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Ubank customers, your money is safe and it’s business as usual – FSCA

Published May 19, 2022

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The Financial Sector Conduct Authority (FSCA) has issued a statement assuring Ubank customers that their deposits remain safe while the bank is under curatorship.

On May 16 the Minister of Finance, in consultation with the Prudential Authority (PA), placed Ubank under curatorship with immediate effect. This was done to help protect Ubank’s customers and the financial services sector while the bank finds a potential investor to restore its capital position to an acceptable level as required by the PA.

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The FSCA assures Ubank customers that the bank remains open for business as usual. This means that you will continue to have access to your money and other services offered by the bank in the ordinary course of business. There is no need to withdraw your money from the bank.

“Customers are further urged to continue making payments for their credit facilities as per agreements in place with the bank. The curator will keep customers informed of any important developments at the bank,” the FSCA says.

The authority says it recognises the important role played by Ubank in providing financial services to mine workers and their families in rural areas. “We will continue to work closely with the PA and the curator to ensure that Ubank’s customers remain protected during the curatorship process,” it says.

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