By: Cindy-Lee Minnaar
In the spirit of Women’s Month, we celebrate the remarkable achievements of women who are not only breaking barriers but also shaping a brighter future for all. Among these extraordinary women are Meladi Mampane, Magauta Mphahlele, and Boitumelo Mosekare, the triumphant trio behind Ithuseng Credit Solutions (ICS). With a shared passion for financial empowerment and consumer protection, these exceptional entrepreneurs have left an indelible mark on the financial services industry.
Established in 2013, ICS is a proudly South African, 100% women-owned company. Mphahlele, who is the founder, is renowned as a consumer champion and played a pivotal role in the drafting of the National Credit Act and Consumer Protection Act, and the initial setting up of regulatory institutions like the National Credit Regulator (NCR). She was the first full-time member to be appointed to the National Consumer Tribunal.
Mphahlele has left the day-to-day running of Ithuseng to her younger colleague, Mosekare. This has allowed her to serve as the Ombudsman for the Consumer Goods and Services Ombudsman as well as a Non-Executive Director of the Ombudsman for Short-Term Insurance. These roles allow her to continue championing consumer rights in South Africa.
Mampane joined ICS as a shareholder at a time when it was struggling financially. She assisted to turn it around and ensured that it remained a compliant and thriving business. She brings a wealth of experience and knowledge to ICS. With over 14 years of working experience, Mampane has a successful track record in various sectors, including finance, investment, and property markets. Her strategic acumen and leadership skills have been instrumental in ensuring ICS’s financial stability and success.
Mosekare, the driving force behind the day-to-day operations, ensures that ICS runs like a well-oiled machine. Her organisational skills and dedication contribute to the seamless functioning of the company, enabling the team to deliver exceptional services to their clients. She joined ICS as a young and inexperienced college graduate
One of ICS’s key achievements is being the first entity in South Africa to register as an Alternative Dispute Resolution (ADR) Agency with the NCR. This empowers ICS to assist consumers of credit and credit providers in resolving credit disputes outside of court. Through their role as an ADR Agent, ICS has enabled thousands of consumers to retain assets such as houses and cars by facilitating successful payment arrangements and assisting parties to settle their credit disputes.
The impact of ICS reaches beyond individual consumers, as the company has also been instrumental in assisting major corporations, especially in the mining sector. It has been contracted by one of the listed mining companies in South Africa to take care of the credit health of more than 30,000 employees. Part of this role includes reviewing garnishee orders submitted to employers, curbing the abuse of payroll deductions, and ensuring fair treatment of employees. The company’s efforts have led to the deregistration of rogue credit providers by the National Consumer Tribunal, preventing millions of reckless loans and prescribed debt from being collected from employees.
Furthermore, ICS’s commitment to financial empowerment extends to employee coaching and credit health interventions. By providing thousands of employees with essential credit management skills, ICS empowers them to manage credit responsibly and maintain healthy budgeting practices. A testament to their dedication, ICS proudly provides employment to young individuals who have grown into seasoned debt and credit mediators, fostering growth and opportunities within the industry.
As we celebrate Women’s Month, the journey of Mampane, Mphahlele, and Mosekare serves as an inspiration to aspiring entrepreneurs and corporate clients alike. Their unwavering commitment to financial empowerment and consumer protection has not only transformed countless lives but also made a significant impact on the financial services landscape. With their expertise and dedication, they will continue to champion a healthier, more equitable credit market in South Africa, leaving a lasting legacy of empowerment for generations to come.