Former President Jacob Zuma has assumed direct control of the uMkhonto weSizwe (MK) Party’s finances after revoking the banking powers of all party officials, including the Treasurer-General and Secretary-General, in what appears to be an extraordinary move aimed at tightening financial oversight within South Africa’s newest major political party.
According to a letter dated 23 July, seen by the Mail & Guardian, Zuma informed national, provincial and regional party structures that all existing signing authority on the MK Party’s bank accounts had been revoked with immediate effect. The decision means that no official who previously had authority to approve payments or conduct banking transactions on behalf of the party may do so until further notice.
The move comes amid growing allegations of financial mismanagement within the organisation. Reports indicate that several senior members have accused other high-ranking officials of misappropriating party funds, raising fresh questions about the MK Party’s internal governance and financial controls.
In any political organisation, signing authority refers to the legal power granted to designated officials to authorise payments, approve withdrawals, sign contracts and manage the party’s bank accounts. These responsibilities are typically shared between senior office bearers, most commonly the Treasurer-General, who oversees the party’s finances, and the Secretary-General, who is responsible for the administration of the organisation. By revoking all signing authority, Zuma has effectively centralised financial decision-making under his own office, making him the sole authority over the party’s banking operations until a new mandate is issued.
In his letter, Zuma said the decision was taken in his capacity as President and Accounting Officer of the MK Party, stating that the measure was necessary to ensure “sound financial governance, accountability and the orderly administration of the party’s financial affairs.”
He instructed that:
“All existing signing authority on the MK Party’s bank accounts is revoked with immediate effect.”
Zuma further stated that the suspension is temporary and will remain in force until further notice.
“During this period, no existing signatory shall exercise any signing authority on behalf of the Party in respect of any MK Party bank account.”
He also directed all financial institutions holding MK Party accounts to recognise the temporary suspension, explaining that any future banking transactions would only be processed once a new banking mandate had been formally communicated.
The letter indicates that, once the internal administrative process has been completed, the party will issue another formal communication identifying the officials who will be authorised to operate the accounts going forward.
Zuma concluded by calling on party officials to cooperate fully with the process.
“All officials are requested to cooperate fully with this administrative process to ensure continuity, transparency and the integrity of the Party’s financial management.”
The decision follows recent reports suggesting the party has experienced financial difficulties. Earlier this month, the Sunday World reported that the landlord of an office building leased by the MK Party in Polokwane had demanded that the organisation vacate the premises after allegedly failing to pay outstanding rental fees. Although the party has not publicly linked the rental dispute to Zuma’s latest intervention, the developments have fuelled speculation about the party’s financial management.
Political parties in South Africa rely on multiple sources of income, including public funding through the Represented Political Parties Fund, private donations, membership fees and fundraising activities. These funds are used to finance election campaigns, staff salaries, office rentals, political events and the day-to-day administration of the party. Strong financial governance is therefore critical, particularly for parties represented in Parliament and provincial legislatures, as they are required to comply with financial reporting obligations under South African law.
The allegations of missing funds have not been tested in court, and no criminal findings have been made against any MK Party officials. However, Zuma’s decision to personally assume control of the party’s finances signals that the leadership views the matter seriously enough to warrant extraordinary intervention.
For the MK Party, which emerged as one of the country’s fastest-growing political movements following the 2024 general election, the latest developments present both a governance challenge and a reputational test. While supporters may view the move as an attempt to restore accountability and protect party resources, critics are likely to question why such drastic measures became necessary in the first place.
Until a new financial mandate is announced, all banking transactions requiring authorised signatures will remain under Zuma’s direct control, placing the party’s financial operations under the oversight of its president while internal governance processes continue.