By Zuko Komisa
Postbank is getting ready to become a state bank.
Khumbudzo Ntshavheni, minister of communications and digital technologies, made the announcement that a banking license is being applied for by Postbank, and the company has intentions to open 100 new locations
This is with the goal of launching a full-fledged bank, as well as modernizing its infrastructure.
PostBank activation in Bloemfontein Post Office
— Khumbudzo Ntshavheni (@Khu_Ntshavheni) January 9, 2023
"As we get Post Bank ready to be the State Bank. pic.twitter.com/YfZQBxsyRS
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Ntshavheni said that parliament is finalising the amendment to the Postbank Act which will see the government owning Postbank.
“Currently the Postbank is owned by the Post Office. The Banking Act has a specific provision that says you can’t have a state-owned entity that is not financially viable owning a bank.
“Therefore we had to change or amend the Postbank Act to remove the ownership of the Postbank from that of the Post Office, and move the ownership – (that means the shareholding of the Postbank) to government (the Minister of Communications and Digital Technologies is the shareholder representative in that ownership).
“That is the amendment that we’re waiting for parliament to finalise – and the structuring and creation of the bank holding company: so that you don’t have the bank reporting to the minister.
“The bank will have a bank holding company which is regulated by the Reserve Bank,” Ntshavheni said.
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