Ithala pushes for full banking licence

Reading Time: < 1 minute

The financial-service-provider arm of Ithala is busy re-engineering the state owned company so that they will meet Reserve Bank criteria to be granted a full banking licence.

Ithala SOC Limited will then be the first state-owned bank in the country.

New Ithala SOC Limited CEO Danny Zandamela says they are automating their currently paper-based system, which will help them to launch new banking products a lot faster.

Danny Zandamela says, “The core banking platform that we currently sit on is not fit for purpose and we are transforming the bank across to a new, enterprise-wide, integrated, core banking platform, which would then capacitate Ithala from an innovations perspective, from a product design, development and launching perspective with regards to meeting our client needs.”