Congregants at the Twelve Apostles Church in Christ have been urged to do away with other banks in the country and invest in President Zuma’s bank.
The chief apostle of the church, on Sunday, made this request while speaking to his alleged 4.5 million members at an international thanksgiving service held at Durban’s Moses Mabhida Stadium.
Nongqunga alleged urging members to abandon the big banks was his own failure to secure a loan of R2 million from First National Bank (FNB) to buy a property to build a church. According to him, the FNB turned him back and refused to accept his existing life insurance policy as security for the loan.
“Every member of the Twelve Apostles Church, take out your money from any other bank and put it in this bank. I am going to do the same. Similarly, the church will do the same,” he said.
He maintained that the best financial institution to bank with in the country is the VBS Mutual Bank. Nongqunga described the lesser-known bank as “our own bank” and maintained that his members must bank alongside President Zuma. The clergyman said once his members start banking with VBS Mutual Bank, “VBS would then establish a subsidiary bank with the money.
The head office of this bank would be in East London and it would have branches in Umtata, Durban, and Johannesburg.” “I don’t expect any member then to be banking with any other bank except VBS bank. We must bank with our own bank,” Nongqunga added. President Zuma’s bank – VBS Bank came to light earlier this year when it admitted that it offered Zuma a loan to repay the costs of the non-security upgrades at his Nkandla homestead.
VBS Mutual Bank has been in operation since 1982 and is one of the financial institutions which offer home loans in respect of land owned by traditional authorities. The bank currently has four branches in Limpopo’s Thohoyandou‚ Sibasa‚ Makhado and in Rivonia, Johannesburg.