DURBAN - Ithala Bank has announced the appointment of top executives in an attempt to improve its customer base in rural communities and promote inclusive banking.
This was revealed at a round-table discussion with the newly appointed CEO, Dr Thulani Vilakazi, in Durban, on Thursday.
Vilakazi also introduced executives that will be in charge of crucial divisions at the entity. These included Sethu Nsele for chief internal auditor, Kabelo Nkambule, compliance officer; Sibongiseni Phakathi as chief information officer; Cebile Mzimela as company secretary, and Brenda Van Der Lingen as chief risk officer.
Vilakazi said the bank was now focused on entrenching a culture of saving in previously disadvantaged communities, while bridging the gap that exists in the bank system, which would make it more attractive to the middle class.
“We remain focused and committed to fostering a culture of savings among historically disadvantaged communities. We have an emerging public sector banking unit that acts as a touch point for all our banking relationships with the three spheres of government and their public entities.”
Vilakazi said Ithala would continue to position themselves as the bank of choice for government, and for promoting cross-business synergies and optimising cross-selling opportunities.
“There is an existing gulf in the banking sector between the top-tier banking companies and the mutual banks at the bottom. We have been playing a role in closing that gap. We have to play a much bigger role by helping the middle class have confidence in the mutual banks as custodians of their wealth.”
Vilakazi said that in the past, commercial banks committed to red-lining, which essentially meant that the banking sector did not consider the rural areas and the township as worthy of investment and providing home loans.
“We have been for years, bridging that gap, and continue to do so, through our trust policy which was built through the implementation of key systems that defended the clients.”
Vilakazi said their banking systems were almost that of a top-tier bank – that the legislation has to catch up to the working of the company, and allow for Ithala to emerge as the trusted banking brand of choice for all people in society.
Vilakazi said Ithala had launched programmes to help up-skill communities. One of the core social responsibility initiatives includes Ithala Education Fund that is in partnership with Go Digital SA to provide youth with digital skills during the school holidays.
“This allows learners to be active participants in the Fourth Industrial Revolution by exposing them to the world of coding, robotics, Artificial Intelligence and gaming.”
Daily News