President Cyril Ramaphosa has been briefed on the challenges facing KwaZulu-Natal state-owned financial institution Ithala whose exemption to conduct banking activities has lapsed, bringing its long-term future into serious doubt.

Presidency spokesperson Vincent Magwenya told Business Day that finance minister Enoch Godongwana, KwaZulu-Natal premier Nomusa Dube-Ncube and finance MEC Peggy Nkonyeni took the president into their confidence about the banking shortcomings of Ithala...

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