Durban — Ithala Bank has partnered with the Nquthu Local Municipality in order to alleviate poverty and the rate of unemployment within the rural communities, as well as those who live on the urban fringes of the KwaZulu-Natal province.
The institution made the pledge during the engagements with the municipality annual horse racing event known as Nquthu June, held on Sunday.
The Nqutu June Horse Racing event started in 2021, with an aim to fight poverty and reduce the high unemployment rate in the region, has become the main attraction among the locals.
The maskandi music extravaganza and horse racing activities have been heralded during the Nquthu June since its inception. Ithala Bank, a major sponsor of the event, aimed to continue to improve its support and become a banking partner.
The event, which focused on youth development and the upliftment of rural communities, was expected to bring economic benefits for local businesses.
The Nquthu June, also an event that showcases maidens of Zulu cultures, continued to be the shining light for local people in the area.
This year’s event promised to be bigger and better, as the financial institution aimed to boost KZN tourism through its sponsorship packages.
According to Ithala SOC Limited chief executive officer Dr Thulani Vilakazi, “All stakeholders involved in this event should join hands and commit to make this event a success. It is worth noting that Nquthu Town is the home of Isandlwana, the historic Anglo-Zulu War battle that took place on 22 January 1879, making Nquthu a tourist destination worldwide.”
“Nquthu June has become one of the major events in our province since 2021. This year, Ithala Bank will provide sponsorship worth R25 000 as well as become a banking partner. Our aim as a financial institution is to invest in youth from rural areas and help reduce the unemployment rate in rural communities,” Vilakazi said.
Ithala is a licensed financial services provider and registered credit provider, Vilakazi stated, Ithala SOC Limited continued to champion the needs of ordinary South Africans, especially those in rural areas. Formed in the early 2000s, Ithala demonstrated its commitment to driving the social transformation agenda in the province by banking the unbanked.
Vilakazi said Nquthu June aligned perfectly with Ithala’s transformation agenda and the financial institution hopes to contribute massively in making the event a success.
He said as a pioneer in banking the unbanked in KZN, Ithala SOC Limited was the first financial services institution to provide banking services to townships and rural areas of KZN, and provided a range of key savings and investments products, insurance services and personal and home loan products to communities throughout the province.
Vilakazi added that Ithala now boasts a distribution network of 36 branches throughout KZN, providing convenient transacting facilities.
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