'I've never heard of a bank that recognises a PTO as collateral'

Secretary General of the Congress of Traditional Leaders of South Africa, Nkosi Xolile Ndevu, says he has never heard of a bank that recognises the PTO (Permission To Occupy) as collateral.

President Jacob Zuma told Parliament that he used the PTO to acquire the bond to build his homestead in Nkandla.

Zuma was answering a question from the Democratic Alliance MP, James Selfe, asking which collateral did the president use in order to raise the bond in a tribal land.

Xolani Gwala spoke to Nkosi Ndevu, to find out how a PTO works.

PTO is a system of land holding for communal people. It's a document you're given when you're a member of that particular community allocated a piece of land.

Nkosi Xolile Ndevu, Secretary General of the Congress of Traditional Leaders of South Africa

It doesn't given you a full title holder in the land. It says you are given this piece of land to occupy it, if you are no longer using it, you must bring it back to the community again.

Nkosi Xolile Ndevu, Secretary General of the Congress of Traditional Leaders of South Africa

Unfortunately, it's not a piece of paper recognised by banks. It's a document that you cannot take to the bank for the bank to give you a loan, because it doesn't guarantee you ownership of the land.

Nkosi Xolile Ndevu, Secretary General of the Congress of Traditional Leaders of South Africa

I have never heard of a bank that has recognised a PTO as a collateral.

Nkosi Xolile Ndevu, Secretary General of the Congress of Traditional Leaders of South Africa

Listen to the full interview below...


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by NEWSROOM AI

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