How do you define “financial wellness”?
At iMasFinance, financial wellness is not just what we offer; it’s the core of who we are and what we do – which is also found in the concept of ubuntu – a quality that includes the essential human virtues: compassion and humanity. We define financial wellness as the ability to manage finances in a way that promotes stability, security, self-worth and prosperity. It’s about more than just having access to financial products – it’s about equipping our Members with the knowledge and tools they need to make informed decisions. As a caring financial wellness partner, we believe that our Members’ financial health is crucial to their overall well-being and we’re dedicated to supporting them through education, personalised services and a Co-operative approach that puts their needs first.
What does the iMasFinance Financial Wellness Indicator aim to do? Has it been successful in achieving its goals?
The Financial Wellness Indicator is a key tool we use to assess and improve our Members’ financial well-being. It tracks vital aspects of financial health such as budgeting, saving and long-term planning. Its goal is to identify areas where Members may need more support and then tailor our services accordingly. While this initiative has just being launched, it has already laid a solid foundation and shows promising potential for future guidance. By providing this, we are staying true to our role as a caring financial wellness partner who puts Members’ long-term financial well-being and humanity at the heart of everything we do.
What are the main services that you provide?
We offer a comprehensive range of services focused on enhancing the financial wellness of our Members. These include:
- Access to lending solutions, such as vehicle finance, personal loans and educational loans, all at competitive rates and designed with responsible lending practices to suit Members’ individual needs.
- Comprehensive insurance solutions through our in-house independent brokers, covering everything from motor and household insurance to life cover and estate planning, with some exciting value-adding services, exclusively available to our Members.
- As a caring financial wellness partner, we also collaborate with companies that prioritise the financial well-being of their employees, offering tailored solutions and financial wellness training to all of their staff, thereby supporting their workforce.
Is there an area of your business that is growing faster than any others?
Many consumers are under financial pressure due to rising living costs, especially in the lower-income brackets where energy and transport costs are a big portion of household spend. What is notable is the increased demand for our financial wellness programmes. We are seeing that more and more employer partners and South Africans are looking for guidance on managing their finances, which underscores the critical role we play in supporting them during tough economic times. This reflects the growing awareness of the need for responsible financial planning and education.
Please explain the idea that iMasFinance is a “Co-operative” and that people who buy iMas products “become part of our organisation”.
Since our inception in 1937, we have grown into one of South Africa’s leading primary financial services Co-operatives, built on the principles of ownership, shared value and profit sharing. We are committed to providing our Members with affordable and convenient financial solutions while promoting financial wellness and inclusion. iMasFinance operates as a co-operative, meaning our Members are not just customers – they are all owners. Every Member who uses our services becomes a stakeholder in our business, and through our profit-sharing iMasRewardsTM programme, they directly benefit from the financial growth of the cooperative. This Cooperative model allows us to foster a culture of shared value, profit sharing and ownership, ensuring that every decision we make is in the best interests of our Members. As a caring financial wellness partner, this structure allows us to foster long-term financial wellness and sustainability for everyone involved. We have earned the right to be our Members’ trusted financial partner.
What are the benefits of partnering with iMasFinance or becoming a Member to employer partners and their employees?
Partnering with iMasFinance offers a range of significant advantages for both employers and their employees, fostering a culture of financial wellness and shared value:
- Enhanced employee benefits: Our diverse suite of products and services empowers employers to provide valuable financial wellness solutions, significantly boosting employee satisfaction, productivity and retention.
- Tailored support: We collaborate closely with employer partners to create customised solutions that align with their organisational values and meet the unique needs of their workforce, ensuring that our employer partners can focus on what they do best.
- Protection for employees: iMasFinance prioritises the well-being of employees by implementing responsible credit-screening processes and setting minimum required net salaries and single salary deductions. This approach safeguards employees from exploitation and promotes a culture of financial responsibility. Employers gain as they can focus on core business activities and outsource all financial services, from salary advances to staff loans and even employee benefits (group schemes) to iMasFinance. Furthermore, the employer does not carry the credit risk; this is carried by iMasFinance.
At iMasFinance, we believe that a financially secure workforce is the foundation of a thriving business. By partnering with us, you’re not just enhancing your employee benefits; you’re investing in the overall well-being and future of your team. Our comprehensive financial wellness solutions, tailored to meet the unique needs of your organisation, empower your employees to achieve their financial goals.
Together, we can create a workplace culture that prioritises financial health, fostering employee satisfaction and loyalty. Let’s work together to build a brighter financial future for your organisation and its biggest asset, your employees.
