{"id":30668,"date":"2022-05-16T18:47:17","date_gmt":"2022-05-16T18:47:17","guid":{"rendered":"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship"},"modified":"2022-05-16T18:55:07","modified_gmt":"2022-05-16T18:55:07","slug":"reserve-bank-places-ubank-under-curatorship","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship","title":{"rendered":"Reserve Bank places Ubank under curatorship"},"content":{"rendered":"

Africa-Press – South-Africa. <\/strong><\/span>Ubank, which has around 4.7 million accounts – mainly among mine workers and their families – has been placed under curatorship.<\/p>\n

SA Reserve Bank governor Lesetja Kganyago says there are concerns about the bank\u2019s capital adequacy, as well as about its weak corporate governance and lacking corporate internal controls.<\/p>\n

KPMG South Africa has been appointed as the curator, with KPMG director Zola Beseti as the representative.<\/p>\n

“KPMG South Africa will be responsible for Ubank with immediate effect,” Kganyago said.<\/p>\n

Ubank remains open for business, remains highly liquid and will continue to grant loans, he stressed.<\/p>\n

However, with a balance sheet of more than R5 billion, Ubank only has a capital adequacy rate of 3%, while it should be closer to 20%, Kganyago said. Retail depositors represent 98% of Ubank\u2019s total liabilities.<\/p>\n

Ubank \u2013 previously known as Teba Bank \u2013 was granted a banking licence in 2000, and grew out of Teba Cash Financial Services, which had been providing financial services to mineworkers since 1975.<\/p>\n

Ownership in the bank remains in a trust managed by trustees elected by the National Union of Mine Workers (NUM) and the Minerals Council of SA.<\/p>\n

The Gupta-linked Oakbay Investments once expressed an interest to buy UBank, but at the time NUM was adamant that the bank wasn\u2019t for sale.<\/p>\n

Now, Kganyago says the Prudential Authority is aware of interested parties that have been discussing investing in Ubank. These investments, if concluded, will resolve the issues at Ubank. The curator will take this process forward.<\/p>\n

Two years ago, MTN launched a mobile money service with UBank, MoMo.<\/p>\n

The NUM said it was “highly shocked and surprised” by the announcement.<\/p>\n

“This happened despite the Ubank\u2019s board commitment [on Sunday] night that it will raise the required R800 million to save the bank from being placed under curatorship,” the union said in a statement.<\/p>\n

“The Ubank board managed to raise the required money and the NUM is shocked by this latest development.”<\/p>\n

For More News And Analysis About South-Africa<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – South-Africa. Ubank, which has around 4.7 million accounts – mainly among mine workers and their families – has been placed under curatorship. SA Reserve Bank governor Lesetja Kganyago says there are concerns about the bank\u2019s capital adequacy, as well as about its weak corporate governance and lacking corporate internal controls. KPMG South Africa […]<\/p>\n","protected":false},"author":84,"featured_media":30667,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[274,315,1930,299,1928,275,1929],"class_list":["post-30668","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-africa-press","tag-africa-press-south-africa","tag-lesetja-kganyago","tag-mtn","tag-sa-reserve-bank","tag-south-africa-2","tag-ubank"],"yoast_head":"\nReserve Bank places Ubank under curatorship - South Africa<\/title>\n<meta name=\"description\" content=\"Ubank, which has around 4.7 million accounts - mainly among mine workers and their families - has been placed under cura ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reserve Bank places Ubank under curatorship\" \/>\n<meta property=\"og:description\" content=\"Ubank, which has around 4.7 million accounts - mainly among mine workers and their families - has been placed under cura ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship\" \/>\n<meta property=\"og:site_name\" content=\"South Africa\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-16T18:47:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-16T18:55:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2022\/05\/postQueueImg_8-62829df243973.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Reserve Bank places Ubank under curatorship\",\"datePublished\":\"2022-05-16T18:47:17+00:00\",\"dateModified\":\"2022-05-16T18:55:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship\"},\"wordCount\":338,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2022\/05\/postQueueImg_8-62829df243973.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-South-Africa\",\"lesetja kganyago\",\"mtn\",\"sa reserve bank\",\"South-Africa\",\"ubank\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship\",\"name\":\"Reserve Bank places Ubank under curatorship - South Africa\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2022\/05\/postQueueImg_8-62829df243973.jpg\",\"datePublished\":\"2022-05-16T18:47:17+00:00\",\"dateModified\":\"2022-05-16T18:55:07+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"Ubank, which has around 4.7 million accounts - mainly among mine workers and their families - has been placed under cura ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2022\/05\/postQueueImg_8-62829df243973.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2022\/05\/postQueueImg_8-62829df243973.jpg\",\"width\":1024,\"height\":640,\"caption\":\"Reserve Bank places Ubank under curatorship\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/south-africa\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Reserve Bank places Ubank under curatorship\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#website\",\"url\":\"https:\/\/www.africa-press.net\/south-africa\/\",\"name\":\"South Africa\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/south-africa\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g\",\"caption\":\"cfeditoren\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Reserve Bank places Ubank under curatorship - South Africa","description":"Ubank, which has around 4.7 million accounts - mainly among mine workers and their families - has been placed under cura ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship","og_locale":"en_US","og_type":"article","og_title":"Reserve Bank places Ubank under curatorship","og_description":"Ubank, which has around 4.7 million accounts - mainly among mine workers and their families - has been placed under cura ...","og_url":"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship","og_site_name":"South Africa","article_publisher":"https:\/\/www.facebook.com\/AfricaPressTunisiaa","article_published_time":"2022-05-16T18:47:17+00:00","article_modified_time":"2022-05-16T18:55:07+00:00","og_image":[{"width":1024,"height":640,"url":"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2022\/05\/postQueueImg_8-62829df243973.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"Reserve Bank places Ubank under curatorship","datePublished":"2022-05-16T18:47:17+00:00","dateModified":"2022-05-16T18:55:07+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship"},"wordCount":338,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2022\/05\/postQueueImg_8-62829df243973.jpg","keywords":["Africa Press","Africa Press-South-Africa","lesetja kganyago","mtn","sa reserve bank","South-Africa","ubank"],"articleSection":["all news","economy","homepage-english"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship","url":"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship","name":"Reserve Bank places Ubank under curatorship - South Africa","isPartOf":{"@id":"https:\/\/www.africa-press.net\/south-africa\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2022\/05\/postQueueImg_8-62829df243973.jpg","datePublished":"2022-05-16T18:47:17+00:00","dateModified":"2022-05-16T18:55:07+00:00","author":{"@id":"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"Ubank, which has around 4.7 million accounts - mainly among mine workers and their families - has been placed under cura ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship#primaryimage","url":"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2022\/05\/postQueueImg_8-62829df243973.jpg","contentUrl":"https:\/\/static.africa-press.net\/south-africa\/sites\/31\/2022\/05\/postQueueImg_8-62829df243973.jpg","width":1024,"height":640,"caption":"Reserve Bank places Ubank under curatorship"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/south-africa\/all-news\/reserve-bank-places-ubank-under-curatorship#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/south-africa\/"},{"@type":"ListItem","position":2,"name":"Reserve Bank places Ubank under curatorship"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/south-africa\/#website","url":"https:\/\/www.africa-press.net\/south-africa\/","name":"South Africa","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/south-africa\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/south-africa\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7417380fa9e23b5c57fdbfdaf3fdf92ee478f759a084addda5faa3732853e74a?s=96&d=mm&r=g","caption":"cfeditoren"}}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/posts\/30668","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/comments?post=30668"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/posts\/30668\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/media\/30667"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/media?parent=30668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/categories?post=30668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/south-africa\/wp-json\/wp\/v2\/tags?post=30668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}