An agreement by Ithala SOC Limited, Ithala Development Finance Corporation Limited (IDFC) and the South African Technicians Association (SATA) will assist black-owned and emerging entrepreneurs in the automotive sector with training skills to become artisans and mechanics.
The MOU which is intended to transform the township and rural economy is a project of KwaZulu-Natal MEC for Economic Development, Tourism and Environmental Affairs, Nomusa Dube-Ncube.
Ithala SOC Limited will support small contractors with financial services ranging from
1. Retail Banking
2. Business Banking.
3. Insurance products to qualifying suppliers, licensees, service providers/ any other qualifying individuals.
4. Provide support in relation to enhancing meaningful participation of historically disadvantaged individuals in the automotive repair sector.
Ithala will also be supplying them with SSD machines (ATM self-service) machines and offering free financial assistance.
MEC Dube-Ncube said, “The agreement will ensure organisations cooperated with one another as strategic business partners in delivering on the shared commonalities within their respective mandates.
“This partnership demonstrates the support of government commitment in assisting the automotive sector in the township and rural areas. We hope government departments and corporate will use these centres for their fleet repairs.”
Ithala SOC Limited is a wholly-owned subsidiary of IDFC Limited who will provide access to properties owned by Ithala where service providers in the automotive repairs sector can operate their businesses.
SATA is a non-profit organisation whose objective is to advocate for the impartial and unbiased allocation of opportunities to historically-disadvantaged automotive service providers, especially in the servicing of the Public Sector fleet.
Dr Thulani Vilakazi, CEO of Ithala SOC Limited, said the bank’s primary objectives are to grow the automotive sectors and attract new entrants, especially black contractors who can build businesses and create jobs.
“This partnership allows Ithala SOC Limited to grow emerging contractors and demonstrate the bank’s capabilities in providing key financial assistance to future mechanics and artisans in South Africa.
“An opportunity like this will enable us to grow our customer base and contribute greatly to the empowerment of emerging contractors in the industry. Our main aim is to take every ordinary South African through a journey of wealth creation, hence we don’t see SATA members as business associates but they are partners” he said.
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.
For more information visit www.myithala.co.za, call 031 366 2500. Follow us on Facebook @MyIthala, Twitter @MyIthala, Instagram @MyIthala, LinkedIn Ithala SOC Limited, #DefeniningWealth #IthalaMoneyTalks #MoveToIthala
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