The South African Government plans to launch a state bank using the Post Office’s Postbank.
“Currently, they (Postbank) operate at the Post Office, and there is no proper banking infrastructure. Banks operate at a different level, so they must put in the necessary infrastructure – when the (banking) licence comes in, then the bank will be readily available.”Minister of Communications Khumbudzo Ntshavheni
Legislation still needs to be passed in the National Assembly and a banking license still needs to be approved by the South African Reserve Bank.
To read the full article about a new state bank read, ‘Government ready to launch state bank for South Africa‘.