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’). The current exemption status is a temporary mechanism to enable Ithala to apply for and comply with the bank licence requirements in terms of the Banks 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.
To be an innovative and responsive financial services institution owned by and serving the State and the people of South Africa.
To provide banking and insurance products and services focusing on Corporate and Retail customers.
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.
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.
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: