Napoleon Sibusiso Mngomezulu’s dream of owning his own business became a reality when he took delivery of his new taxi recently.

When he was repeatedly turned down for financial assistance by other large institutions, he turned to Ithala SOC Limited who made it possible for him to get finance through its Taxi Finance service offering.

Ithala, a licensed financial service provider, offers clients an opportunity to buy a commercial vehicle through a hire purchase agreement which will be used to ferry passengers and is properly registered with the taxi industry regulatory bodies.

Mngomezulu, born in the small KwaZulu-Natal rural town of Ingwavuma, started his taxi business in 1996 under the Ingwavuma Taxi Association. He currently owns two taxis.

“The taxi association suggested I approach Ithala SOC limited and I am happy I took the advice. The process was smooth-running, convenient and the rates were affordable.

“I also chose Ithala because their mandate to provide access to financial products and services in areas where such offerings have previously been unavailable relates to people like me.”

Mngomezulu plans to purchase more taxis in the future.

Dr Thulani Vilakazi, CEO of Ithala SOC Limited, said Ithala’s purpose is to provide financial services to the people of KwaZulu-Natal, thereby contributing to the province’s socio-economic development.

“With that purpose, we can help small businesses reach higher levels.

“As Ithala we can make the financing process easy. Ithala SOC Limited offers affordable interest rates because we believe that every South African deserves access to affordable banking services.

“The Taxi Finance service offering provides incredible benefits for an ordinary South African to own a commercial vehicle in a period of up to 60 months, get competitive interest rates and the opportunity to create wealth.”

Ithala SOC Limited is the only state-owned entity that provides full banking services; is already fully regulated by the South African Reserve Bank and other banking industry regulators; and is fully committed to ensuring compliance with all applicable regulations.

A current distribution network of 38 branches in KZN provides convenient transacting facilities. Ithala offers a comprehensive portfolio of corporate and personal banking solutions.

For more information visit, call 031 366 2500. Follow us on Facebook:@MyIthala, Twitter:@MyIthala, Instagram:@MyIthala, LinkedIn:Ithala SOC Limited, #RedefiningWealth #IthalaMoneyTalks #StateBank

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