SA Post Office is set to be the latest player in South Africa’s highly competitive finance sector following South African Reserve Bank’s (SARB) approval of SA Post Office’s first level application for a banking licence for Postbank. This means that Postbank is closer to offering more than just savings accounts as it will be able to offer banking cards and other services.
According to media report, officials say they expect the next and final level for the licence to be completed within 12 months.
Further steps to be taken will include the approval of the Postbank board nominees, company registration and transfer of business from Sapo to the new company.
Minister of Telecommunications and Postal services, Siyabonga Cwele, said the awarding of the first level application brings government closer to its realisation of a state bank.
“I think we are coming closer to that realisation,” said Cwele at a media briefing in Houghton, Johannesburg. “It should be clear that this bank is not in competition with commercial banks.”
