The Minister of Communications and Digital Technologies, Mr Mondli Gungubele welcomes the signing into law of the South African Postbank Limited Amendment Bill which allows Postbank to establish itself as a state-owned commercial bank. His Excellency, President Cyril Ramaphosa has officially assented the Postbank Amendment Bill which amends the Postbank Limited Act 2010, so as to adjust the establishment and the shareholding arrangements for the Postbank through the creation of a new banking controlling company.
The bank controlling company shall hold 100% shares in the Company on behalf of Government represented by the Minister. The Postbank established as a state-owned commercial bank will render financial services, banking services, lending facilities through existing infrastructure of the Post Office and any other means of delivery the Company may deem appropriate for its operational needs.
“This historical development has the capacity to change the entire financial sector in South Africa as we know it. Majority of our people do not have access to major services that are provided for by the banks due to their financial status and the exorbitant charges that come with such services.
The time has come that we create a balance of social statues amongst our people through access to affordable and developmental commercial banking services. We are therefore very excited that we can witness this dynamic shift in our lifetime. The availability of this commercial bank will also ensure responsible lending to rural and lower income markets,” said Minister Gungubele.
“This Amendment Act is a crucial step towards repositioning the PostBank as a developmental state-owned commercial bank in the interest of the people of South Africa, and as a way of ensuring that no one is left behind, we equally encourage that even the 12 million people that are reported to be a without bank accounts in South Africa become part of the clientele of Postbank”, Minister Gungubele added.
The Minister will soon commerce with the application to register the bank controlling company in accordance with section 43 of the Banks Act for the banking license to be obtained as required by the South African Reserve Bank.
Act No. 10 of 2023: The South African Post Bank Limited Amendment Act, 2023:
https://www.dcdt.gov.za/documents/legislations/policies/file/276-govern…
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