About Ubank Limited
Ubank has a long and rich history of providing basic financial services to mineworkers and their families for more than 40 years. In 1975, when other financial institutions largely ignored this sector of the market, Teba Cash Financial Services was formed to provide mineworkers with basic financial services.These included facilitating the remittance of funds to families and dependents in the rural and labour sending areas using a linked account facility. In the early 1990s, as South Africa was undergoing fundamental political change as a country, the Godsell Motlatsi Commission was formed. This led to the transition from a savings fund into a commercial bank. In June 2000, Ubank (then Teba Bank) was granted a banking license, although its ownership remained in a trust managed by trustees elected by the National Union of Mineworkers and the South African Chamber of Mines. The beneficiaries of the trust are the bank’s customers.
[Compliances and Memberships/Affiliations]