According to a notice published in the Government Gazette on Friday, President Cyril Ramaphosa agreed to the South African Postbank Limited Amendment on Wednesday.
CAPE TOWN - Amid the glaring shortcomings of the Postbank in recent weeks in the payment of grants, the bill that officially separates it from the post office has now become law.As the Postbank battles its way through the social grants crisis without a fully functional board, it will now be able to work towards becoming a full-service bank through the establishment of a bank holding company.
The party’s Dion George says he doesn’t agree with the African National Congress ’s position that the Postbank will do better than commercial banks in assisting small businesses and budding entrepreneurs. "It is not required, and it also will require a cash injection from the national Treasury to make sure that it is viable from the outset. And then it will no doubt require ongoing bailouts, like every other state-owned enterprise."
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