Business & Economy

Wednesday, 03 June 2020 10:15

Ithala assisting small businesses to stay afloat during COVID 19

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Ithala assisting small businesses to stay afloat during COVID 19

Ithala SOC Limited is a financial services provider that deeply cares for the wellbeing of ordinary South Africans even in the times of COVID 19. This is witnessed by its ongoing efforts to not only enhance the rural and township economy but also make sure that people adhere to the rules set out by our government in trying to combat the spread of Coronavirus that has not only affected our community but also claimed the lives of many South Africans.

On the 23rd of March, President Cyril Ramaphosa announced the national state of disaster and national lockdown as means to try and combat the fast spread of Coronavirus. This means that businesses and other services has to be suspended and South Africans had to stay in their homes and only leave to get essential items.

This slowed down the economy of SA as local tuck-shops were closed, meaning no income for a period of a month. We are now approaching level 3 and lot of services including tuck-shops are now operational and shop owners need to bounce back and the SSDs are just the right solution to assist tuck-shop owners bounce back and keep their businesses afloat.

180 SSD’s (ATM self-service devices) have been installed between 2018 and 2020 around Kwa-Zulu natal, assisting more than 200 customers per day with approximately R10 million circulating in the shops through 70 000 transaction per month. Tuck-shop owners are more than happy to be receiving SSDs for their shops, as Ithala is in the process of rolling out another batch of SSD machines across all Kwa-Zulu Natal’s municipalities.

“I would like to thank Ithala for the opportunity and assistance given to us small business owners in these hard times. I’m sure this will have a positive impact and also grow my business”, says one of the small business owners who will be receiving the SSD unit from Ithala SOC. “We are in the process of installing 200 terminals across KZN, the overall project may cost nothing less than 2 Million.

These are our efforts as a financial institution to assist small shop owners survive in times of Covid19 and beyond” says Shane Moodley, Ithala SOC Limited Head of Retail and Business Banking.

“The Covid 19 outbreak and the lockdown restrictions require the community members to stay at home as to ensure their safety. These SSD’s will ensure that the community members avoid going to congested places like malls and shopping centers as they will be able to access their grants or monies at the spaza shop.  A current distribution network of 38 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 Office
303 Dr Pixley Ka Seme (West Street)
15th Floor Delta Towers Durban

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