The annual glitz and glamour event, the Dundee July rural horse race, was a virtual event where spectators kicked back in the comfort of their homes and cheered on galloping horses and favourite jockeys on Saturday the 14th of August . This popular event was established in 2005 for the purpose of rural, social and skills development for the people who are from previously disadvantaged communities. Over 500 participants have previously attracted over 20 000 spectators from all over KwaZulu-Natal, Eastern Cape, Free State, Mpumalanga and Southern African Development Community (SADC) member countries, Botswana and Lesotho.
At previous Dundee July’s this traditional tourism money-spinner event contributed R15m to the local economy and created over 3000 temporary jobs. Ithala SOC Limited, a 100% owned subsidiary of Ithala Development Finance Corporation – KZN’s provincial development agency – is a banking partner and sponsor of the flagship event organised by the KZN Department of Sport and Recreation. Ithala’s mandate is to serve ordinary South Africans and help them to manage their money and create wealth.
In 2019, Ithala expanded its involvement in the Dundee July into fashion with a programme known as ‘The Legacy Programme’ which focuses on creating sustainable rural development that goes beyond initial contact between beneficiaries and benefactors. This has ensured that rural outreach, development and empowerment initiatives are impactful and sustainable over a long enough time to make a lasting impact on communities. Dr Thulani Vilakazi, CEO of Ithala SOC Limited, said over the past five years Ithala has partnered with the Department of Sport and Recreation, thus making lthala the official banking partner for the Dundee July.
“This event which attracts a large following provides an ideal platform in which to bring affordable and convenient financial services closer to the people of KZN. “As a pioneer champion in banking the unbanked in KZN, transactional accounts will be opened for participants to safely deposit their participation fees and winnings thus growing our transactional account base. “Ithala will distribute stake money and appearance fees to all winners and 104 participants this year.
“Despite the country being in lockdown level three, Ithala looks forward to a virtual Dundee July event,” said Vilakazi. Ithala invited all Dundee July fans and punters to watch the big race day on television with the same enthusiasm and passion as if they were along the racetrack.
Ithala SOC Limited is the only state-owned entity that provides full banking services; is already fully regulated by the South African Reserve Bank and other banking industry regulators; and is fully committed to ensuring compliance with all applicable regulations.A current distribution network of 38 branches in KZN provides convenient transacting facilities. Ithala offers a comprehensive portfolio of corporate and personal banking solutions.
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