a) According to information at our disposal there are only two other mutual banks operating in South Africa which are:
There are no records of any municipal investments for 01 January 2009 to 30 June 2014. Based on municipal reports submitted to the National Treasury from 01 July 2014 to December 2018, there were no municipal investments in either GBS Mutual Bank or Finbond Mutual Bank.
b) In terms of section 7(2) of the PFMA the above-mentioned banks are not approved in writing by the National Treasury.
In terms of section 7(3) of the PFMA Schedule 2 entities (SOE’s) may open bank accounts without the approval of the National treasury.
In terms of Treasury Regulation 31.2.1 The South African Library for the Blind reported that they held an account with GBS Mutual Bank.