No decision yet on granting a banking licence to Postbank
Establishing the bank is one aspect of a multipronged strategy to modernise the Post Office
The South African Reserve Bank is still busy adjudicating on the actual banking licence application for the South African Post Office’s Postbank, according to Telecommunications and Postal Services Minister Siyabonga Cwele. He said Postbank did not currently have a banking licence and had been exempted from the provisions of the Banks Act which was required for a bank to accept deposits. Establishing the bank is one aspect of a multipronged strategy to modernise the Post Office and put it on a profitable and sustainable path in the face of the growth in digital communication. Post Office CE Mark Barnes wants Postbank to be the agency chosen by the Social Security Agency of SA to pay social grants. He said the Post Office was uniquely positioned to assume this task because it had 2,400 points of presence throughout the country. In a written response to a question in Parliament from the EFF, Cwele said the timeframe for the granting of the banking licence was determined by the Reserve...
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