ubank Limited has a unique structure as it is wholly owned by ubank Group Limited, which is wholly owned by a Teba Fund Trust administered jointly by the National Union of Mineworkers (NUM) and Minerals Council South Africa, previously known as Chamber of Mines whose beneficiaries are the customers of the Bank. ubank received its banking license in July 2000, having operated under an exemption of the Banks Act since 1976. ubank is also an authorised financial services (FSP No. 14740) and credit (NCRCP21) provider.
