Banie van Vollenhoven, Group CEO at iMasFinance
The South African consumer is living under enormous financial pressure. With an inflation rate of more than 5,8% and unemployment at 31,9% , it is not surprising that the household debt to disposable income ratio is a staggering 62,1% .
“As living costs are rising, consumers’ income is not increasing at the same rate resulting in many households depending on debt funding and other sources of income to stay afloat” comments Banie van Vollenhoven, Group CEO at iMasFinance. Individuals can feel overwhelmed and disempowered if they find themselves in a situation where they are struggling to keep their head above water and meet their debt obligations.
Financial Wellness First
“Being more than only a financial services provider, we find that what consumers need more than anything else right now is the right guidance when it comes to their personal finances” says van Vollenhoven. In most South African households, money is not something that is openly discussed, yet financial education from an early age is vital to help a person adopt healthy financial habits to live financially well. “At iMasFinance we have an interest in our members’ financial wellbeing and have always invested in financial wellness education through financial wellness training – at employer premises or via our online resources. However, as financial pressures on consumers are on the rise, we thought long and hard about how we can assist consumers even more. That is how the Become a Prospect Member - Value Proposition came about”. says Van Vollenhoven.
Building blocks for a better financial future
iMasFinance is a financial co-operative that operates for the benefit of its members. “We have agreements with service providers across the country that enable us to offer financial products and services to their employees. When a person takes up a product with us, they become a member of the Co-operative and share in our profits through iMasRewards. This is a payout that a member receives at the end of the year which is a portion of the profits of iMasFinance, being allocated back to our members, based on their business with the co-operative”. says van Vollenhoven.
In addition to the profit share model, the Co-operative also invest in financial wellness education to empower its members. “We now want to also extent this through a recently developed programme that is not limited to our members. With the Prospect Member Value Proposition programme, a person that works for a company that we have an agreement with (an “Employer Partner”) but do not currently use an iMasFinance product, can now sign up to be a Prospect Member. This programme unlocks a basket of financial wellness tools at no cost to such a person. So, in essence, an individual signs up for a programme that will empower them to make informed decisions about their finances” says Van Vollenhoven.
Benefits that a person will have access to when they sign up to become a Prospect Member includes their own Personalised Credit Report (and assistance on how to interpret it), Wellness Indicator assessment, Vehicle License Reminder, Improve your credit score advise, free Will Consultation and Life File/ iMasFinance Life Vault.
“We believe that these are some of the essential tools an individual will need to be empowered to improve their financial wellbeing, in addition we are running a lucky draw where people can stand a chance to win a grocery voucher worth R 2 000. Now if that is not enough motivation to register, then I don’t know what is” concludes Van Vollenhoven.
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