Vision:
To be a leading Southern African financial services group, providing financial services in the high growth sectors of the market, satisfying the needs of the target market with financial products, financial information and financial services and delivering acceptable returns to our shareholders. Mission:
To consistently satisfy the needs of our target markets and building owner-entreprene
urial-managed companies subscribing to our business philosophy and values. We aim:
To have above average owner-managers and personnel who are trained and developed to combine service with the relevant technology on a quality and user-friendly basis;
To use the best management training and development techniques to unlock the potential of our employees; and to achieve quality in everything we do. Achieving this goal will secure the support of our stakeholders and enable us to flourish as a Group, which is market-orientated, and strive to uphold integrity, human dignity, client orientation and quality. We remain totally committed to acting in a socially responsible manner. Values:
We are:
business focused,
hold ourselves responsible for results,
are innovative display integrity,
fairness and respect,
practice open, honest and direct communication,
are disciplined, and
committed and operate as a team
An economy of opportunity:
Since 1994, South Africa has undergone a remarkable transformation, shaking off the shackles of an oppressive past and embracing a democratic order. Seismic though political change has been, transformation of the economy is proving to be a slower, more challenging process. While black economic empowerment legislation takes effect in corporate boardrooms and offices around the country, the upliftment of South Africa's 'economically active poor' remains one of the greatest obstacles to sustainable growth and development. Due to stringent income and customer verification requirements, as well as costly account management fees, millions of South Africans are unable to access institutionalised financial services, preventing them from starting small businesses, purchasing homes, buying personal assets, catering for unforeseen emergency situations or improving their education and that of their children. With an average short term credit transaction valued at around R1,000, large financial institutions find it difficult to service clients falling within LSM groups three to five, even when they may have bank account facilities. However, the desire for self-advancement need not be trapped in the poverty cycle. Professional credit providers to the lower income categories, like Thuthukani, are opening up an economy of opportunity to South Africans from all walks of life. Thuthukani, which means 'helping you in progress” in the Zulu language has been providing much-needed financial services to thousands of South Africans since its establishment in 1998. The owner-manager difference:
Thuthukani's owner-manager structure fuses the principle of partnerships with the basics of franchise set-ups. While owner-managers handle day-to-day business activities in their individual subsidiaries/branches, Thuthukani focuses on developing the enterprise by sharing in its risk and providing several core services, such as access to a tested debtors system that boasts high levels of integrity, as well as strategic and management inputs. Geared for growth:
Functioning in a rapidly evolving environment, Thuthukani remains at the cutting edge of industry developments by constantly raising the bar in terms of its quality standards, operational procedures, staff training and customer services. The prospects of tighter regulation, the National Credit Act, stronger domestic competition and the possibility of moving closer to the banking fraternity, and/or being able to enter the banking space through second-tier bank licenses have combined to ensure clarity of vision and purpose for Thuthukani and its shareholders. Quick glance:
Thuthukani is predominantly a short-term credit provider (providing credit in cycles of 30 days, 90 days and up to six months), consists of 8 subsidiaries, representing 40 branches with a National footprint, with representation in multiple provinces
Future prospects:
At Thuthukani, 'helping you in progress' remains central to the company's promise. A promise that has meaning and relevance for investors, for shareholders and for customers - the people who rely on Thuthukani to make ends meet month-after-month, and for the millions of South Africans who need a hand-up, who want to grasp an opportunity that enables them to realise a dream and in so doing, build a nation. Government has a huge responsibility in the legislative changes confronting the credit industry, and should ensure that an environment is created and lend themselves towards building an economy of opportunity. As a leading provider of financial services, Thuthukani has entered the housing finance market with its range of incremental home loans, and also entered the Insurance industry with a credit life offering, and offer a funeral policy. Thuthukani also aims to enter the small business lending market. To this end, the company is continuing to build a network that establishes funding lines in anticipation of this, while keeping abreast of developments regarding the introduction and issue of second-tier bank licenses.
