KwaZulu-Natal’s gaming industry will provide licensing opportunities for more blacks following the signing of a memorandum of understanding (MOU) between Ithala SOC Limited and the KZN Gaming and Betting Board.

Ithala SOC Limited’s parent body, Ithala Development Finance Corporation Limited, is also a signatory to the MOU which is intended to increase the participation of individuals in the province’s gambling industry.

This partnership will determine the suitability of each applicant with respect to licences and licensing criteria under provincial gaming legislation as well as the viability of each proposed business.

  1.  The overall commitments of each applicant with respect to broad-based black economic empowerment and each applicant’s commitment to creating suitable employment opportunities immediately after the start-up of the businesses, will also be secured.
  2.  Training and development opportunities will be provided to each applicant’s personnel and measures will be put in place aimed at promoting responsible gaming.

Dr Thulani Vilakazi, CEO of Ithala SOC Limited said the organization will provide business banking, retail banking, insurance products to eligible providers, licensees, and service providers and any other eligible individuals or entities participating in or wishing to participate in the gaming industry.

Ithala will also provide support to increase the significant participation of black horse owners, black jockeys, and the black rural community in horse racing.

“The partnership with the KZN Gaming and Betting Board will allow the business sector to expand. As part of what we do, we should help improve the lives and livelihoods of our people.

“Ithala SOC Limited values its partnership with IDFC and KZNGBB and believes it will serve as a model for future partnerships,” he said.

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 www.myithala.co.za<http://www.myithala.co.za>, call 031 366 2500. Follow us on Facebook @MyIthala, Twitter @MyIthala, Instagram @MyIthala, LinkedIn Ithala SOC Limited, #DefeniningWealth #IthalaMoneyTalks #MoveToIthala

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