Ithala on track for State Bank with a developmental mandate No need to reinvent the wheel – this pioneer in banking the unbanked ticks all the boxes

Shellyn Hutson

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 be 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 the growth of our national footprint beyond the borders of KZN. President Cyril Ramaphosa signed the Postbank Amendment Bill into law in September 2023, formally transferring the Postbank’s shareholding from the embattled South…

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Cape Times (Digital) - 1 Issue, 2024-03-14

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