ITHALA TAXI FINANCE BRINGS HOPE TO BUSINESS WOMEN IN KWAZULU-NATAL

By Ithala SOC Limited / 18/10/2021

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Its transport month and self-made businesswomen are beaming with joy at the success of their taxi operations in the tough male-dominated industry, and say all thanks must go to Ithala SOC Limited for providing financial assistance.

 

Nomusa Gumede, 62, from Jozini on the KwaZulu Natal North Coast, said she started her taxi business in 2010 and now owns two taxis.

 

“Despite the pandemic affecting my taxi business, I pushed myself to work harder as I wanted to grow my business.

 

“When obtaining a loan, Ithala SOC Limited made the process smooth and easy. They are really a financial institution for all ordinary South Africans and go out of their way to help people in need.

 

“I am thankful to Ithala because they assisted me when I desperately needed funding,” she said.

 

Thandiwe Nxumalo, 63, from Ladysmith said her husband started a taxi business in 1999.  In 2015 her husband passed away and she inherited the business.

 

“After my husband’s death, I had trouble getting funding for a new taxi. However, Ithala SOC Limited supported me and made it possible for me to continue to operate.

 

“I am grateful to Ithala for their supporting which allows me to look after my grandchildren,” she said.

 

Ithala, a licensed financial service provider, offers clients through a hire-purchase agreement to buy a commercial vehicle which will be used to ferry passengers and is properly registered with a taxi industry regulatory body.

 

Ithala believes in helping ordinary South Africans look after their families, put food on the table and create wealth for future generations.

 

Dr Thulani Vilakazi, CEO of Ithala SOC Limited, explained that Ithala’s purpose is to provide financial services to the people of KwaZulu-Natal, thereby contributing to the province’s socio-economic development.

 

“With that purpose, we can help small businesses reach higher levels. 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.

 

“The taxi finance service offering provides incredible benefits for an ordinary South African to own a commercial vehicle and pay back the loan over up to 60 months at a competitive interest rate,” We are also glad to announce that on the 22nd of October we will be handing-over 9 taxis to 9 taxi owners from Thuthukani taxi association.’ He said.

 

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

A current distribution network of 38 branches in KZN provides convenient transacting facilities. Ithala offers a comprehensive portfolio of corporate and personal banking solutions.

For more information visit www.myithala.co.za, call 031 366 2500. Follow us on Facebook @MyIthala, Twitter @MyIthala, Instagram @MyIthala, LinkedIn Ithala SOC Limited, #RedefiningWealth #IthalaMoneyTalks #MoveToIthala #StateBank

 

 

ENDS

Issued by:       Ithala SOC Limited Head Office

303 Dr Pixley KaSeme (West Street)

15th Floor Delta Towers

Durban

 

 

 

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Ithala SOC Limited, 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. Our purpose is to provide financial services to the people of KwaZulu-Natal, thereby contributing to the province’s socio-economic development. Our physical footprint spans the entire province of KwaZulu-Natal and, in some rural areas, we still remain the only financial institution with a physical presence.