Introducing Ithala SOC Ltd

Ithala SOC Limited, a licenced financial services and registered credit provider, is a 100% owned subsidiary of Ithala Development Finance Corporation Limited, and is listed as a public entiy in terms of Schedule 3 of the PFMA. 

In line with a recommendation from the South African Reserve Bank, Ithala SOC Limited was divided from Ithala Development Finance Corporation Limited in 2001 and has been operating under an exemption from the Banks Act 94 of 1990 (‘Banks Act’), although it has had to comply with most requirements of the Act.

Our purpose is to provide financial services to the people of KwaZulu-Natal, thereby contributing to the province’s socio-economic development. Our physical footprint spans the entire province of KwaZulu-Natal and, in some rural areas, we still remain the only financial institution with a physical presence.

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Vision -

To be an innovative and responsive banking and insurance institution owned by and serving the State and people of South Africa.

Mission -

Ithala SOC Limited is committed to providing financial solutions to our customers through excellent customer service, a team of dedicated staff and technologically-driven products, whilst adhering to sound governance practices and caring for the communities and their environment.

Values -

  • Respect - We will treat each and every person the same way that we would expect to be treated;
  • Innovation - We will become part of the solution by coming up with ways of making things happen;
  • Integrity - We will always do what’s right, no matter what;
  • Customer Satisfaction - We will always put ourselves in the customer’s shoes and deliver exceptional service all the time.

Empowerment -

We go the extra mile to ensure that everybody has an opportunity to influence or make decisions which will improve our business engagement with our stakeholders.

Fair and Equitable Employment Practices -

We ensure that we provide an environment that is fair and non-biased, no matter the gender or creed of a person, in accordance with best practices.

A Holistic Overview of our Offering -

Our mandate is to provide access to financial products and services in areas where such offerings have previously been unavailable. As part of our essential products and services bouquet we provide the following via a multi-channel distribution network to individuals, groups, businesses and other public sector entities:

  • Transactional Banking;
  • Electronic Banking;
  • Insurance;
  • Lending;
  • Public Sector Finance;
  • Savings and Investments.