Page 3 - KZN Business Sense 7.2 - eBook

ITHALA FIRMLY ON TRAJECTORY

FOR STATE BANK STATUS

ith recent (BASA), Ithala SOC Limited is
pronouncements by expected to conduct financial
Wgovernment leaders There is no need to reinvent the wheel. Ithala, literacy education to the
on the need for a state bank, a pioneer in banking the unbanked, ticks all the community. Ithala launched its
there is no need to look far for an financial education programme
existing bank that will make an boxes to become a state bank. called Ithala MoneyTalks. This
ideal candidate. programme was established
Why reinvent the wheel - CEO, Dr Thulani Vilakazi out of the need to start frank
conversations about money,
when Ithala SOC Limited – a which is a difficult topic to
100% owned subsidiary of in KwaZulu-Natal to push Pouring money into the private helping Grade 12 learners with discuss, especially in previously
Ithala Development Finance for the fast-tracking of the banking system has only fixed CAPS Curriculum, soft skills, disadvantaged households.
Corporation, KwaZulu-Natal’s establishment of a state bank. the economy for bankers and the and career guidance. Podcasts of Normalising these conversations
provincial development agency wealthy; it has not done much to these webinars were uploaded to opens opportunities to educate
– is ripe and ready to become a At its recent two-day lekgotla a address either the fundamental the Ithala Edu Platform to enable our customers and guides
state bank? fortnight ago, the ruling party in problem of unemployment or the learners to receive 24-hour access them on the path to financial
KwaZulu-Natal said the delays in debt trap so many South Africans to the webinars. These lessons prosperity. MoneyTalks offers
With its good governance and setting up a state bank prejudiced were viewed on GoDigital_ our customers financial literacy
sound infrastructure, Ithala the national democratic find themselves in. SAMovement or MyIthala on skills which empower them to
which is a pioneer in banking revolution. Instead of using state funds as Facebook and covered on Ukhozi make sound financial decisions,
the unbanked sector and helping a means to further enrich private FM on Thursdays evenings manage their money, and create
them manage their money, has all The ruling party had long banks, a state-owned bank could between 21h00 – 22h00. close wealth. The programme contains
the right ingredients to become a championed the case for a earn additional revenue for the to 120 000 grade 12 learners a series of modules with practical
state bank, thus enabling growth state bank and any further state while at the same time help benefited from this programme. advice and examples that are
of our national footprint beyond delays would see historically spur economic development. relevant to our customers. We
the borders of KZN. disadvantaged people being Youth Digital Skills have also introduced MoneyTalks
excluded from financial services. A state bank will provide Development Programme: In lessons in various rural schools
President Cyril Ramaphosa, July 2019, Ithala Education Fund
speaking to journalists as part of a Banking systems must be financing for student aid, resolved to direct resources and other environments where we
infrastructure, and industry
SA National Editors Forum meeting conducive to serving the towards the development of hope to impact future generations
in February 2021, expressed his interests of everyday South and community development digital skills through the 4IR of Ithala customers.
through interest earned on tax
support for a state bank. Africans - a role that Ithala revenue. A state bank will help Digital Skills Development Ithala believes that redefining
has long been fulfilling as a what wealth means, educating,
Also, in his State of the Nation keep our resources local instead of programme. The objective is to
Address in February 2020, development finance institution. exporting them as profits, never provide learners with digital skills and giving South Africans the
President Ramaphosa announced As an entity wholly-owned by to be seen again. that will allow them to be active necessary tools to manage their
that government was moving the KZN provincial government, participants in the 4th Industrial money, can help address the
ahead with its plans to launch a Ithala’s overall goals and strategies Ithala’s mandate is to deliver and Revolution (4IR) by exposing triple challenges of poverty,
state-owned bank “as part of our must be aligned with the socio- make banking services available them to the world of coding, unemployment, and inequality.
effort to extend access to financial economic policies and strategies where they are not readily robotics, Artificial Intelligence, By simplifying the conversation
services to all South Africans”. of government. available. Ithala’s offers unsecured and Gaming. about wealth creation, we aim to
lending, which means our loan is
offer our customers and potential
The Premier of KZN Sihle Hence, with a six-decade legacy based on your credit worthiness. The first programme was customers a practical formula to
Zikalala has long championed for of development, Ithala believes an intensive Winter/Summer accumulate wealth.
Ithala to become a state bank in it is well positioned to ensure All due processes are being School in December 2019 in
Ithala SOC Limited is the only
keeping with the ANC ‘s drive for better use of public funds towards adhered to by Ithala to enable KwaDlangezwa High School state-owned entity that provides
Esikhawini. A total of 44 learners
radical economic transformation. key priority areas including completion of the process of full banking and insurance
applying for a permanent banking from 11 schools attended where
For far too long, ordinary South job creation and economic licence. Our turnaround strategy programming and coding skills services; is already fully regulated
Africans have been left out of development in financially to ensure financial sustainability were taught. On December 12, by the South African Reserve
the transformation agenda, with distressed rural communities. has paid dividends. Ithala together with GoDigital Bank and other banking industry
historically disadvantaged people, As an organisation which puts held an online lesson that was regulators; and is fully committed
especially in rural areas, bearing people before profit, Ithala would The organisation affirms its screened live from Innovation to ensuring compliance with all
the brunt of exclusion from operate differently to commercial ethos of customer-care and hub venue in Durban. More than applicable regulations.
financial services. community partnership which 10 speakers attended the live
banks which invest millions of sustain the Ithala brand, thus session, and more than 10 schools A current distribution network
The establishment of a state- KZN taxpayer funds outside the differentiating this financial attended the online lesson on of 38 branches in KZN provides
owned bank with a developmental province as opposed to investing institution from its competitors. coding and robotics. convenient transacting facilities.
mandate will help end the in sustainable development Ithala offers a comprehensive
economic apartheid that defines locally first. For many years, Ithala SOC MyBest Childhood Foundation: portfolio of business banking,
South Africa. It will transform the Limited has run initiatives aimed Ithala SOC Limited partnered persona banking, and insurance
Against the backdrop of the
financial sector and will empower triple challenges of poverty, at helping communities it serves. with MyBest Childhood solutions.
historically-disadvantaged inequality and unemployment, a Ithala Education Platform: Foundation aimed at assisting
communities and accelerate previously disadvantaged learners For more information visit
radical economic transformation. state bank could earn additional In response to the COVID-19 in remote areas where schools
revenue for the state which crisis and its impact on Grade are often overlooked and under www.myithala.co.za, call 031 366 2500.

As the only state-owned entity could help spur economic 12 learners in KwaZulu-Natal, resourced to encourage and Follow us on Facebook @MyIthala,
that provides full banking development and release Ithala SOC Limited elected to nurture talent in early childhood. Twitter @MyIthala, Instagram @
services, the concept of a state vulnerable members of society direct its CSI energies towards The partnership consists of the MyIthala, LinkedIn Ithala SOC Limited,
bank is a natural progressive step from the debt trap that so many an online education initiative. following projects to be carried #RedefiningWealth #IthalaMoneyTalks
for Ithala. We tick all the boxes. people find themselves in. Ithala is eager to help matric out by the My Best Childhood #MoveToIthala #StateBank
Hence, there is no need to look learners, particularly those from Foundation: School Feeding
beyond Ithala to appoint a state The millions of public funds disadvantaged backgrounds, to Scheme; Vegetable Garden
bank that is “fit and ready” to ploughed into the so-called recover lost schooling time as a Programme and School Signage.
serve the people. big banks have done little to result of the National Lockdown
free credit for job creation and to help them prepare for Ithala MoneyTalks: As
Ithala welcomes the tough or economic development in their exams. In the short-term, a member of the Banking
stance taken by the ANC depressed rural communities. the programme has focussed on Association of South Africa

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