Postbank in shambles still pushes for full banking licence
Auditor-general’s office points to Postbank’s antiquated systems and poor internal controls
The auditor-general’s office has raised doubt about Postbank’s ability to offer a “world-class” banking service, saying it has an unsecure network and is susceptible to cyber attack and fraud.
Postbank, which has been operating under technically insolvent state-owned company the SA Post Office [Sapo], is pushing for a full banking licence to allow it to engage in a full spread of banking activities, such as credit facilities. It has been operating in limited conditions, such as accepting deposits and offering card-based transactional and savings accounts predominantly to the underbanked and unbanked segments of the population. ..
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