The trade union federation says the move lays the foundation for a State bank that will be geared towards servicing ordinary consumers, in particular the poor and marginalised.
CAPE TOWN - The Congress of South African Trade Unions has welcomed President Cyril Ramaphosa's signing of the South African Postbank Amendment Act into law.Cosatu spokesperson Mathew Parks added that it would also provide a sustainable way forward for the embattled South African Post Office.
"We think the Post Bank can provide a useful service for the unbanked customers largely, those who live in townships and rural areas and people with no income. People who are often seen by the commercial banks for not being particularly attractive customers," said Parks. Cosatu said a State-owned Post Bank will pave the way to inject competition into a sector that needs a "shakeup".
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