It is often said that financial freedom is only for the upper class and not for the average citizen. This insight is a notion that financial services provider, Ithala SOC Limited, is trying to dispel. “July is a savings month and this calls for all the institutions to raise awareness on financial management and topics around key aspects of saving’, says Sandile Xolo, Head of Marketing and Communications for Ithala SOC Limited. “Having access to money and financial freedom comes with the need to manage your finances and ensure that debt does not overburden or destroy your ability to create wealth,” he said. According to a report released last year by the National Credit Regulator, there are 25 million ‘credit-active’ consumers in South Africa, 10 million were behind in their loan repayments. Even the World Bank has deemed South Africa to be the most indebted country in the world. A report compiled by Debt Rescue based on a year-long research shows that only 23% of South Africans have money left at the end of the month. Most people battled because of debt repayments, with more than half of consumers using 75% of their salary to make debt repayment. Ithala believes over-indebted consumers must engage in some serious introspection and must exercise strict financial discipline if they are to comfortably make ends meet. While Xolo believes that reducing debt, saving and investing to ultimately enjoy financial freedom rests entirely with each individual, he says that access to the right information will result in more informed choices and an improved standard of living. The organisation believes that educating people about money and providing the necessary tools to manage money can help to address the triple challenges of poverty, unemployment and inequality. Ithala regularly undertakes initiatives that help promote financial literacy in communities and encourage a spirit of saving. “Often what makes financial freedom unattainable and pushes most people into debt is the lack of financial illiteracy which leads to poor consumption driven decisions,” said Xolo. Equipping people with key financial literacy skills as early as possible at school level can enable them to make sound future decisions regarding their money. To assist people, save and improve their wealth, National Treasury in 2015 introduced tax free savings accounts to be offered by banks, life insurance companies, collective investment scheme managers, Linked Investments Service Providers (LISPS) and authorised users to the public. Tax free savings accounts are a way of encouraging more individual saving and investment. For the past 60-years Ithala has been at the forefront of creating special offerings that will help people save as a means to accumulate personal wealth and economic freedom. “Investment is an important vehicle for financial freedom. Hence, much needed guidance on financial planning coupled with a savings culture will yield positive returns for ordinary South Africans. Our mission is to instill and promote the culture of savings and urge our fellow South Africans to start their journey with Ithala.,” said Xolo. 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: https://www.facebook.com/MyIthala Follow us on Twitter: https://twitter.com/MyIthala Follow us on LinkedIN: @myithala SOC Follow us on Instagram: https://www.instagram.com/myithala/ Follow us on YouTube: @myithala #WealthCreation #MoneyTalks #MoveToIthala #statebank

Qhude Projects (Pty) Ltd, a KwaZulu-Natal based logistical services co-operative, is the latest enterprise to benefit from a R9million loan from Ithala Development Finance Corporation Limited (IDFC) as part of an enterprise and supplier development partnership signed in 2022 with Sappi Southern Africa. Since the signing of this MOU between Sappi and IDFC, four transactions amounting to R44.9million and resulting in a total of 144 direct jobs have been concluded. This includes the loan from IDFC to Qhude Projects (Pty) Ltd to acquire 2 rear tipper trucks, 2 side tipper trucks and 2 front-end loaders and which enables them to service a 5-year contract with Sappi to manage a landfill site in northern KwaZulu-Natal, adjacent to the Sappi Tugela Mill. The equipment was handed over on Thursday 31 August 2023. Both Sappi and the IDFC (Ithala) will provide ongoing support to the Co-Operative to ensure their success. Qhude Projects (Pty) Ltd operates from Mandeni situated in the iLembe District Municipality and was started five months ago by Siyanda Thusi. To date the start-up has created a total of 15 direct jobs, 50% of these being held by members of the youth. Ithala Development Finance Corporation’s commitment to socio-economic transformation is borne out by concrete action of putting money where its vision is. “ This is another rung in the ladder that we at IDFC have been constructing to change the lives of rural and township folks, a cause we have been championing for over 60 years”, said Pearl Bengu, Group Chief Executive of IDFC. She also said: “No one should be left behind as our country pulls itself out of the legacy of apartheid”. Lesiba Lamola, Sappi’s Regional ESD Sourcing Manager concurred by adding : “This partnership with IDFC supports our Enterprise Supplier Development (ESD) objectives, that are aimed at building thriving local economies within the communities where we operate.” As the province’s development financier and provider of commercial and industrial property, Ithala Development Finance Corporation (IDFC) has embarked on a strategic partnership initiative with the private and public sector to drive economic participation of emerging black entrepreneurs operating in all sectors of the economy, particularly those operating in rural and township areas. “The past three years have been characterised by notable challenges in a number of different sectors of business activity across South Africa – including economic weakness and constrained fixed investment. These conditions have necessitated heightened efforts on our part in advancing the delivery of our developmental mandate. Remaining close to our customers and partnering with the private sector who share our values of driving socio-economic transformation in the province is a key ingredient in supporting the provincial government’s economic recovery plan. In addition to ensuring they are able to repay their loans, their success means capital repayments are reinvested in further lending operations, thus growing our economic impact” said Mr Sihle Mkhize, IDFC Chairman of the Board of Directors. “We want to thank Sappi for entrusting us with the task of being a strategic partner in transforming the lives of ordinary citizens in our province. and look forward to a fruitful and mutually beneficial relationship”, said Mkhize. “Since signing the MOU with IDFC, we have been encouraged by the progress that has been made and the boost it has given our capacity building programmes for SMEs. This partnership ensures that we also facilitate access to funding, which in turn provides access to essential infrastructure and resources that are necessary to ensure business sustainability and growth. With this in place, we can focus on providing access to markets, providing the essential business and technical skills development required and assist in building up sustainable, thriving enterprises”, said Lamola. Through IDFC’s business finance solutions, coupled with Sappi Southern Africa’s ESD initiative, the partnership is committed to providing financial muscle and unlocking the full potential and entrepreneurial spirit of SMEs in Kwa-Zulu Natal. Supporting SMMEs in South Africa | Sappi Global

The annual glitz and glamour event, the Dundee July rural horse race, was a virtual event held on Saturday 14 August. This popular event was established in 2005 by the KZN Department of Sport and Recreation for the purpose of rural, social and skills development for people who are from previously disadvantaged communities. MEC for Arts, Culture, Sport and Recreation in KwaZulu-Natal, Hlengiwe Mavimbela described the 2021 Dundee July as highly successful despite the event being hosted without spectators due to Covid-19 regulations. The event was postponed in July as the country was placed under Lockdown Level 4 regulations due to high numbers of Covid-19 infections. “I wish to thank the horse owners and jockeys for their understanding and cooperation in making this event a success. We only had 104 horses for this year, instead of the over 400 that we normally have. This was done to ensure that we comply with the Covid-19 regulations,” she said. MEC Mavimbela added that she was highly impressed by the standard of competition among the horses in each of the nine races that took place. “All races were of high standard. But I want to highlight two races, one being the Ladies Race that was named after Mama Charlotte Maxeke, which was won by Londi Nxumalo from Umgungundlovu, and the main race that was won by an outsider, Troublemaker from Amajuba District, with Lungani Gamede as the jockey. The horse surprised many people because no one expected Troublemaker to emerge as winner in this race.” The community of Umzinyathi District were applauded for respecting the request for them not to attend the event, and instead follow it on different media platforms. “That is why we partnered with SABC Sport, Ukhozi FM, 1KZN TV and community radio stations to bring the race into people’s homes,” said MEC Mavimbela. The Dundee July has 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. Consequently, 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 sponsor of the flagship event. 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. 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. Ithala’s mandate is to serve ordinary South Africans and help them to manage their money and create wealth. “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,” concluded Dr Vilakazi.

After more than a 100 days at the helm of KwaZulu-Natal’s financial institution that mirrors the aspirations of ordinary folk, especially in rural areas, Dr Thulani Vilakazi, chief executive officer, is ready to take Ithala SOC Limited to the next level as a state bank. He believes that as the pioneer in banking the unbanked and insuring the uninsured, Ithala SOC Limited has the right ingredients and is all set on the trajectory to become a state bank. For far too long, ordinary South Africans have been left out of the transformation agenda, with historically disadvantaged people, especially in rural areas, having to bear the brunt of exclusion from financial services, said Dr Vilakazi. He said banking systems needed to be conducive to serving the interests of everyday South Africans - a role that Ithala has long been fulfilling as a development finance institution. The creation of a state bank would be in line with government’s strategy to transform the financial sector, and will empower communities and accelerate radical economic transformation, he added. Ithala SOC Limited – a 100% owned subsidiary of Ithala Development Finance Corporation, KwaZulu-Natal’s provincial development agency - has a six-decade legacy. As an organisation which puts people before profit, Dr Vilakazi said a state bank would operate differently to commercial banks which invest millions of KZN taxpayer funds outside the province as opposed to investing in sustainable development locally first. “Against the backdrop of the triple challenges of poverty, inequality and unemployment, a state bank could earn additional revenue for the state which could help spur economic development and release vulnerable members of society from the debt trap that so many people find themselves in,” he said. All due processes are being adhered to by Ithala to enable completion of the process of applying for a permanent banking licence. When Dr Vilakazi assumed his position as CEO of Ithala in September this year, his mission was to develop business strategies and plans in line with short-term and long-term objectives; lead and motivate staff to advance employee engagement; develop a high performing managerial team; and, ultimately oversee all operations and business activities to ensure they produce the desired results. He said while the strategy to ensure financial sustainability had paid dividends, the COVID-19 pandemic had posed some challenges and these were being swiftly mitigated. He attributed the current positive trajectory in business performance to the strict implementation of sustainable cost control; promoting revenue growth through marketing brand positioning and expanded distribution channels; and introducing operational efficiencies through system development. “The organisation affirms its ethos of customer-care and community partnership which sustain the Ithala brand, thus differentiating this financial institution from its competitors.” Dr Vilakazi possesses in-depth expertise and experience in banking, financial services and stock exchange industries. He is considered an expert in SME financing, agribusiness, corporate, retail, credit, trade finance and public sector banking. He is a Doctoral level authority in Mergers and Acquisitions. He has also participated in several courses in executive development. A rural lifestyle is not foreign to him - he commenced his primary education at Emfeni School, a farm school in Eston in the KwaZulu-Natal Midlands sugarcane fields. He matriculated at Isibukosezwe High School in Hammarsdale. After studying for degrees in education, he commenced employment as a lecturer in the Faculty of Education at the University of Zululand. He then joined the Valley Trust as divisional manager and was responsible for primary health care funding. Here he established over 50 community-based pre-schools. Meanwhile, he continued post-graduate studies in the field of IT and financial services. He attained an MBA from Henley Management College/ Brunel University, London. He entered the banking field with ABSA and became the National Manager: New Enterprise Banking. He then joined Standard Bank Group where was seconded to Malawi for three years as Deputy Managing Director following the acquisition of Malawi’s second largest bank CBM now Stanbic Bank Malawi Ltd by Standard Bank Group. He played a major role in modernisation of the Malawi banking industry. He is a former non-executive director of the Malawian Stock Exchange. Dr Thulani Vilakazi was chosen by the late Dr Leon Sullivan – the first African-American to chair General Motors USA as one of the Top 30 Best and Brightest Bankers in Africa and attended intensive training at Chase Bank New York now JP Morgan Chase, the third largest bank in the US and Mellon Bank in Philadelphia. He gained experience in rental and leasing finance when he joined Rentworks as Deputy CEO and a Director on the Board which was then chaired by President Cyril Ramaphosa. He spent a decade at Nedbank Group (Africa Division) and rose to the position of Head of Strategy, Marketing & Communications. In July 2018, he joined Guidepoint Advisors as a global advisor focused on financial, banking and corporate business services. Dr Vilakazi, a father of two daughters and a son, is a member of the Institute of Directors Southern Africa. He is also a member of the Royal Family Trust of Abambo within Ilanga Traditional Council Authority at Emfeni Great Place which is involved in farming interests for community economic empowerment. He believes educating and giving South Africans the necessary tools to manage their money, can help extricate them from poverty and unemployment. And who better to do that than he who has distinguished himself with academic credentials in both education and banking, with specific reference to small business financing. “By simplifying the conversation about wealth creation, we aim to offer our customers and potential customers a practical formula to accumulate wealth,” says Dr Vilakazi. Ithala has a distribution network of 38 branches in KZN which provide convenient transacting facilities. A comprehensive portfolio of personal banking and insurance solutions is offered. Visit www.myithala.co.za #WealthCreation #MoneyTalks #MoveToIthala #statebank

After 100 days at the helm of KwaZulu-Natal’s financial institution that mirrors the aspirations of ordinary folk, especially in rural areas, Dr Thulani Vilakazi, chief executive officer, is ready to take Ithala SOC Limited to the next level as a state bank. He believes that as the pioneer in banking the unbanked and insuring the uninsured, Ithala SOC Limited has the right ingredients and is all set on the trajectory to become a state bank. For far too long, ordinary South Africans have been left out of the transformation agenda, with historically disadvantaged people, especially in rural areas, having to bear the brunt of exclusion from financial services, said Dr Vilakazi. He said banking systems needed to be conducive to serving the interests of everyday South Africans - a role that Ithala has long been fulfilling as a development finance institution. The creation of a state bank would be in line with government’s strategy to transform the financial sector, and will empower communities and accelerate radical economic transformation, he added. Ithala SOC Limited - a 100% owned subsidiary of Ithala Development Finance Corporation, KwaZulu-Natal’s provincial development agency - has a six-decade legacy. As an organisation which puts people before profit, Dr Vilakazi said a state bank would operate differently to commercial banks which invest millions of KZN taxpayer funds outside the province as opposed to investing in sustainable development locally first. “Against the backdrop of the triple challenges of poverty, inequality and unemployment, a state bank could earn additional revenue for the state which could help spur economic development and release vulnerable members of society from the debt trap that so many people find themselves in,” he said. All due processes are being adhered to by Ithala to enable completion of the process of applying for a permanent banking licence. When Dr Vilakazi assumed his position as CEO of Ithala in September this year, his mission was to develop business strategies and plans in line with short-term and long-term objectives; lead and motivate staff to advance employee engagement; develop a high performing managerial team; and, ultimately oversee all operations and business activities to ensure they produce the desired results. He said while the strategy to ensure financial sustainability had paid dividends, the COVID-19 pandemic had posed some challenges and these were being swiftly mitigated. He attributed the current positive trajectory in business performance to the strict implementation of sustainable cost control; promoting revenue growth through marketing brand positioning and expanded distribution channels; and introducing operational efficiencies through system development. “The organisation affirms its ethos of customer-care and community partnership which sustain the Ithala brand, thus differentiating this financial institution from its competitors.” Dr Vilakazi possesses in-depth expertise and experience in banking, financial services and stock exchange industries. He is considered an expert in SME financing, agribusiness, corporate, retail, credit, trade finance and public sector banking. He is a Doctoral level authority in Mergers and Acquisitions. He has also participated in several courses in executive development. A rural lifestyle is not foreign to him - he commenced his primary education at Emfeni School, a farm school in Eston in the KwaZulu-Natal Midlands sugarcane fields. He matriculated at Isibukosezwe High School in Hammarsdale. After studying for degrees in education, he commenced employment as a lecturer in the Faculty of Education at the University of Zululand. He then joined the Valley Trust as divisional manager and was responsible for primary health care funding. Here he established over 50 community-based pre-schools. Meanwhile, he continued post-graduate studies in the field of IT and financial services. He attained an MBA from Henley Management College/ Brunel University, London. He entered the banking field with ABSA and became the National Manager: New Enterprise Banking. He then joined Standard Bank Group where was seconded to Malawi for three years as Deputy Managing Director following the acquisition of Malawi’s second largest bank CBM now Stanbic Bank Malawi Ltd by Standard Bank Group. He played a major role in modernisation of the Malawi banking industry. He is a former non-executive director of the Malawian Stock Exchange. Dr Thulani Vilakazi was chosen by the late Dr Leon Sullivan - the first African-American to chair General Motors USA as one of the Top 30 Best and Brightest Bankers in Africa and attended intensive training at Chase Bank New York now JP Morgan Chase, the third largest bank in the US and Mellon Bank in Philadelphia. He gained experience in rental and leasing finance when he joined Rentworks as Deputy CEO and a Director on the Board which was then chaired by President Cyril Ramaphosa. He spent a decade at Nedbank Group (Africa Division) and rose to the position of Head of Strategy, Marketing & Communications. In July 2018, he joined Guidepoint Advisors as a global advisor focused on financial, banking and corporate business services. Dr Vilakazi, a father of two daughters and a son, is a member of the Institute of Directors Southern Africa. He is also a member of the Royal Family Trust of Abambo within Ilanga Traditional Council Authority at Emfeni Great Place which is involved in farming interests for community economic empowerment. He believes educating and giving South Africans the necessary tools to manage their money, can help extricate them from poverty and unemployment. And who better to do that than he who has distinguished himself with academic credentials in both education and banking, with specific reference to small business financing. “By simplifying the conversation about wealth creation, we aim to offer our customers and potential customers a practical formula to accumulate wealth,” says Dr Vilakazi. Ithala has a distribution network of 38 branches in KZN which provide convenient transacting facilities. A comprehensive portfolio of personal banking and insurance solutions is offered. Visit www.myithala.co.za #WealthCreation #MoneyTalks #MoveToIthala

After 100 days at the helm of KwaZulu-Natal’s financial institution that mirrors the aspirations of ordinary folk, especially in rural areas, Dr Thulani Vilakazi, chief executive officer, is ready to take Ithala SOC Limited to the next level as a state bank. He believes that as the pioneer in banking the unbanked and insuring the uninsured, Ithala SOC Limited has the right ingredients and is all set on the trajectory to become a state bank. For far too long, ordinary South Africans have been left out of the transformation agenda, with historically disadvantaged people, especially in rural areas, having to bear the brunt of exclusion from financial services, said Dr Vilakazi. He said banking systems needed to be conducive to serving the interests of everyday South Africans - a role that Ithala has long been fulfilling as a development finance institution. The creation of a state bank would be in line with government’s strategy to transform the financial sector, and will empower communities and accelerate radical economic transformation, he added. Ithala SOC Limited - a 100% owned subsidiary of Ithala Development Finance Corporation, KwaZulu-Natal’s provincial development agency - has a six-decade legacy. As an organisation which puts people before profit, Dr Vilakazi said a state bank would operate differently to commercial banks which invest millions of KZN taxpayer funds outside the province as opposed to investing in sustainable development locally first. “Against the backdrop of the triple challenges of poverty, inequality and unemployment, a state bank could earn additional revenue for the state which could help spur economic development and release vulnerable members of society from the debt trap that so many people find themselves in,” he said. All due processes are being adhered to by Ithala to enable completion of the process of applying for a permanent banking licence. When Dr Vilakazi assumed his position as CEO of Ithala in September this year, his mission was to develop business strategies and plans in line with short-term and long-term objectives; lead and motivate staff to advance employee engagement; develop a high performing managerial team; and, ultimately oversee all operations and business activities to ensure they produce the desired results. He said while the strategy to ensure financial sustainability had paid dividends, the COVID-19 pandemic had posed some challenges and these were being swiftly mitigated. He attributed the current positive trajectory in business performance to the strict implementation of sustainable cost control; promoting revenue growth through marketing brand positioning and expanded distribution channels; and introducing operational efficiencies through system development. “The organisation affirms its ethos of customer-care and community partnership which sustain the Ithala brand, thus differentiating this financial institution from its competitors.” Dr Vilakazi possesses in-depth expertise and experience in banking, financial services and stock exchange industries. He is considered an expert in SME financing, agribusiness, corporate, retail, credit, trade finance and public sector banking. He is a Doctoral level authority in Mergers and Acquisitions. He has also participated in several courses in executive development. A rural lifestyle is not foreign to him - he commenced his primary education at Emfeni School, a farm school in Eston in the KwaZulu-Natal Midlands sugarcane fields. He matriculated at Isibukosezwe High School in Hammarsdale. After studying for degrees in education, he commenced employment as a lecturer in the Faculty of Education at the University of Zululand. He then joined the Valley Trust as divisional manager and was responsible for primary health care funding. Here he established over 50 community-based pre-schools. Meanwhile, he continued post-graduate studies in the field of IT and financial services. He attained an MBA from Henley Management College/ Brunel University, London. He entered the banking field with ABSA and became the National Manager: New Enterprise Banking. He then joined Standard Bank Group where was seconded to Malawi for three years as Deputy Managing Director following the acquisition of Malawi’s second largest bank CBM now Stanbic Bank Malawi Ltd by Standard Bank Group. He played a major role in modernisation of the Malawi banking industry. He is a former non-executive director of the Malawian Stock Exchange. Dr Thulani Vilakazi was chosen by the late Dr Leon Sullivan - the first African-American to chair General Motors USA as one of the Top 30 Best and Brightest Bankers in Africa and attended intensive training at Chase Bank New York now JP Morgan Chase, the third largest bank in the US and Mellon Bank in Philadelphia. He gained experience in rental and leasing finance when he joined Rentworks as Deputy CEO and a Director on the Board which was then chaired by President Cyril Ramaphosa. He spent a decade at Nedbank Group (Africa Division) and rose to the position of Head of Strategy, Marketing & Communications. In July 2018, he joined Guidepoint Advisors as a global advisor focused on financial, banking and corporate business services. Dr Vilakazi, a father of two daughters and a son, is a member of the Institute of Directors Southern Africa. He is also a member of the Royal Family Trust of Abambo within Ilanga Traditional Council Authority at Emfeni Great Place which is involved in farming interests for community economic empowerment. He believes educating and giving South Africans the necessary tools to manage their money, can help extricate them from poverty and unemployment. And who better to do that than he who has distinguished himself with academic credentials in both education and banking, with specific reference to small business financing. “By simplifying the conversation about wealth creation, we aim to offer our customers and potential customers a practical formula to accumulate wealth,” says Dr Vilakazi. Ithala has a distribution network of 38 branches in KZN which provide convenient transacting facilities. A comprehensive portfolio of personal banking and insurance solutions is offered. Visit www.myithala.co.za #WealthCreation #MoneyTalks #MoveToIthala

With recent pronouncements by government leaders on the need for a state bank, there is no need to look far for an existing bank that will make an ideal candidate. Why reinvent the wheel when Ithala SOC Limited – a 100% owned subsidiary of Ithala Development Finance Corporation, KwaZulu-Natal’s provincial development agency – is ripe and ready to become a state bank? With its good governance and sound infrastructure, Ithala which is a pioneer in banking the unbanked sector and helping them manage their money, has all the right ingredients to become a state bank, thus enabling growth of our national footprint beyond the borders of KZN. President Cyril Ramaphosa, speaking to journalists as part of a SA National Editors Forum meeting in February 2021, expressed his support for a state bank. Also, in his State of the Nation Address in February 2020, President Ramaphosa announced that government was moving ahead with its plans to launch a state-owned bank “as part of our effort to extend access to financial services to all South Africans”. The Premier of KZN Sihle Zikalala has long championed for Ithala to become a state bank in keeping with the ANC ‘s drive for radical economic transformation. For far too long, ordinary South Africans have been left out of the transformation agenda, with historically disadvantaged people, especially in rural areas, bearing the brunt of exclusion from financial services. The establishment of a state-owned bank with a developmental mandate will help end the economic apartheid that defines South Africa. It will transform the financial sector and will empower historically-disadvantaged communities and accelerate radical economic transformation. As the only state-owned entity that provides full banking services, the concept of a state bank is a natural progressive step for Ithala. We tick all the boxes. Hence, there is no need to look beyond Ithala to appoint a state bank that is “fit and ready” to serve the people. Ithala welcomes the tough stance taken by the ANC in KwaZulu-Natal to push for the fast-tracking of the establishment of a state bank. At its recent two-day lekgotla a fortnight ago, the ruling party in KwaZulu-Natal said the delays in setting up a state bank prejudiced the national democratic revolution. The ruling party had long championed the case for a state bank and any further delays would see historically disadvantaged people being excluded from financial services. Banking systems must be conducive to serving the interests of everyday South Africans - a role that Ithala has long been fulfilling as a development finance institution. As an entity wholly-owned by the KZN provincial government, Ithala’s overall goals and strategies must be aligned with the socioeconomic policies and strategies of government. Hence, with a six-decade legacy of development, Ithala believes it is well positioned to ensure better use of public funds towards key priority areas including job creation and economic development in financially distressed rural communities. As an organisation which puts people before profit, Ithala would operate differently to commercial banks which invest millions of KZN taxpayer funds outside the province as opposed to investing in sustainable development locally first. Against the backdrop of the triple challenges of poverty, inequality and unemployment, a state bank could earn additional revenue for the state which could help spur economic development and release vulnerable members of society from the debt trap that so many people find themselves in. The millions of public funds ploughed into the so-called big banks have done little to free credit for job creation or economic development in depressed rural communities. Pouring money into the private banking system has only fixed the economy for bankers and the wealthy; it has not done much to address either the fundamental problem of unemployment or the debt trap so many South Africans find themselves in. Instead of using state funds as a means to further enrich private banks, a state-owned bank could earn additional revenue for the state while at the same time help spur economic development. A state bank will provide financing for student aid, infrastructure, and industry and community development through interest earned on tax revenue. A state bank will help keep our resources local instead of exporting them as profits, never to be seen again. Ithala’s mandate is to deliver and make banking services available where they are not readily available. Ithala’s offers unsecured lending, which means our loan is based on your credit worthiness. All due processes are being adhered to by Ithala to enable completion of the process of applying for a permanent banking licence. Our turnaround strategy to ensure financial sustainability has paid dividends. The organisation affirms its ethos of customer-care and community partnership which sustain the Ithala brand, thus differentiating this financial institution from its competitors. For many years, Ithala SOC Limited has run initiatives aimed at helping communities it serves. Ithala Education Platform: In response to the COVID-19 crisis and its impact on Grade 12 learners in KwaZulu-Natal, Ithala SOC Limited elected to direct its CSI energies towards an online education initiative. Ithala is eager to help matric learners, particularly those from disadvantaged backgrounds, to recover lost schooling time as a result of the National Lockdown and to help them prepare for their exams. In the short-term, the programme has focussed on helping Grade 12 learners with CAPS Curriculum, soft skills, and career guidance. Podcasts of these webinars were uploaded to the Ithala Edu Platform to enable learners to receive 24-hour access to the webinars. These lessons were viewed on GoDigital_SAMovement or MyIthala on Facebook and covered on Ukhozi FM on Thursdays evenings between 21h00 – 22h00. Close to 120 000 grade 12 learners benefited from this programme. Youth Digital Skills Development Programme: In July 2019, Ithala Education Fund resolved to direct resources towards the development of digital skills through the 4IR Digital Skills Development programme. The objective is to provide learners with digital skills that will allow them to be active participants in the 4th Industrial Revolution (4IR) by exposing them to the world of coding, robotics, Artificial Intelligence, and Gaming. The first programme was an intensive Winter/Summer School in December 2019 in KwaDlangezwa High School Esikhawini. A total of 44 learners from 11 schools attended where programming and coding skills were taught. On December 12, Ithala together with GoDigital held an online lesson that was screened live from Innovation hub venue in Durban. More than 10 speakers attended the live session, and more than 10 schools attended the online lesson on coding and robotics. MyBest Childhood Foundation: Ithala SOC Limited partnered with MyBest Childhood Foundation aimed at assisting previously disadvantaged learners in remote areas where schools are often overlooked and under resourced to encourage and nurture talent in early childhood. The partnership consists of the following projects to be carried out by the My Best Childhood Foundation: School Feeding Scheme; Vegetable Garden Programme and School Signage. Ithala MoneyTalks: As a member of the Banking Association of South Africa (BASA), Ithala SOC Limited is expected to conduct financial literacy education to the community. Ithala launched its financial education programme called Ithala MoneyTalks. This programme was established out of the need to start frank conversations about money, which is a difficult topic to discuss, especially in previously disadvantaged households. Normalising these conversations opens opportunities to educate our customers and guides them on the path to financial prosperity. MoneyTalks offers our customers financial literacy skills which empower them to make sound financial decisions, manage their money, and create wealth. The programme contains a series of modules with practical advice and examples that are relevant to our customers. We have also introduced MoneyTalks lessons in various rural schools and other environments where we hope to impact future generations of Ithala customers. Ithala believes that redefining what wealth means, educating, and giving South Africans the necessary tools to manage their money, can help address the triple challenges of poverty, unemployment, and inequality. By simplifying the conversation about wealth creation, we aim to offer our customers and potential customers a practical formula to accumulate wealth. Ithala SOC Limited is the only state-owned entity that provides full banking and insurance 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 business banking, persona banking, and insurance solutions. For more information visit www.myithala.co.za Tel: 031 366 2500. Follow us on Facebook: @MyIthala Twitter: @MyIthala Instagram: @MyIthala LinkedIn: Ithala SOC Limited #RedefiningWealth #IthalaMoneyTalks #MoveToIthala #StateBank

With recent pronouncements by government leaders on the need for a state bank, there is no need to look far for an existing bank that will make an ideal candidate. Why reinvent the wheel when Ithala SOC Limited – a 100% owned subsidiary of Ithala Development Finance Corporation, KwaZulu-Natal’s provincial development agency – is ripe and ready to become a state bank? With its good governance and sound infrastructure, Ithala which is a pioneer in banking the unbanked sector and helping them manage their money, has all the right ingredients to become a state bank, thus enabling growth of our national footprint beyond the borders of KZN. President Cyril Ramaphosa, speaking to journalists as part of a SA National Editors Forum meeting in February 2021, expressed his support for a state bank. Also, in his State of the Nation Address in February 2020, President Ramaphosa announced that government was moving ahead with its plans to launch a state-owned bank “as part of our effort to extend access to financial services to all South Africans”. The Premier of KZN Sihle Zikalala has long championed for Ithala to become a state bank in keeping with the ANC ‘s drive for radical economic transformation. For far too long, ordinary South Africans have been left out of the transformation agenda, with historically disadvantaged people, especially in rural areas, bearing the brunt of exclusion from financial services. The establishment of a state-owned bank with a developmental mandate will help end the economic apartheid that defines South Africa. It will transform the financial sector and will empower historically-disadvantaged communities and accelerate radical economic transformation. As the only state-owned entity that provides full banking services, the concept of a state bank is a natural progressive step for Ithala. We tick all the boxes. Hence, there is no need to look beyond Ithala to appoint a state bank that is “fit and ready” to serve the people. Ithala welcomes the tough stance taken by the ANC in KwaZulu-Natal to push for the fast-tracking of the establishment of a state bank. At its recent two-day lekgotla a fortnight ago, the ruling party in KwaZulu-Natal said the delays in setting up a state bank prejudiced the national democratic revolution. The ruling party had long championed the case for a state bank and any further delays would see historically disadvantaged people being excluded from financial services. Banking systems must be conducive to serving the interests of everyday South Africans – a role that Ithala has long been fulfilling as a development finance institution. As an entity wholly-owned by the KZN provincial government, Ithala’s overall goals and strategies must be aligned with the socioeconomic policies and strategies of government. Hence, with a six-decade legacy of development, Ithala believes it is well positioned to ensure better use of public funds towards key priority areas including job creation and economic development in financially distressed rural communities. As an organisation which puts people before profit, Ithala would operate differently to commercial banks which invest millions of KZN taxpayer funds outside the province as opposed to investing in sustainable development locally first. Against the backdrop of the triple challenges of poverty, inequality and unemployment, a state bank could earn additional revenue for the state which could help spur economic development and release vulnerable members of society from the debt trap that so many people find themselves in. The millions of public funds ploughed into the so-called big banks have done little to free credit for job creation or economic development in depressed rural communities. Pouring money into the private banking system has only fixed the economy for bankers and the wealthy; it has not done much to address either the fundamental problem of unemployment or the debt trap so many South Africans find themselves in. Instead of using state funds as a means to further enrich private banks, a state-owned bank could earn additional revenue for the state while at the same time help spur economic development. A state bank will provide financing for student aid, infrastructure, and industry and community development through interest earned on tax revenue. A state bank will help keep our resources local instead of exporting them as profits, never to be seen again. Ithala’s mandate is to deliver and make banking services available where they are not readily available. Ithala’s offers unsecured lending, which means our loan is based on your credit worthiness. All due processes are being adhered to by Ithala to enable completion of the process of applying for a permanent banking licence. Our turnaround strategy to ensure financial sustainability has paid dividends. The organisation affirms its ethos of customer-care and community partnership which sustain the Ithala brand, thus differentiating this financial institution from its competitors. For many years, Ithala SOC Limited has run initiatives aimed at helping communities it serves. Ithala Education Platform: In response to the COVID-19 crisis and its impact on Grade 12 learners in KwaZulu-Natal, Ithala SOC Limited elected to direct its CSI energies towards an online education initiative. Ithala is eager to help matric learners, particularly those from disadvantaged backgrounds, to recover lost schooling time as a result of the National Lockdown and to help them prepare for their exams. In the short-term, the programme has focussed on helping Grade 12 learners with CAPS Curriculum, soft skills, and career guidance. Podcasts of these webinars were uploaded to the Ithala Edu Platform to enable learners to receive 24-hour access to the webinars. These lessons were viewed on GoDigital_SAMovement or MyIthala on Facebook and covered on Ukhozi FM on Thursdays evenings between 21h00 – 22h00. Close to 120 000 grade 12 learners benefited from this programme. Youth Digital Skills Development Programme: In July 2019, Ithala Education Fund resolved to direct resources towards the development of digital skills through the 4IR Digital Skills Development programme. The objective is to provide learners with digital skills that will allow them to be active participants in the 4th Industrial Revolution (4IR) by exposing them to the world of coding, robotics, Artificial Intelligence, and Gaming. The first programme was an intensive Winter/Summer School in December 2019 in KwaDlangezwa High School Esikhawini. A total of 44 learners from 11 schools attended where programming and coding skills were taught. On December 12, Ithala together with GoDigital held an online lesson that was screened live from Innovation hub venue in Durban. More than 10 speakers attended the live session, and more than 10 schools attended the online lesson on coding and robotics. MyBest Childhood Foundation: Ithala SOC Limited partnered with MyBest Childhood Foundation aimed at assisting previously disadvantaged learners in remote areas where schools are often overlooked and under resourced to encourage and nurture talent in early childhood. The partnership consists of the following projects to be carried out by the My Best Childhood Foundation: School Feeding Scheme; Vegetable Garden Programme and School Signage. Ithala MoneyTalks: As a member of the Banking Association of South Africa (BASA), Ithala SOC Limited is expected to conduct financial literacy education to the community. Ithala launched its financial education programme called Ithala MoneyTalks. This programme was established out of the need to start frank conversations about money, which is a difficult topic to discuss, especially in previously disadvantaged households. Normalising these conversations opens opportunities to educate our customers and guides them on the path to financial prosperity. MoneyTalks offers our customers financial literacy skills which empower them to make sound financial decisions, manage their money, and create wealth. The programme contains a series of modules with practical advice and examples that are relevant to our customers. We have also introduced MoneyTalks lessons in various rural schools and other environments where we hope to impact future generations of Ithala customers. Ithala believes that redefining what wealth means, educating, and giving South Africans the necessary tools to manage their money, can help address the triple challenges of poverty, unemployment, and inequality. By simplifying the conversation about wealth creation, we aim to offer our customers and potential customers a practical formula to accumulate wealth. Ithala SOC Limited is the only state-owned entity that provides full banking and insurance 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 business banking, persona banking, and insurance solutions. For more information visit www.myithala.co.za Tel: 031 366 2500. Follow us on Facebook: @MyIthala Twitter: @MyIthala  Instagram: @MyIthala  LinkedIn: Ithala SOC Limited #RedefiningWealth #IthalaMoneyTalks #MoveToIthala #StateBank #KZNbusinesssense

The concept of a bank for the people by the people sounds like a noble idea. In a country with a history where the majority of its citizens were excluded from the mainstream economy and continue having limited access to economic opportunities and banking services, the realization of this concept is paramount. Building an inclusive economy where all citizens actively participate, whether in a rural or urban environment, requires a mindset shift on providing banking services as a catalyst in achieving an inclusive economy. For over two decades, Ithala SOC Limited (Ithala) has been playing this role and has stood the test of time with all the challenges it has faced, some of which are a consequence of the legislative setup that it operates under, having to comply with the Banks Act, the Public Finance Management Act (PFMA) and a restrictive Banking License Exemption Notice. The biggest beneficiaries of Ithala's success and resilience to continue navigating these challenging territories are its customers, the people of KwaZulu-Natal, many of whom are from the deep rural areas and townships. For your continued support and belief in your brand, Ithala, we say Thank You! SIYABONGA. This belief and need demonstrated by the people we serve confirm the relevance of Ithala's continued existence. It also gives us the strength to serve our people and to be the catalyst for the change we want to see in our country, helping create wealth and transforming people's lives. Over the past two decades, we have played our role diligently, and we remain the only financial institution that operates the way we do, placing the needs and circumstances of marginalised people at the center of how we provide financial services. What does this mean in simple terms to the people of KwaZulu-Natal and South Africa? Ithala has been providing access to financial services and insurance to marginalised people who continue to have limited access to these services from traditional players in the market. Ithala SOC Limited has provided finance of approximately R2.2 billion to people in the rural and township areas to buy a home, car, taxi, education, and other essential needs. Some of the homes we finance are on tribal land, where no other financial services organization does. Helping people to save and create wealth. We do this through our financial education programme Ithala Money Talks ( link to the wealth creation Ad on www.myithala.co.za). Currently, we have over R2.5 billion in customer deposits. This is a clear indication that our efforts to educate people about saving and creating wealth are paying off. Overall, we see positive behaviour change when it comes to managing money. We have a footprint of 38 branches in KZN, and in some areas, we are the only financial services institution. Ithala's presence in these areas not only helps the communities access financial services but also helps with creating employment and stimulating the local rural economy. Responding to the COVID-19 pandemic by launching an online education platform IthalaEduPlatform to assist grade 12 learners during lockdown to prepare for their exams. Ithala Education Platform has grown beyond the Covid period and continues to benefit the youth throughout South Africa www.myithala.education Ithala's current banking license Exemption Notice, which is an interim mechanism that allows Ithala SOC Limited to conduct the activities of a bank without a permanent banking license, limits our ability to scale up our activities and offer more services. For Ithala SOC Limited to reach its full potential, it must get a permanent banking license. This is also a view supported by the Prudential Authority (PA) that will bring Ithala in line with other regulated banks that operate with full banking licenses. To this effect, we have submitted our application for authorisation to apply for a banking license, and we are awaiting Prudential's consideration of our application. We remain committed to compliance with all regulatory and legislative requirements applicable to our organization and operations. To fulfill this commitment, we are making significant investments to enhance our compliance capabilities from a systems and human capital perspective. We also have regular engagements with our regulatory bodies to ensure full compliance with all requirements. Our staff are our biggest asset to deliver on the hopes and aspirations of the people we serve. We have a compliant Board of Directors, and Executive Team with relevant requisite banking skills with a combined experience of over 150 years! The above highlights the role we believe that a bank should play in being a catalyst for building an inclusive economy, creating wealth, and transforming people's lives. This is a role Ithala has played over two decades, and it is the role we will continue to play to transform people's lives. By Dr Thulani Vilakazi, CEO: Ithala SOC Limited

Be part of something special. The University of KwaZulu-Natal has a proud history of discovery, innovation and social change and is committed to delivering life enhancing research, innovation and education that transforms lives for the better. Through your support we are able to send our skilled students out into the world, well-prepared to contribute to a brighter future, making the University locally and globally relevant. UKZN Foundation is proud of the difference we’ve made and continue to make – but we’ll never stop exploring new ways to do more. Creating a bursary fund or endowment for UKZN students is a powerful way to contribute to their educational journey, empower future leaders, promote social mobility, sustain academic excellence, and leave a lasting legacy. Your support can make a significant difference in the lives of students and contribute to building a brighter future for individuals, communities, and society as a whole. By supporting UKZN students today, you inspire them to pay it forward in the future. Donors may establish a bursary fund in the name of an organisation, one’s own name, the name of a family or a loved one. Bursaries are essential for supporting students, breaking financial barriers, and transforming lives. By contributing to bursaries, people, alumni, and corporates play a vital role in empowering students, promoting equal opportunities, and building a brighter future for individuals and society as a whole. Your support can make a significant difference and create a ripple effect that lasts a lifetime. If you’re considering establishing an endowment or bursary in either yours or a loved one’s name, then we would love to hear from you. Whether you would like to support a specific area or just want to make a difference to the wellbeing of the University, we’re here to help ensure your wishes are realised. CONTACT US e-mail foundation@ukzn.ac.za or call 031 260 2389.

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This Week@Work, be bold enough to set your company enterprise value as your destination and revisit it every year with a view to have a 3-year path towards achieving that destination. Your prosperity is largely in your hands. It's also in the wellbeing of your suppliers, customers, friends and family who run their own businesses. You're welcome to share This Week@Work with them. Have an entrepreneurial week, Pavlo Phitidis www.aurik.com