It is no secret that we live in extraordinary times in South Africa. No day goes by without further revelations about the plight of poverty and poorly-managed institutions that have blighted our country. The daily suffering of many South Africans has manifested itself in xenophobic attacks and civil unrest in the recent past. Who knows what’s next if the current challenges that are perpetuated by a non-inclusive economy and limited access to financial services by the majority of the citizens are not addressed once and for all?
As the CEO of Ithala SOC Limited, I have always maintained that strong institutions can help to build strong inclusive economies. And it is driven by this belief that I have dedicated a significant amount of my life to working with other reputable South African companies and organizations. It is against this backdrop that, having spent time in these institutions – and a significant portion here – that I realize the need of encouraging and promoting a bank wholly owned by the state.
I believe passionately in the role that financial services professionals and service providers play in making our economy efficient and productive, and I’m determined to do what it takes to ensure that Ithala SOC Limited continues to deliver what the public rightly expects. I want Ithala SOC Limited to be looked up to by all as a place with the strongest governance, ethics, and values, which can be seen in everything we do.
To provide context, we are a pioneer in banking the unbanked in KwaZulu-Natal and are striving towards becoming a fully-fledged bank and also being recognized as a state bank. It is also important to highlight that Ithala SOC Limited has been playing the role of a state bank for over 21 years and has done a pretty good job at that! But, what that this means in simple terms to the ordinary South African?
- We have been providing access to financial services and insurance to ordinary South Africans who were excluded and continue to have limited access to these services from traditional players in the market. Currently, Ithala SOC Limited has provided finance of approximately R2.1billion to ordinary South African to buy a home, car, taxi, education, and other essential needs. Some of the homes we finance are in tribal land, where no other financial services organization does.
- Helping people to save and build wealth. Our brand promise is to help Ordinary South Africans to create wealth. We do this through our financial education programme Ithala Money Talks. Currently, we have over R2.4 billion in customer deposits. This is a clear indication that our efforts of educating people about saving and creating wealth are paying off. Overall we are seeing positive behavior when it comes to managing money.
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