Page 16 - KZN Business Sense 7.1

TAKING ITHALA SOC LIMITED TO A HIGHER LEVEL

fter 100 days at the helm as a development finance revenue for the state which could Mergers and Acquisitions. He joined Rentworks as Deputy CEO
of KwaZulu-Natal’s institution. help spur economic development has also participated in several and a Director on the Board which
Afinancial institution The creation of a state and release vulnerable members of courses in executive development. was then chaired by President
that mirrors the aspirations of bank would be in line with society from the debt trap that so A rural lifestyle is not foreign Cyril Ramaphosa.
ordinary folk, especially in rural government’s strategy to many people find themselves in,” to him - he commenced his He spent a decade at Nedbank
areas, Dr Thulani Vilakazi, chief transform the financial sector, he said. primary education at Emfeni Group (Africa Division) and rose
executive officer, is ready to take and will empower communities All due processes are being School, a farm school in to the position of Head of Strategy,
Ithala SOC Limited to the next and accelerate radical economic adhered to by Ithala to enable Eston in the KwaZulu-Natal Marketing & Communications.
level as a state bank. transformation, he added. completion of the process Midlands sugarcane fields. He
In July 2018, he joined
He believes that as the pioneer Ithala SOC Limited - a of applying for a permanent matriculated at Isibukosezwe Guidepoint Advisors as
in banking the unbanked and 100% owned subsidiary of banking licence. High School in Hammarsdale. a global advisor focused
insuring the uninsured, Ithala Ithala Development Finance When Dr Vilakazi assumed After studying for degrees on financial, banking and
SOC Limited has the right Corporation, KwaZulu-Natal’s his position as CEO of Ithala in in education, he commenced corporate business services.
ingredients and is all set on the provincial development agency - September this year, his mission employment as a lecturer in
Dr Vilakazi, a father of
trajectory to become a state bank. has a six-decade legacy. was to develop business strategies the Faculty of Education at two daughters and a son, is
For far too long, ordinary As an organisation which puts and plans in line with short-term the University of Zululand. He a member of the Institute of
South Africans have been left out people before profit, Dr Vilakazi and long-term objectives; lead then joined the Valley Trust Directors Southern Africa. He
of the transformation agenda, said a state bank would operate and motivate staff to advance as divisional manager and is also a member of the Royal
with historically disadvantaged differently to commercial banks employee engagement; develop was responsible for primary Family Trust of Abambo within
people, especially in rural areas, which invest millions of KZN a high performing managerial health care funding. Here he Ilanga Traditional Council
having to bear the brunt of taxpayer funds outside the team; and, ultimately oversee established over 50 community- Authority at Emfeni Great Place
exclusion from financial services, province as opposed to investing all operations and business based pre-schools. which is involved in farming
said Dr Vilakazi. in sustainable development activities to ensure they produce Meanwhile, he continued interests for community
the desired results.
He said banking systems locally first. post-graduate studies in the field economic empowerment.
needed to be conducive to “Against the backdrop of the He said while the strategy to of IT and financial services. He He believes educating and
serving the interests of everyday triple challenges of poverty, ensure financial sustainability had attained an MBA from Henley giving South Africans the
South Africans - a role that inequality and unemployment, a paid dividends, the COVID-19 Management College/ Brunel necessary tools to manage their
University, London.
pandemic had posed some
Ithala has long been fulfilling state bank could earn additional money, can help extricate them
challenges and these were being
swiftly mitigated. He entered the banking from poverty and unemployment.
field with ABSA and became And who better to do that than
He attributed the current the National Manager: New he who has distinguished himself
positive trajectory in business Enterprise Banking. with academic credentials in
performance to the strict
implementation of sustainable He then joined Standard Bank both education and banking,
cost control; promoting revenue Group where was seconded to with specific reference to small
growth through marketing Malawi for three years as Deputy business financing.
brand positioning and expanded Managing Director following the “By simplifying the conversation
distribution channels; and acquisition of Malawi’s second about wealth creation, we aim
introducing operational largest bank CBM now Stanbic to offer our customers and
efficiencies through system Bank Malawi Ltd by Standard potential customers a practical
development. Bank Group. He played a major formula to accumulate wealth,”
role in modernisation of the
“The organisation affirms its Malawi banking industry. He is a says Dr Vilakazi.
ethos of customer-care and former non-executive director of Ithala has a distribution network
community partnership which the Malawian Stock Exchange. of 38 branches in KZN which
sustain the Ithala brand, thus provide convenient transacting
differentiating this financial Dr Thulani Vilakazi was chosen facilities. A comprehensive
institution from its competitors.” by the late Dr Leon Sullivan - the portfolio of personal banking and
first African-American to chair
Dr Vilakazi possesses in-depth General Motors USA as one of the insurance solutions is offered. 
expertise and experience in Top 30 Best and Brightest Bankers
banking, financial services and in Africa and attended intensive Visit www.myithala.co.za
stock exchange industries. He training at Chase Bank New York #WealthCreation #MoneyTalks
#MoveToIthala
is considered an expert in SME now JP Morgan Chase, the third
financing, agribusiness, corporate, largest bank in the US and Mellon
retail, credit, trade finance and Bank in Philadelphia.
public sector banking. He is
a Doctoral level authority in He gained experience in rental
Dr Thulani Vilakazi, Chief Executive Officer, Ithala SOC Limited and leasing finance when he

RBM DONATES PERSONAL PROTECTIVE EQUIPMENT

ichards Bay Minerals (RBM) and to help those in the frontline were then donated for free to
has donated personal of the fight against COVID-19. We members of the community. The
Rprotective equipment have taken a more proactive stance SMMEs are managed by and
(PPE) to the South African Police to support government in its employ mainly young people,
Services (SAPS) Empangeni efforts to combat the spread of the including women.
Command Centre and the district coronavirus. This is in addition to “We are pleased that our
office of the Department of Health efforts we are taking as a company contributions to the fight against
(DOH) in the King Cetshwayo to share information on health COVID-19 also benefited local
District Municipality. The PPE, protocols with our employees and communities by creating job
valued at R600 000, included face communities to stem the spread of opportunities and supporting
masks, gloves, sanitisers, and the virus.” local economic development.
surgical gowns.
Earlier in the year, RBM This donation is part of RBM’s
Werner Duvenhage, managing contracted four SMMEs – one strategy to be involved in Public
director of RBM commented, “The from each of its four host Private Partnerships for the Bheki Nowele and Werner Duvenhage, RBM, hand over much-needed PPE to
donation was part of our ongoing communities - to manufacture benefit of our host communities,” Dr Menitha Samjowan, acting CEO of the Queen Nandi Regional Hospital and
support for our host communities 100 000 cloth face masks, which added Duvenhage.  Mrs Nokukhanya Hlope, director at the DOH district office.

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