Close Menu
TechCentralTechCentral

    Subscribe to the newsletter

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    Facebook X (Twitter) YouTube LinkedIn
    WhatsApp Facebook X (Twitter) LinkedIn YouTube
    TechCentralTechCentral
    • News

      ‘System offline’ scourge to end, says Schreiber – but industry must pay

      23 June 2025

      Why the spectrum gold rush may soon be over

      23 June 2025

      Tech stability key to getting South Africa off damaging financial grey list

      23 June 2025

      Naspers shifts to an AI-first strategy – and it’s paying off

      23 June 2025

      Letter: South Africa risks missing AI wave while world surges ahead

      23 June 2025
    • World

      Watch | Starship rocket explodes in setback to Musk’s Mars mission

      19 June 2025

      Trump Mobile dials into politics, profit and patriarchy

      17 June 2025

      Samsung plots health data hub to link users and doctors in real time

      17 June 2025

      Beijing’s chip champions blacklisted by Taiwan

      16 June 2025

      China is behind in AI chips – but for how much longer?

      13 June 2025
    • In-depth

      Meta bets $72-billion on AI – and investors love it

      17 June 2025

      MultiChoice may unbundle SuperSport from DStv

      12 June 2025

      Grok promised bias-free chat. Then came the edits

      2 June 2025

      Digital fortress: We go inside JB5, Teraco’s giant new AI-ready data centre

      30 May 2025

      Sam Altman and Jony Ive’s big bet to out-Apple Apple

      22 May 2025
    • TCS

      TechCentral Nexus S0E3: Behind Takealot’s revenue surge

      23 June 2025

      TCS | South Africa’s Sociable wants to make social media social again

      23 June 2025

      TCS+ | AfriGIS’s Helen Hulett on how tech can help resolve South Africa’s water crisis

      18 June 2025

      TechCentral Nexus S0E2: South Africa’s digital battlefield

      16 June 2025

      TechCentral Nexus S0E1: Starlink, BEE and a new leader at Vodacom

      8 June 2025
    • Opinion

      South Africa pioneered drone laws a decade ago – now it must catch up

      17 June 2025

      AI and the future of ICT distribution

      16 June 2025

      Singapore soared – why can’t we? Lessons South Africa refuses to learn

      13 June 2025

      Beyond the box: why IT distribution depends on real partnerships

      2 June 2025

      South Africa’s next crisis? Being offline in an AI-driven world

      2 June 2025
    • Company Hubs
      • Africa Data Centres
      • AfriGIS
      • Altron Digital Business
      • Altron Document Solutions
      • Altron Group
      • Arctic Wolf
      • AvertITD
      • Braintree
      • CallMiner
      • CambriLearn
      • CYBER1 Solutions
      • Digicloud Africa
      • Digimune
      • Domains.co.za
      • ESET
      • Euphoria Telecom
      • Incredible Business
      • iONLINE
      • Iris Network Systems
      • LSD Open
      • NEC XON
      • Network Platforms
      • Next DLP
      • Ovations
      • Paracon
      • Paratus
      • Q-KON
      • SevenC
      • SkyWire
      • Solid8 Technologies
      • Telit Cinterion
      • Tenable
      • Vertiv
      • Videri Digital
      • Wipro
      • Workday
    • Sections
      • AI and machine learning
      • Banking
      • Broadcasting and Media
      • Cloud services
      • Contact centres and CX
      • Cryptocurrencies
      • Education and skills
      • Electronics and hardware
      • Energy and sustainability
      • Enterprise software
      • Fintech
      • Information security
      • Internet and connectivity
      • Internet of Things
      • Investment
      • IT services
      • Lifestyle
      • Motoring
      • Public sector
      • Retail and e-commerce
      • Science
      • SMEs and start-ups
      • Social media
      • Talent and leadership
      • Telecoms
    • Events
    • Advertise
    TechCentralTechCentral
    Home » Banking » Nedbank to terminate AEEI’s banking facilities

    Nedbank to terminate AEEI’s banking facilities

    By Staff Reporter16 February 2022
    Twitter LinkedIn Facebook WhatsApp Email Telegram Copy Link
    News Alerts
    WhatsApp
    Iqbal Survé

    Nedbank will on 15 March withdraw banking services provided to African Equity Empowerment Investments (AEEI), the parent company of Ayo Technology Solutions controlled by controversial businessman Iqbal Survé.

    The move comes less than a year after First National Bank terminated banking services provided to Ayo Technology. At the time, an FNB spokesman told TechCentral that the bank had given Ayo “reasonable notice to terminate its banking services”. However, “due to the confidential nature of our client relationships”, it would not provide further details.

    Now, in a statement issued via the JSE, AEEI disclosed on Wednesday that it had failed in a high court bid to stop Nedbank from closing its transactional banking facility.

    Nedbank has not provided AEEI with what it regards as valid reasons for the termination

    “Despite the company’s best efforts, Nedbank has not provided AEEI with what it regards as valid reasons for the termination. The company believes that it is entitled to fair treatment and, as a result, the company, together with certain other AEEI group entities, instituted legal proceedings at the Western Cape high court to interdict Nedbank from closing the company’s transactional banking facilities, pending a matter before the equality court,” AEEI said.

    “While acknowledging the urgency of the matter, the high court dismissed the application for an interdict, and in a ruling on 14 February and an order handed down late on 15 February, reflected that the matter is best suited to the equality court, indicating that is an important matter for transformative constitutionalism.”

    AEEI will now approach the equality court on an urgent basis to seek an interdict against Nedbank’s decision to close the banking facility.

    “AEEI has made arrangements for alternative payment methods in the interim and is in the process of reviewing its options for transactional banking facilities.”  — © 2022 NewsCentral Media

    Now read: JSE bans ex-Ayo directors over false financial statements



    AEEI aYo Ayo Technology Solutions Iqbal Survé
    Subscribe to TechCentral Subscribe to TechCentral
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email Copy Link
    Previous ArticleEvery household should get 10GB of data: minister
    Next Article African fintech Flutterwave raises new funds at R45-billion valuation

    Related Posts

    Ayo in hot water: JSE says investors were kept in the dark

    5 June 2025

    Iqbal Survé’s Sekunjalo moves to delist controversial Ayo Technology

    23 May 2025

    Ayo suspended from trading by the JSE

    26 February 2025
    Company News

    IoT connectivity management in South Africa – expert insights

    23 June 2025

    Let’s reimagine Joburg using the power of tech, data and AI

    23 June 2025

    Netstar doubles down on global markets while backing SA growth

    23 June 2025
    Opinion

    South Africa pioneered drone laws a decade ago – now it must catch up

    17 June 2025

    AI and the future of ICT distribution

    16 June 2025

    Singapore soared – why can’t we? Lessons South Africa refuses to learn

    13 June 2025

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    © 2009 - 2025 NewsCentral Media

    Type above and press Enter to search. Press Esc to cancel.