Monday, 15 April 2024
22.7 C
Durban

Partnership boost for township, rural development

Home Business Management Finance & Investment Partnership boost for township, rural development

MORE South Africans will have the opportunity to build a better life by creating their own wealth, thanks to a partnership between Ithala SOC Limited and fintech start-up, Black Pay.

The alliance, valued at R250 million will finance township and rural development through home loans, backyard flats, and taxi and vehicle credit, while prioritising women and young people.

Dr Thulani Vilakazi, CEO of Ithala SOC Limited, said Black Pay will provide all the support Ithala’s clients need to help them in obtaining a loan and to ensure the process runs smoothly.

“We recognise that a significant part of our work should be the improvement of the lives and livelihoods of our people. Our partnership with Black Pay is a valuable step towards that endeavour, and will serve as a model for future partnerships,” Vilakazi added.

As the only state-owned entity that provides full banking services, Ithala SOC Limited is fully regulated by the South African Reserve Bank and other banking industry regulators. Its current distribution network of 38 branches in KZN provides convenient transacting facilities, offering a comprehensive portfolio of corporate and personal banking solutions.

Black Pay’s focus is on financial inclusion solutions in township and rural markets. The no-frills, non-banking fintech was founded by the Black Space Group, which is led by tech and property businessman, Nkonzo Mbetha, together with musician and social entrepreneur, Zakhele Madida (popularly known as Zakes Bantwini). At the helm of Black Pay’s lending business is CEO and partner, Thandeka Ndlovu, a chartered accountant.

Bantwini said, “We’ve found a partner who is as committed as we are in developing and uplifting the township and rural economy. We believe the time is now to inject much-needed investment in underdeveloped communities”.

Most Popular

The new ‘City of the West’ showcases opportunities

THE Westown development team and Fundamentum Property Group hosted more than 40 residential, commercial, and industrial brokers and agents at the Westown construction site...

Sibaya node north of Durban attracts investment

LOCATED between the Ohlanga and eMdloti estuaries on KwaZulu-Natal’s north coast, the Sibaya Coastal Precinct has undergone a remarkable transformation over the past decade...

Full closure of the N3 due to blasting near Peacevale

THE N3 in KwaZulu-Natal will be fully closed on 10 April 2024 between 14h30 and 15h00 to facilitate blasting next to the N3 opposite...

Precise planning, clear goals and optimisation are key to supply chain success

AS one of the leading manufacturers of industrial gas, Air Products has established a successful supply chain strategy, crafted from industry experience, best practice...