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Ithala Providing Financial Services to The People of KwaZulu-Natal

Updated: Dec 18, 2023


Ithala SOC Limited New offices situated at Kingsmead Office Park

It’s time we all redefine the way we see and understand what wealth is. Ithala wants to walk the journey with you today in setting the wheels in motion. Are you up for the challenge?

 

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 multichannel distribution network to individuals, groups, businesses and other public sector entities:


  • Transactional Banking

  • Insurance

  • Lending

  • Public Sector Finance

  • Savings and Investments

 

Ithala Taxi finance bulk buying programme that has assisted lot of taxi owners create wealth.

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 Education Platform Programme participants

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 GardenProgramme

  • School Signage

 

Ithala Digital Skills

Ithala CEO, Dr. Thulani Vilakazi with MEC of Economic Development Tourism and Environmental Affairs at the opening of Ithala Anton Lembede Branch

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 lockdown periods.

 

However, many learners from disadvantaged backgrounds 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.

 

Candidates of the Ithala 2022 Learnership programme

The tutoring covers Accounting, English (First Additional Language), Computer Applications Technology, 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.

 

Learners reach the Platform offerings via Facebook. 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.

 

 

CONTACT DETAILS

Call Centre: +27 (0)80 133 1130

T: +27 (0)31 366 2500

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