Ithala SOC Limited
Ithala SOC Limited, a licensed financial services and registered credit provider, is a 100% owned subsidiary of Ithala Development Finance Corporation Limited, and is listed as a public entity 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 license 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.
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
- Public Sector Finance
- Savings and Investments.
Ithala Education Trust
The Ithala Education Fund was established in 2016 with the aim of assisting academically deserving, historically disadvantaged youth who cannot afford to pay registration fees, to access tertiary education under the tag #LeaveNoStudentBehind.