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Fintech Black Pay and Durban-based Ithala SOC Limited have partnered to offer R250 million for township and rural development.
The partnership will see the startup support the bank’s clients and entrepreneurs in obtaining finance.
Its role will be to simplify the process and ensure easy access to capital for assets such as taxis.
“We’ve found a partner who is as committed as we are in developing and uplifting the township and rural economy,” co-founder Zakhele ‘Zakes Bantwini’ Madida said in a statement.
The partnership with Ithala will promote development in townships and rural areas in KwaZulu-Natal.
Madida co-founded Black Pay with Black Space Group Managing Partner, Nkonzo Mbetha. The startup offers multiple finance products such as vehicle finance solutions, home loans, and insurance, through simplified processes.
“We believe the time is now to inject much-needed investment in underdeveloped communities,” he added.
Black Pay and Ithala to bring financial products to townships, rural areas
The partnership with Ithala will promote development and entrepreneurship in townships and rural areas in KwaZulu-Natal. It will achieve this through home loans, backyard financing, and taxi and vehicle finance.
The partnership will also prioritise women and young people.
A state-owned entity, Itahala SOC Limited operates 38 branches in KwaZulu-Natal. It is a subsidiary of Ithala Development Finance Corporation Limited.
It offers a full range of financial services with the aim of providing them in remote areas of the province, while also contributing to its socio-economic development.
“We recognise that a significant part of our work should be the improvement of the lives and livelihoods of our people,” CEO Dr Thulani Vilakazi said.
“Our partnership with Black Pay is a valuable step towards that endeavour, and will serve as a model for future partnerships.”
Featured image: Steve Buissinne via Pixabay