The Department of Communications and Technologies is ready to roll out and upgrade branches for a state bank in South Africa.
Minister of Communications Khumbudzo Ntshavheni says that the Postbank is ready to take up the role of a state bank in South Africa, with plans underway to roll out 100 new branches and to revamp the group’s infrastructure to be a fully-fledged bank., Ntshavheni said that the bank is currently assessing which Post Office branches in the country are doing the best operationally and in terms of profitability, and these will be brought on board for the bank.
The department is currently waiting for the necessary legislation to make its way through the National Assembly to give the Postbank the necessary basis to take on the role of a state bank. It is also waiting for approval from the South African Reserve Bank for a banking licence. The bill is currently making its way through the various portfolio committees, last being discussed by the Portfolio Committee on Communications and Digital Technologies in late November 2022.
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