Business & Economy

Tuesday, 31 March 2020 11:31

Ithala contributing to the enhancement of township’s economy

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Ithala contributing to the enhancement of township’s economy

Financial services provider, Ithala SOC Limited is a financial institution that puts the growth of small businesses and consumers in township first. The first phase of the pilot program which involves the roll-out of ATM self-service devices (SSDs) was first launched in 29 November 2018 to 20 merchants in eThekwini INK areas Inanda, Ntuzuma and KwaMashu and was later introduced to the greater North and Midlands regions.

More than 150 SSD units have been allocated to local shop owners across KZN assisting an average of 200 customers per day.  This program has grown and enhanced the revenue in townships and business owners praise this program for all the fruits it has beared. “I received the SSD unit early last year, it helped my business grow rapidly. I was able to extend my product offering to my customers through the generated profit from the SSD unit. All I can say is that I am making more profit than before.

The business has increased by 60% if I had to give my estimation. ” Says Thembinkosi Thusi, the owner of one of the tuck shops in NGONQOKAZI AREA, Inanda Ithala SOC Limited is a 100 percent owned subsidiary of Ithala Development Finance Corporation and is mandated to serve ordinary South Africans and help them to manage their money and create wealth.“I never thought that owning a spaza shop would be the only thing that puts food on the table, take the kids to school and also make me live a comfortable life,” concludes Thembinkosi Thusi.

“The whole idea behind this program is to assist in revitalizing the township economy and give opportunities to small enterprises. We are very happy about the positive feedback we are getting from small business owners. We also want our local people to have access to financial services without travelling long distances from their homes to town, said Shane Moodley, Head of Retail and Business Banking.

“The initiative to uplift SMMEs through innovative financial services is testament to our commitment to accelerate government priorities and fast-track the participation of the informal sector market in peri-urban and rural areas when collecting revenue.” This did not only assist business owners but also customers who are very happy with the service and the convenience the machine brings. “The machine is quick and easy to use. The fact that we don’t have to travel long distances to transact in town is a bonus for us.” Says one of the local consumers.

Ithala continues to make financial services accessible to marginalized communities. New ATMs have been installed in the following areas:Thokoza Supermarket, Sipho Gumede Rd,Illovo North. Dlamini Meat , Lot 1149 Section E, Umlazi Umgeni Drift Supermarket Shop 1 L1138 Rd, Iqadi, Inanda.  A current distribution network of 39 branches in KZN provides convenient transacting facilities which includes a comprehensive portfolio of corporate and personal financial service’s solutions. 

For more information visit, call 031 366 2500 or follow #MoveToIthala, @MyIthala #RedefiningWealth #MoneyTalks

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Issued by: Ithala SOC Limited Head Office303
Dr Pixley Ka Seme (West Street)
15th Floor Delta Towers

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