Postbank is a step closer to becoming a fully fledged bank after submitting a final application for a full banking licence to the Reserve Bank last week. Post Office CEO Mark Barnes said on Friday the bank was now closer to registration as a bank and offering a "wider range of products and services, which includes loans." The section 16 application in terms of the Banks Act was submitted by Postbank to the Reserve Bank last Monday. "The Bank will determine the date for issuing the Postbank licence in due course," he said. Postbank plans to lend to the informal economy, to spaza shops and homeowners without title deeds who battle to borrow from traditional lenders. About a month ago, Parliament heard that Postbank, which has primarily been deposit-taking, was keen to assist in the payment of social grants through its nationwide infrastructure footprint. Postbank already has established payment channels. Postbank had R2.7bn in reserve capital, Barnes told Business Day recently. Postba...

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