Dr Thulani Vilakazi
Helping Ordinary South Africans Create Wealth
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 ultichannel distribution network to individuals, groups, businesses and other public sector entities:
• Transactional Banking
• 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.
“With that purpose, we can help small businesses reach higher levels, says Dr Thulani Vilakazi, chief executive officer. As Ithala we can make the financing process easy. Ithala SOC Limited offers affordable interest rates because we believe that every South African deserves access to affordable banking services.”
Dr Vilakazi is ready to take Ithala SOC Limited to the next level as a state bank. He said banking systems needed to be conducive to serving the interests of everyday South Africans – a role that Ithala has long been fulfilling as a development finance institution. “The creation of a state bank would be in line with government’s strategy to transform the financial sector, and will empower communities and accelerate radical economic transformation,” he added.
CORPORATE SOCIAL RESPONSIBILITY
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
The Ithala SOC Limited’s partnership with MyBest Child-hood 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 the foundation, intermediate and senior phases.
Ithala Edu Platform
The outbreak of the coronavirus and subsequent National Lockdown resulted in school learners losing a substantial amount of their school academic year. Some schools and learners with access to technology and resources were able to do some schooling during this period, many from disadvantaged backgrounds have been left behind and require assistance to catch-up.
To respond to the need to assist learners, Ithala Education Fund launched Ithala Edu Platform. The Ithala Edu Platform has enabled more than 206 867 students from underprivileged backgrounds to benefit from programmes focusing on the Caps Curriculum, Soft Skills and Career Guidance.
“The hard reality is that South Africa cannot afford to lose another learner or another hour of learning time. At Ithala, we want to make as many students as possible aware that our programme is still up and running for the 2021 academic year.
Ithala continues to help communities who lack the means to improve their lives, especially in these difficult times of the pandemic,” said Dr Vilakazi.
Full Name of Company: Ithala SOC Limited
Holding Company: Ithala Development Finance Corporation
Nature of Business: Transactional banking, Electronic Banking, Insurance, Lending, Public Sector Finance, Savings and investments.
Date Established: 2001
To be an innovative and responsive financial services institution owned by and serving the State and the people of South Africa.
To provide banking and insurance products and services focusing on Corporate and Retail customers.
Chief Executive: Dr Thulani Vilakazi
Chief Audit Executive: Mr Sethu Nsele
Compliance Officer: Mr Kabelo Nkambule
Head of Credit and Collections: Mr Xolani Khumalo
Head of Insurance: Mr Aaron Pather
Head of Retail & Business Banking: Mr Shane Moodley
Head of Marketing and Communications: Mr Sandile Xolo
Head of Human Resources: Mr Sihle Gwala
Ithala Limited Head Office
Physical Address: 303 Dr Pixley KaSeme (West Street), 15th Floor Old Mutual Building
Postal Address: P.O. Box 2588, Durban, 4001
Tel: +27 (0)31 366 2500
Call Centre: +27 (0)80 133 1130
Ithala SOC Limited
Ithala SOC Limited, a licensed financial services and registered credit provider