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Is President Zuma's loan bank broke?

The Venda Building Society Bank has been struggling to deliver cash to its branch in Thohoyandou.

The Venda Building Society Mutual bank logo. Picture: vbsmutualbank.co.za

JOHANNESBURG - The Venda Building Society (VBS) Bank has responded to allegations that it's broke, confirming only that it has struggled to deliver cash to its branch in Thohoyandou in Limpopo.

A number of the bank’s users claim they haven't been able to withdraw their savings this week.

VBS came under the spotlight earlier this year when it gave President Jacob Zuma a R7.8 million loan to pay off his Nkandla debt.

Customers who weren’t able to withdraw their savings, claim they were told by VBS Bank this week that there was no money.

Initially, when Eyewitness News asked the bank about the allegations on Wednesday morning, it claimed its communications team was in back to back meetings.

Now, VBS has issued a statement saying only that it has been dealing with challenges at its Thohoyandou branch in Limpopo.

It says the problem stemmed from logistical issues, experienced by its cash management security supplier.

But the bank did not confirm or deny if it was indeed broke, after having loaned the president millions of rand to service his Nkandla debt.

LISTEN: How to qualify for a R7.8 million loan.

(Edited by Zamangwane Shange)

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