Durban — Veteran banker Mpumzi Pupuma is the new chairperson of the board of Ithala State Owned Company (SOC).
Pupuma was appointed in December, to ensure that the financial institution continues to fulfil its fiduciary duties and improve its governance systems.
Pupuma holds a Master’s degree in leadership (MBL) and a Bachelor’s degree in Accounting Services. He has been in the banking industry for over 40 years and held positions such as director and chief executive for various entities.
Pupuma’s journey as a director in the financial sector started at Get Ahead Financial Services. He was later appointed as a senior manager at Standard Bank, followed by an appointment as a provincial director by the same bank.
He has held positions as a director since then.
Pupuma started serving at Ithala board in 2020 and sits on its risk and capital committee, human resource and remuneration committee, audit and compliance committee and directors affairs committee.
On his appointment, Pupuma said since growing up at his rural Nomaheya village, in Nqamakwe, he had always been fascinated about banking, and had worked in the sector since 1974.
“My first job was at a local Eastern Cape hospital, but when I saw a vacancy at a local bank, I applied, and was hired. I fell in love with banking, and never looked back. On joining Ithala I became an independent non-executive director until I was asked to join its board of directors,” he said.
Pupuma said in his new portfolio he aimed to proceed with an application for a licence to register Ithala as a commercial bank.
“We are targeting the lower end of the market, so that we attract the large numbers of unbanked members of our society – especially the rural people of KwaZulu-Natal,” Pupuma said.
Ithala SOC Limited CEO Dr Thulani Vilakazi said Pupuma would be a great asset and would ensure that Ithala continues to make financial services easily accessible to ordinary South Africans.
Daily News