The government is pushing ahead with its plans for a state bank.
President Cyril Ramaphosa says that the licensing of the Postbank will lay the groundwork for a state bank.
Ramaphosa said that while the National Assembly considers the Postbank amendment bill, the Postbank is reviewing its service offerings.Ramaphosa said that government often receives complaints from citizens who are rejected by commercial banks – for reasons such as a lack of collateral. “Currently, they 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 licence comes in, then the bank will be readily available,” Ntshavheni said.
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