Ithala Bank helps empower women

Pearl Bhengu, Ithala Group Chief Executive Officer

Pearl Bhengu, Ithala Group Chief Executive Officer

Published May 17, 2021

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DURBAN - THE 62-year-old Ithala Bank has continued to cement its place, empowering the lives of ordinary people in KwaZulu-Natal.

The bank’s Imbokodo Iyanzenzela Women in SMME’s Mentorship Programme, launched in 2016, has become one of the most celebrated projects undertaken by the institution, in partnership with the provincial Department of Economic Development, Tourism and Environmental Affairs (EDTEA).

Workshops have been held across the province with the aim of empowering women in rural areas.

Through the nationwide workshops, communities helped nominate 20 women who would form part of the R800 000 mentorship programme for 2020/2021.

The bank’s reputation manager, Sthandiwe Dimba, said these women had become community figures who, in return, employed people in their communities.

Dimba said Ithala had also partnered with Vodacom Business Enterprises to offer digital literacy training to the women in the programme.

“These amazing women have done the most, proving to the nation that working with communities can bring positive change and alleviate poverty,” said Dimba.

The bank’s group chief executive, Pearl Bengu, said: “Economic growth and development can only be achieved when we empower and mainstream the poor and marginalised people in society, such as the youth and women.

“This programme will be a great catalyst for change, especially for woman-owned SMMEs development, as we move towards the post-Covid recovery,” said Bengu.

Ithala board chairperson Roshan Morar thanked the department for its support and collaboration in making the programme a reality.

“We hope to grow and improve this programme in future, and call on other private sector stakeholders to join us in this exciting journey,” said Morar.

Two of the project’s beneficiaries expressed their gratitude to Ithala. Lungelo Khoza, the uMlazi founder of Ubuhlakani Bamandelu, said since joining the programme, her life had changed.

“I can’t explain the joy I feel when I think of what this company has done for me. Today I am able to draft business proposals and get sponsorships … I am a proud woman and it feels great to be part of a better project which positively impacts lives,” said Khoza.

Eshowe resident Phumzile Ntuli, who founded the Qalekhaya Co-operative, said her business was booming despite the Covid-19 disruptions.

“I get so emotional when I speak about this because today I have become something in the community. Ithala has built dreams and we are the living proof,” said Ntuli.

In partnership with the department’s Women Empower unit, 20 women in business are participating in a 12-month mentorship support programme. EDTEA has invested R800 000 in support of the initiative.

Last week, Ithala announced it was ready to be named the state bank of South Africa.

The bank said it had been operating as a state bank for decades and all that was required was official recognition.

This came after Treasury Director-General Dondo Mogajane said the government would move forward with its plans to introduce a new state bank.

The new bank would form part of structural reforms announced by President Cyril Ramaphosa.

The state bank is expected to provide financial assistance to South Africans who are most in need.

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