ITHALA SOC LIMITED WILL WORK WITH GOVERNMENT TO RECOVER THE ECONOMY
Ithala Soc Limited, the financial services provider for ordinary South Africans, has welcomed Government’s economic recovery plan to counter the effects of the COVID-19 global pandemic.
While the plan identifies the rural economy for critical care, Ithala’s strategy is already aligned with government’s agenda to drive inclusive financial growth.
Addressing a joint sitting of Parliament, President Cyril Ramaphosa announced that the reconstruction and recovery plan, centred on infrastructure and mass employment programmes, is also designed with a selection of specific priority interventions that would swiftly kickstart change and a rapid economic rebound.
“A central pillar of this work is the transformation of our economy, creating space for new black and women entrants and take deliberate steps to change ownership and production patterns.
“In promoting localisation and industrialisation, we will be focusing in particular on the development of small, medium and micro enterprises. This will take place alongside the development of rural and township economies,
“There are between 2.4 million and 3.5 million SMMEs in the country, with the largest number in the informal and micro sectors. Through a focused support programme, we will support SMME participation in the manufacturing value chain.”
President Ramaphosa also said the economic recovery plan will also include the provision of business infrastructure support and financial assistance through loans and blended funding.
Dr Thulani Vilakazi. CEO of Ithala SOC Limited, said some of the interventions announced by President Ramaphosa, such as uplifting the rural economy and empowering women, dovetails with Ithala’s mission to reduce poverty through support of government infrastructure programmes, providing access to financial services, and building the economy of KZN with a focus on rural and township areas.
“A pioneer in banking the unbanked, Ithala SOC Limited’s mandate is to provide access to financial products and services in areas where such offerings have previously been unavailable.
“While the focus of some of South Africa’s major banks is to serve the middle to upper echelons of the urban population, this has been much to the disadvantage of emerging markets in outlying areas where a dire need for a better quality of life exists. This is where we differentiate ourselves from other players in the market.
“At Ithala, we believe that educating people about money through financial literacy and providing the necessary tools to manage money can help to address the triple challenges of poverty, unemployment and inequality.
“Increasing access to basic financial services, particularly among poor and marginalised communities, is not negotiable,” said Dr Vilakazi.
He added when Ithala SOC Limited is awarded a full banking licence, it will be well placed to assist government in delivering even more financial services as a state-owned bank.
ABOUT ITHALA SOC LIMITED
For the past 60-years Ithala has been at the forefront of creating special offerings that will help people save as a means to accumulate personal wealth and economic freedom.
A current distribution network of 38 branches in KZN provides convenient transacting facilities. Ithala offers a comprehensive portfolio of corporate and personal banking solutions.
For more information visit www.myithala.co.za, call 031 366 2500 or follow Facebook @MyIthala Twitter @MyIthala #RedefiningWealth #MoneyTalks #MoveToIthala.
Issued by: Ithala SOC Limited Head Office
303 Dr Pixley KaSeme (West Street)
15th Floor Delta Towers