• February 18, 2019

National Treasury gives assurances about RSBs

Closeup view : Stack of coins and clock hands. A concept / idea of time value of money. Money at present time is worth more than the same amount in the future due to its potential earning capacity.

Treasury says despite technical problems, which are being addressed, RSA Retail Savings Bonds are risk-free and remain ‘remain the smart way to save’

On Tuesday, National Treasury assured RSA Retail Savings Bonds (RSB) investors that its technical difficulties‚ including the help line‚ e-mails and website‚ were urgently receiving attention.

The government’s RSBs were launched in 2004 to provide products that are risk-free and backed by the full faith of the government. “RSB services have been affected by technical difficulties over the past few weeks and National Treasury would like to give the assurance that IT personnel are prioritising the issue‚” the Treasury said in a statement.

“The RSB directorate has been in the process of migrating to a new back-office system that will improve efficiencies‚ allow for better functionalities‚ as well as cater for additional products in the future and all-round service. Unfortunately‚ there have been unanticipated challenges to the new system,” the statement said. “We are aware of and acknowledge the recent frustrations of our investors and the slow service rendered‚ and we therefore extend our sincere apologies.”

Treasury added‚ “We assure you that the RSBs remain the smart way to save. All investments are safe and accessible, as per our terms and conditions. We remain committed to this objective‚ and we strive for better service every day.”

@hypeavenue

Victor Fungai Muzvidzwa is the founder and senior editor of HypeAvenue.com magazine.

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