Page 80 - KZN Top Business Portfolio 2021/22- eBook
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ITHALA SOC
LIMITED
MISSION
To provide banking and insurance products
and services focusing on Corporate and Retail
customers.
KEY PERSONNEL
Chief Executive: Dr Thulani Vilakazi
Chief Audit Executive: Mr Sethu Nsele
Compliance Officer: Mr Kabelo Nkambule
CEO: Head of Credit and Collections: Mr Xolani Khumalo
Dr Thulani Dennis Vilakazi Head of Insurance: Mr Aaron Pather
Head of Retail & Business Banking: Mr Shane Moodley
Full Name of Company: Ithala SOC Limited Head of Marketing and Communications:
Holding Company: Ithala Development Finance Mr Sandile Xolo
Corporation Head of Human Resources: Mr Sihle Gwala
Nature of Business: Transactional banking, Electronic CONTACT DETAILS
Banking, Insurance, Lending, Public Sector Finance, Ithala Limited Head Office
Savings and investments.
Date Established: 2001 Physical Address: 303 Dr Pixley KaSeme (West Street),
15th Floor Old Mutual Building
VISION Postal Address: P.O. Box 2588, Durban, 4001
To be an innovative and responsive financial services Tel: +27 (0)31 366 2500
institution owned by and serving the State and the Call Centre: +27 (0)80 133 1130
people of South Africa. Website: www.myithala.co.za
As part of its essential products and services bouquet,
HELPING ORDINARY SOUTH AFRICANS
Ithala SOC Limited provides the following via a multi-
CREATE WEALTH channel distribution network to individuals, groups,
Ithala SOC Limited, a licensed financial services and businesses and other public sector entities:
registered credit provider, is a 100% owned subsidiary Transactional Banking
of Ithala Development Finance Corporation Limited Insurance
and is listed as a public entity in terms of Schedule 3 Lending
of the PFMA. Public Sector Finance
In line with a recommendation from the South African Savings and Investments
Reserve Bank, Ithala SOC Limited was divided from The entity’s purpose is to provide financial services
Ithala Development Finance Corporation Limited in to the people of KwaZulu-Natal, thereby contributing
2001 and has been operating under an exemption to the province’s socio-economic development.
from the Banks Act 94 of 1990 (‘Banks Act’). The Ithala SOC Limited’s physical footprint spans the
current exemption status is a temporary mechanism entire province of KwaZulu-Natal and, in some rural
to enable Ithala to apply for and comply with the bank areas, still remains the only financial institution with a
license requirements in terms of the Banks Act. physical presence. A current distribution network of
Ithala SOC Limited is the only state-owned entity that 38 branches in KZN provides convenient transacting
provides full banking services; is already fully regulated facilities.
by the South African Reserve Bank and other banking “With that purpose, we can help small businesses reach
industry regulators; and is fully committed to ensuring higher levels, says Dr Thulani Vilakazi, chief executive
compliance with all applicable regulations. officer. As Ithala we can make the financing process
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