"We have decided to use Nedbank to facilitate the repayments of retail depositors. The R1000 a day limitation will no longer apply as it did at VBS," he said.
"Once retail depositors had obtained their new Nedbank cards, they can choose to either leave their money in their new cards, withdraw all or part of the fund ..."
Kganyago said the government had provided a guarantee to the Reserve Bank to facilitate the repayment of all retail deposits up to R100 000 per retail depositor, starting from Friday.
He called on the depositors not to all rush at once to claim their funds as their money was secured.
"What has happened at VBS is a fraud. The fraud was committed by people watching over the institution," Kganyago said.
On March 11, Finance Minister Nhlanhla Nene placed the bank under curatorship. VBS has more than 20 000 clients.
Following the closure of the bank, long and at times overnight queues by mainly women were seen at the Thohoyandou branch of the bank.