South African Postbank SOC Ltd

Contact Details

Overview

The South African Postbank is a deposit-taking state-owned banking institution. The government has announced plans to restructure and corporatise Postbank to enable it to expand its service range to include lending, bancassurance and other financial services critical to the attainment of the mandate of financial inclusion.

The mission of Postbank is to be the trusted partner of government in financial inclusion and it aims to offer inclusive, accessible, simple and secure channels, and in so doing, become the bank of choice for government, business and individual customers in the underserved communities.

Postbank draws its mandate from the Postbank Amendment Act 44 of 2013, which is primarily the provision of accessible and affordable financial services, including responsible lending, to the unbanked and underserved.

Although Postbank is not yet a registered bank, it is a full participant in the National Payments System, and it offers secure, reliable, accessible and affordable banking products such as card-based transactional accounts and book-based savings and investment accounts. After receiving a section 13 approval to establish a bank in July 2016, Postbank applied for a section 16 banking license in June 2017 and the approval process with the South African Reserve Bank (SARB) is nearing completion.

In 2019, the Department of Communications and Digital Technologies, announced the establishment of the South African Postbank Company, which was gazetted to take over the business of Postbank from the Post Office effective 1 April 2019. The Financial Matters Amendment Bill, adopted in early 2019 by Parliament, has paved the way for Postbank to get a banking licence from SARB.

Overseeing Department/Entity

• South African Post Office (SAPO)

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