Ubank Ltd

Ubank Limited (formerly Teba Bank) was a South African financial institution operating in the microfinance sector. It provided savings and transaction accounts, personal and home loans, debit cards, funeral plan products, airtime contracts and mobile banking. With over 840 employees, it served customers through approximately 100 branches primarily in selected mining and rural communities in South Africa as well as through Teba Ltd agencies in Botswana, Lesotho, Mozambique and Swaziland. The bank opened branches in Atok (Limpopo), Westonaria, Welkom, Harties, Butterworth and Bloemfontein, and extended its presence to metropolitan areas with branches in East London, Johannesburg, Kempton Park, Pretoria, Port Elizabeth and Soshanguve. The company was established in 1976 and was headquartered in Sunninghill, Gauteng, a suburb of Johannesburg. Teba Bank officially changed its name to Ubank on October 5, 2010. Ubank Limited operated as a subsidiary of Ubank Group Limited, which was owned by a Teba Trust administered by the National Union of Mineworkers and Chamber of Mines. As of February 28, 2015, Ubank had R4.3 billion (US$0.4 billion) in total assets, R3.7 billion in deposits and R732.683 million in loans and advances to customers. Ubank was placed under curatorship on May 16, 2022 and ceased to operate as a bank when its business was transferred to African Bank Limited on November 1, 2022.

Financials (R million)

Former head office address:
Sanhill Park
No 1 Eglin Road
Sunninghill, 2157
Johannesburg, South Africa
Phone number: 011 518 5000
Swift Code (BIC): TEBBZAJ1
Website: www.ubank.co.za (no longer in service)

Former Ubank branches:
1 Eglin Street
Sunninghill, Gauteng
South Africa

Lot 27 Eagle Avenue
KwaZulu Natal
South Africa

N0 1 Bridge Street
Westbank, King Williams Town
Eastern Cape
South Africa

Mshengu Street Corner
Masbasaba Avenue
Opposite FNB
Swaziland

Main Joel Street
Opposite Express Fashion Store
Lesotho

Borakalalo Ward
Opposite Ellerine s STore
Botswana

Curatorship and transfer of business to African Bank

On May 16, 2022 the Minister of Finance, acting in consultation with the South African Reserve Bank's Prudential Authority, placed Ubank under curatorship with immediate effect and appointed KPMG South Africa as curator, citing corporate governance concerns, weaknesses in internal controls and the bank's failure to raise sufficient capital. African Bank Limited was the successful bidder for the majority of Ubank's disclosed assets and liabilities, together with its employees and customers, on a going-concern basis, for R80 million; the Ubank legal entity itself was not acquired. The transaction became effective on November 1, 2022, and African Bank announced on November 2, 2022 that the acquisition and the integration of the two businesses were complete. Ubank customers were migrated to African Bank, and Ubank does not appear on the Prudential Authority's register of locally controlled banks as at July 7, 2026.

The head office, contact details and branch addresses listed above are those of the former bank. The www.ubank.co.za website is no longer in service, and the branch network was absorbed into African Bank, whose website is www.africanbank.co.za.