Iemas members to receive R109 million in member benefits

22 November 2017 Johan Nel, Iemas
Johan Nel, CEO of Iemas.

Johan Nel, CEO of Iemas.

With a rich history spanning over 80 years, Iemas Financial Services (Co-operative) Ltd. offers a comprehensive range of competitive financial products and services to over 160,000 members across South Africa - including vehicle finance, unsecured and secured loans, a purchase card and insurance solutions.

The organisation has a co-operative business model, which means that it is owned by, and operated for the benefit of those using its services (referred to as its members). Every year, a portion of Iemas’ profits is allocated back to its members. This amount, known as the annual member benefit, varies from year-to-year as it depends on the annual profits of the organisation. Members that utilised Iemas’ products throughout the year thus receive a share of the member benefit allocations, payable in November.

For the past financial year the co-operative is allocating R 109,7 million of its profits back to its members. According to Johan Nel, Iemas CEO, he is pleased to announce that despite the challenges posed by the macro-economic environment, Iemas has been able to allocate more than a billion rand in member benefits over the past 10 years. “This is a significant contribution to our members of which we are extremely proud and which is testament to Iemas’ unique and resilient business model.”

Iemas has business agreements with over 600 employers which include large listed companies as well as a large number of higher education institutions, , whereby Iemas offers its financial products and services to their employees. “At Iemas we strive to empower people to be financially healthy and therefore we also offer free financial wellness information sessions at the workplace of participating employers and during the last financial year Iemas presented sessions to nearly seven thousand employees across South Africa” says Nel.

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