorer customers, collapsed.

It came as Muambadzi's son was about to get married, and university fees were due for another child.

"The ladies started looking at me suspiciously thinking I had stolen the money," she said of her savings club, known as a stokvel, into which members contribute an agreed amount each month.VBS was founded in 1982 at the height of apartheid in the Venda homeland, an area of modern-day Limpopo province reserved by white authorities for black communities.

Retired university lecturer and minority shareholder professor Elwani Khuba said she saved at the bank because it promised to guarantee her future.Now,"I'm still waiting to get my money and the value of my shares."Khuba had hoped"to give this legacy to my children and also to my grandchildren.

 

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Wana cry about vbs nowWhat about the corruption in the anc all these years?

Why wasn't it saved like Edcon, ooh I know, the intention is to portray blacks as incompetent.

VBS was collapsed to open space for private sector.why it took many years for ruling party to open state owned bank?

This is a dire and malicious incident which has ever happened in our society... Truly heartbreaking 😭😭💔

And who are the culprets involved?😡😡😡😡😡

Maybe they’ll vote better on 8 May this time. They’ve been putting thieves in power and gues what, no one’s going to be arrested for their loss.

Don't forget FNB discrimination towards poor neh. We watching you..mxm

MYANC & EFFSouthAfrica stealing from the poor. Sies.

Eishh,these guys

When are u reporting on the racist ways of FNBSA and other banks

Let's be honest they got fucked by corrupt government officials and business folks who were protected by these arseholes

Foreghners to blame?

U forgetting to write that ANC collapsed VBS.

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