Postbank all set for licensing.
The South African Postbank is expected to receive a banking licence early next year, according to Communications Minister Dina Pule.
Preparations for Postbank to become a corporate entity, which will enable it to become a retail bank, have gained momentum.
The bank plans to serve the unbanked and people underserved by the incumbent banking fraternity.
Postbank will offer simple financial products through the infrastructure of the South African Post Office.
Pule told Business Report last week that the Postbank board would meet this week to put together a process of advertising and appointing a managing director.
She had engaged the National Treasury and the Reserve Bank in November last year to finalise borrowing, lending and investment policies.
“I would have loved to get a licence by December,” she said.
The application for a banking licence was lodged a year ago, during the tenure of the late communications minister Roy Padayachie.
Corporatisation was expected to be completed in 2010, the Postbank’s centenary year.
The South African Postbank Limited Act was promulgated in December 2010 and commenced on July 22 last year.
According to the act, the Postbank will be established as a subsidiary of the Post Office. It previously operated as a division within the post office.
Postbank has also been granted membership of Visa.
Source: Business Report