Communications and Digital Technologies Minister Solly Malatsi provides updates on the progress of Postbank's transition to a full-fledged bank, including the conversion of SASSA cards. He also discusses ongoing negotiations regarding the extension of the digital migration deadline.
Communications and Digital Technologies Minister Solly Malatsi stated that the process of transitioning Postbank cards from gold to black is progressing smoothly. The South African Social Security Agency (SASSA)-branded cards, issued by both the South African Reserve Bank (SARB) and the Department of Communications and Digital Technologies, are undergoing this change as part of the bank's efforts to establish itself as a fully operational financial institution.
This transformation involves upgrading the financial switch to align with Europay, Mastercard, and Visa standards, as well as implementing the Payment Card Industry Data Security Standard (PCI DSS), and modernizing the core banking system.In September 2023, President Cyril Ramaphosa formally enacted the Postbank Amendment Bill into law. This legislative action paved the way for the transfer of Postbank's shareholding from the financially troubled South African Post Office to the government. While Postbank has previously provided limited banking services through the Post Office network, the bill's implementation holds the potential for Postbank to become a state-owned bank within the country. However, the Reserve Bank has established specific requirements that Postbank must fulfill, including the conversion of SASSA cards to conform with the core banking system.Minister Malatsi emphasized that the switch is underway, involving the migration from the gold-colored cards. The deadline for this transition is March 31st. He highlighted that Postbank is actively engaging with beneficiaries, those who will be transitioning to the new cards. Additionally, the minister assured that even after the deadline, individuals will have access to their funds through a cardless service that is already in place. Separately, Minister Malatsi disclosed that broadcasters are currently engaged in discussions regarding a potential extension of the digital migration deadline. He stated that the government is committed to expeditiously installing decoders to facilitate the transition for South Africans to embrace digital television. The minister acknowledged the financial pressures on the state to maintain both analogue and digital broadcasting simultaneously, emphasizing the unsustainable cost implications for the government
POSTBANK CARD CONVERSION DIGITAL MIGRATION SOUTH AFRICAN RESERVE BANK COMMUNICATIONS AND DIGITAL TECHNOLOGIES
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