According to reports, Pastor Caesar Nongqunga is said to have commanded his church members to abandon other banks and switch to VBS Bank, he made the order during a service held at Durban’s Moses Mabhida Stadium, which was also attended by President Zuma earlier today.
Very few people knew about the bank until they became famous for financing President Jacob Zuma to repay to the state some of the upgrades to his private Nkandla homestead in KwaZulu-Natal.
What really lead to the pastor’s call for his member to abandon other bank to VBS was because of his failure to secure a loan of R2 million from FNB to buy a property to build a church. He told the estimated 15 000 people in the stadium that FNB had 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 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 said.