Page 92 - KZN Top Business Portfolio 2024/5 - ebook

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
CFO: Mohamed Gafoor
Chief Audit Executive: Mr Sethu Nsele
Compliance Officer: Mr Kabelo Nkambule
CEO: CFO: Head of Operations: Nozipho Ngobese
Dr Thulani Vilakazi Mohamed Gafoor Head of Credit and Collections: Ms Rikshana Jugoo CA (SA)
Head of Insurance: Mr Aaron Pather
Full Name of Company: Ithala SOC Limited Head of Retail & Business Banking: Mr Shane Moodley
Holding Company: Ithala Development Finance Corporation Head of Marketing and Communications: Mr Sandile Xolo
Nature of Business: Transactional banking, Electronic Head of Human Resources: Dr. Theo Nell
Banking, Insurance, Lending, Public Sector Finance, CONTACT DETAILS
Savings and investments. ITHALA LIMITED HEAD OFFICE
Date Established: 2001
Physical Address: Kingsmead Office Park, North Towers,
VISION 28 Somtseu Rd, 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

REDIFINE WEALTH channel distribution network to individuals, groups,
businesses and other public sector entities:

Ithala SOC Limited, a licensed financial services and ƒ Transactional Banking

registered credit provider, is a 100% owned subsidiary ƒ Insurance
of Ithala Development Finance Corporation Limited and ƒ Lending

is listed as a public entity in terms of Schedule 3 of the ƒ Public Sector Finance

PFMA. ƒ Savings and Investments
In line with a recommendation from the South African The entity’s purpose is to provide financial services to
Reserve Bank, Ithala SOC Limited was divided from the people of KwaZulu-Natal, thereby contributing to
Ithala Development Finance Corporation Limited in the province’s socio-economic development. Ithala SOC
2001 and has been operating under an exemption Limited’s physical footprint spans the entire province of
from the Banks Act 94 of 1990 (‘Banks Act’). The current KwaZulu-Natal and, in some rural areas, still remains
exemption status is a temporary mechanism to enable the only financial institution with a physical presence.
Ithala to apply for and comply with the bank license A current distribution network of 38 branches in KZN
requirements in terms of the Banks Act. provides convenient transacting facilities.
Ithala SOC Limited is the only state-owned entity that CORPORATE SOCIAL RESPONSIBILITY
provides full banking services; is already fully regulated Ithala MoneyTalks
by the South African Reserve Bank and other banking Ithala MoneyTalks is Ithala’s flagship financial education
industry regulators; and is fully committed to ensuring
compliance with all applicable regulations. programme. The aim of the programme is to empower
ordinary South Africans with financial literacy skills that
As part of its essential products and services bouquet, will empower them to make sound financial decisions,
Ithala SOC Limited provides the following via a multi- manage money and create wealth. The programme

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