VBS Mutual Bank was a South African mutual bank that was placed under curatorship by the South African Reserve Bank in 2018 due to liquidity problems. It was known for its community-focused banking services and was one of the few black-owned banks in South Africa. The bank's collapse was a significant event in South Africa's financial sector, highlighting issues of governance and financial management.
90K
3000 / day
150K
5000 / day
3.8 min
3.2 pages per visit
55%
-
Domain Rating
-
Domain Authority
-
Citation Level
1982
English, etc
Website Key Features
Community-focused banking
VBS Mutual Bank was renowned for its focus on serving the banking needs of communities, particularly in rural and underserved areas.
Black-owned
It stood as one of the few black-owned banks in South Africa, representing a significant milestone in the country's financial sector transformation.
Savings and investment products
The bank offered a range of savings and investment products tailored to meet the needs of its diverse clientele.
Loans and credit facilities
VBS provided various loan and credit facilities, including personal loans and business financing options.
Digital banking services
Despite its focus on community banking, VBS also offered digital banking services to cater to the evolving needs of its customers.
Similar Sites and Competitors
Additional information
Curatorship
In 2018, VBS Mutual Bank was placed under curatorship by the South African Reserve Bank due to liquidity problems, marking a significant downturn in its operations.
Controversies
The bank's collapse was surrounded by controversies, including allegations of mismanagement and fraud, which led to widespread scrutiny of its operations and governance.
Impact
The collapse of VBS Mutual Bank had a profound impact on its depositors, many of whom were from poor and rural communities, leading to a loss of trust in mutual banks in South Africa.
Legacy
Despite its downfall, VBS Mutual Bank's legacy as a pioneering black-owned bank in South Africa continues to be a topic of discussion in the context of financial inclusion and transformation.
HTTP headers
Security headers report is a very important part of user data protection. Learn more about http headers for vbs.co.za