Ithala SOC Limited recently handed over nine taxis to nine taxi owners together with their taxi drivers at Durban South Toyota. This was the second bulk handover in three months.

Ithala, a licensed financial service provider, offers clients through a hire-purchase agreement to buy a commercial vehicle which will be used to ferry passengers and is properly registered with a taxi industry regulatory body. The taxi finance service offering provides benefits for an ordinary South African to own a commercial vehicle and pay back the loan over up to 60 months at a competitive interest rate.

Ms Hadebe from the Molweni Wyebank Taxi Association - has three taxis - two of which she received from Ithala SOC Limited’s taxi finance. She said the Covid-19 pandemic presented her with numerous challenges, especially during lockdown, which resulted in her being unable to put bread on the table for her family.

“But thanks to Ithala SOC Limited’s loan, my family and I are now in a sustainable financial footing. Ithala SOC Limited  made the process smooth and easy. They are really a financial institution for all ordinary South Africans and go out of their way to help people in need,” said Hadebe.

Mr Mbhele from the same taxi association has received three taxis from Ithala SOC Limited’s taxi finance option. He said business is starting to pick up after the Covid-19 pandemic, and that has resulted in him getting more taxis.

“Receiving funding for a new taxi was one of my biggest challenges until I heard about Ithala SOC Limited’s offering. I am absolutely grateful to them as they have made an enormous difference in my life and that of my family,” said Mbhele.

Ithala believes in helping ordinary South Africans look after their families, put food on the table and create wealth for future generations.

Dr Thulani Vilakazi, CEO of Ithala SOC Limited, explained that Ithala’s purpose is to provide financial services to the people of KwaZulu-Natal, thereby contributing to the province’s socio-economic development.

“One of the core objectives as Ithala  is to support growth initiatives aimed at creating wealth. Ms Hadebe and Mr Mbhele undoubtedly fulfil this criterion through their sterling work and the resilience they have demonstrated throughout.

“We offer affordable interest rates because we believe that every South African deserves access to affordable financial services. We are also glad to announce that in the coming months we will be handing-over more taxis to owners across the province,” says Vilakazi.

Ithala SOC Limited is the only state-owned entity that provides full banking services; is 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.

-- ENDS --

Facebook @MyIthala, Twitter @MyIthala, Instagram @MyIthala, LinkedIn Ithala SOC Limited, #RedefiningWealth #IthalaMoneyTalks #MoveToIthala #StateBank

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