With commercial banks offering exorbitantly high interest rates on vehicle finance, Siphiwe Nsele thought his dream of owning a motor car will remain just that: a dream.

However, thanks to Ithala SOC Limited’s Public Sector to Public Sector (PS2PS) service offering, the excited teacher from Melmoth on the KwaZulu-Natal North Coast has taken delivery of a brand new set of wheels.   Ithala SOC Limited, a wholly owned subsidiary of Ithala Development Finance Corporation, is a pioneer in banking the unbanked in KwaZulu-Natal. Government and Public Sector Entity employees who sign up for the PS2PS offering receive discounted rates when applying for home loans and motor vehicle finance.

Nsele, a teacher at Mandla Mthethwa School of Excellence in Ndumo, a rural town situated in the far north East district of KwaZulu-Natal, worked passionately towards his goal of owning his own vehicle his entire life.“I had a difficult life growing up and no one in the family was fortunate to own a vehicle. We believed cars were only for wealthy people. “I am the first person to own a car in our household and I must thank Ithala for making my dream a reality,” he said.

Nsele said he approached many banks for finance and received unreasonable interest rates. It was incredibly frustrating and he wanted to give up.“A friend suggested that I approach Ithala SOC Limited and I am glad that I took the advice. The people at Ithala were very efficient and my loan application was approved quickly,” he said.

Dr Thulani Vilakazi, CEO of Ithala SOC Limited, said that the company’s key mandate is to provide access to financial products and services in areas where such offerings have previously been unavailable.“South Africans who come from disadvantaged backgrounds require discipline and education in financial management to achieve greater things in life such as owning your own home or vehicle.“As Ithala we believe that we can make this process easy and a successful one. Ithala SOC Limited offers affordable interest rates because we believe that every South African deserves access to affordable banking services.“Where other commercial banks cannot make your dream a reality, at Ithala we develop ways of making things happen, regardless of your income or financial status,” he said.

Ithala, a registered financial services provider for every ordinary South African believes that with the right education in how to manage your money wisely, South Africans can create wealth for themselves and their future generations.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.

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Issued by: Ithala SOC Limited Head Office
303 Dr Pixley KaSeme (West Street)
15th Floor Delta Towers
Durban