South African bank, FNB has issued a notice to close the bank accounts of former President, Jacob Zuma. Sunday World newspaper reports that the bank called Zuma and sent him the notice of termination of his bank accounts in January 2024.
The newspaper reports that Zuma uses the FNB bank account to receive his salary as former South African President. Reasons given by the bank include that Zuma is a politically exposed person.
Zuma’s lawyer said this action by FNB bank is politically motivated, as it comes after Zuma launched his new politically party, the MK party, in December 2023.
MK party spokesman, Nhlamulo Ndlhela blamed South African President, Cyril Ramaphosa for the actions of FNB. “It is clear that Ramaphosa is leveraging on his relationship with the banks to punitively and aggressively defame, dehumanise and destabilise President Zuma and the MK party using all economic levers at its disposal”, he said
