South Africa's President Jacob Zuma used the proceeds from a home loan from VBS Mutual Bank to pay back 7.8 million rand ($538,000) for non-security upgrades to his private Nkandla home, the presidency said on Monday.
Zuma used home loan to repay Nkandla costs - presidency
The unlisted bank says on its website that it is a wholly black-owned specialist corporate finance and retail bank.
A general view of the Nkandla home of South Africa's President Jacob Zuma in Nkandla is seen in this file picture taken August 2, 2012.
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In a statement, the presidency said VBS Mutual Bank is one of the few financial institutions which offer home loans in respect of land owned by traditional authorities.
($1 = 14.4684 rand)
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