Ithala SOC Limited, a licensed financial services and registered credit provider, is a 100% owned subsidiary of Ithala Development Finance Corporation Limited and is listed as a public entity in terms of Schedule 3 of the PFMA.

In line with a recommendation from the South African Reserve Bank, Ithala SOC Limited was divided from Ithala Development Finance Corporation Limited in 2001 and has been operating under an exemption from the Banks Act 94 of 1990 (‘Banks Act’). The current exemption status is a temporary mechanism to enable Ithala to apply for and comply with the bank license requirements in terms of the Banks Act.

Ithala SOC Limited is the only state-owned entity that provides full banking services; is already fully regulated by the South African Reserve Bank and other banking industry regulators; and is fully committed to ensuring compliance with all applicable regulations.

As part of its essential products and services bouquet, Ithala SOC Limited provides the following via a multi-channel distribution network to individuals, groups, businesses and other public sector entities:
• Transactional Banking
• Insurance
• Lending
• Public Sector Finance
• Savings and Investments

The entity’s purpose is to provide financial services to the people of KwaZulu-Natal, thereby contributing to the province’s socio-economic development. Ithala SOC Limited’s physical footprint spans the entire province of KwaZulu-Natal and, in some rural areas, still remains the only financial institution with a physical presence. A current distribution network of 38 branches in KZN provides convenient transacting facilities.

CORPORATE SOCIAL RESPONSIBILITY
Ithala MoneyTalks
Ithala MoneyTalks is Ithala’s flagship financial education programme. The aim of the programme is to empower ordinary South Africans with financial literacy skills that will empower them to make sound financial decisions, manage money and create wealth. The programme targets Ithala clients, students, entrepreneurs and ordinary people. MoneyTalks offers practical easy to follow guide and tools to help people to create wealth.

MoneyTalks wealth creation formula:
• Get out of Debt
• Start Saving
• Start Investing
• Build Multiple Sources of Income

MyBest Childhood Foundation
Ithala SOC Limited partnership with MyBest Childhood Foundation is aimed at assisting previously disadvantaged learners in remote areas where schools are often overlooked and under resourced.

The partnership focuses on the following projects that will be delivered by My Best Childhood Foundation:
• School Feeding Scheme
• Vegetable Garden Programme
• School Signage

Ithala Digital Skills Development Programme
The 4th Industrial Revolution (4IR) is changing the way we live, work and interact. New digital technologies are merging with human physical lives and totally transforming how everyday activities are performed and the skills required to navigate this new world of 4IR. Digital skills are becoming a critical success factor across all spheres of life.

Ithala Education Fund has partnered with GoDigital Foundation (NGO focusing on training the youth on digital skills) to hold digital skills training for learners from rural areas. The programme targets 150 learners annually in foundation, intermediate and senior phase.

Ithala Edu Platform
The COVID-19 pandemic and subsequent national lockdown resulted in school learners losing substantial tutoring in their school academic years since 2020. Some schools and learners with access to technology and resources were able to follow online and intermittent schooling during lock- down periods.

However, many learners from disadvantaged back- grounds and areas were left behind and needed assistance to catch-up.

The Ithala Education Trust responded to this need by introducing the online Ithala Education Platform to assist learners. The online tutoring is delivered in partnership with the GoDigitalSA Foundation – the development and implementation partner in this programme.

The Platform contributes to assisting Grade 12 learners with their examination results, their wellness, and their career choices. The tutoring covers Accounting, English (First Additional Language), Computer Applications Tech- nology, Geography, isiZulu (Home Language), Mathematics, Physical Science – and the added value of Wellness, Career Guidance, and Digital and Financial Literacy. The programme was enhanced in 2021 to include the Advanced Pillar of Digital Literacy and Financial Literacy.

Media partners like Sajonisi Radio, VoiceFM, and Anchor FM enable the broadcasting of revision tutoring on the seven subjects. This online Platform is now called the Ithala Edu Platform. (https://myithala.education).