Enabling You to Live Your Best Financial Life
PRODUCTION: Sam Hendricks
Co-operative to its core, iMasFinance offers not only trustworthy and affordable finance solutions, including vehicle finance, home loans and personal loans, but also real, applicable knowledge, education and training to empower people to live financially well.
//Owned and operated by its members, iMasFinance offers a wide range of affordable and competitive financial solutions to individuals across South Africa. Instead of focussing simply
on maximising profits, iMasFinance opts to prioritise financial wellness, providing above-average financial lending services at competitive rates while simultaneously sharing profits with members through its level-based
loyalty programme iMasRewards.
“All members have a say in how we run our business,” iMasFinance declares.
“For those who opt not to join the co-operative, but who work for one of our employer partners, there is financial
INDUSTRY FOCUS: FINANCE
education and training available at no cost. Through our wholly owned subsidiary, iMas Insurance Brokers, we offer comprehensive insurance solutions to all individuals, not only those who work for certain employers.
“As a caring financial wellness partner, we strive to empower individuals on their financial wellness journey through training and education.
“iMasFinance exists to help you live your best financial life.”
LIVE FINANCIALLY WELL
Driven to be the most rewarding financial services provider in the market, the organisation has a dual purpose, iMasFinance explains: to create shared value for members and to empower people to live financially well. “Inspired by our company values of teamwork, innovation, trust and ownership, we have a reputation for caring and for putting human beings, not profits, at the heart of everything we do.”
The story of this famously caring financial wellness partner began back in 1937 in Pretoria, originally in the form of an employee society that negotiated
shopping discounts for employees of ISCOR, now Mittal Steel South Africa. “The world may look different from 80 years ago,” the company acknowledges, “but iMasFinance has been your caring financial wellness partner during the good and the bad times.
“We secure the people and things you love no matter what life throws at you.” iMasFinance continues, with its 27 branches nationwide allowing it to be with customers in every stage and season of life.
Financial wellness, according to iMasFinance, is that oft-striven for position of financial stability whereby both current and future expenses can be met, debt managed and savings for both attaining goals and handling emergencies set aside. “At iMasFinance, we know that financial wellness is a part of human wellbeing,” the organisation clarifies. “It’s not something people only think about at home. This is why we don’t just offer finance solutions; we also give people the tools and knowledge to live financially well.
“Financial wellness means being able to access earning, spending,
saving and budgeting resources when you need them, so you can build lasting financial strength and stability. As you progress along your financial wellness journey, you’ll need financial security, plans for the future, access to advice and information, and the ability to live within your means.
“When it comes to financial wellness, knowledge is power.”
TRANSFORMING PERSONAL FINANCE
Group CIO Jaybalan Goonahsylin is adamant that digital transformation is a crucial element of the ongoing journey to bring the 85-year-old finance company into the digital age. A seasoned IT executive with more than 25 years of experience across the telco, ICT and financial services environments, in Goonahsylin’s current role he is accountable for all aspects of group IT including governance and strategy, providing technology vision and leadership in the development and implementation of the company’s digital transformation strategy.
“The financial services industry in particular has experienced significant
Navigating Climate Change:
RISKS AND OPPORTUNITIES FOR NON-LIFE INSURERS
By Soul Abraham, Chief Executive for Retail at Old Mutual Insure
Climate change poses the greatest challenge to the sustainability of non-life insurers, with rising catastrophe (CAT) events like floods and wildfires impacting the sector worldwide. In South Africa, the frequency and severity of these events have led insurers to reconsider their approach, with some even withdrawing from high-risk markets such as KwaZulu-Natal.
At Old Mutual Insure, we’re proactively addressing these risks through advanced data analytics and AI-enabled tools. By integrating satellite imagery and flood data, we can assess and manage climate-related risks more accurately, ensuring sustainable insurance solutions. Additionally, we aim to bridge the significant insurance protection gap, which leaves 71% of South Africans uninsured, heightening the impact of climate disasters.
By working together, insurers, policymakers, and the public can mitigate climate risks and secure a sustainable future for all.
Old Mutual insure – caring for what matters to you most
Contact your broker or adviser or visit our website for information www.ominsure.co.za
technological developments in the last few years to improve client experience, financial inclusion and online security,” he told CIO South Africa, having quickly recognised the urgent need to transform the business from its traditional operating model into a fintech organisation.
“iMasFinance is no stranger to digital transformation and has embarked on its own digital enablement journey to transform the way in which it engages with its clients.
“Technological developments shape the trajectory of how financial transactions are done.”
Digital enablement in the financial services industry is of course vital for companies in remaining competitive and improving customer satisfaction, while achieving operational efficiency and unlocking new opportunities for growth and innovation.
“At iMasFinance, business enablement and customer experience are strategically positioned at the centre of our digital strategy,” Goonahsylin concludes of this key driver of success for financial institutions. “The key objective of this strategy is to enable the business to remain competitive in today’s rapidly changing business environment by leveraging digital technologies.
“Our digital journey will continue as new opportunities arise through the adoption of AI and the emergence of other next generation digital technologies. We will constantly evaluate the use cases of these technologies to identify the benefits and value to our business evolution, to ensure that we remain relevant in a highly competitive fintech market and grasp the potential to reshape finance and drive innovation.”
