• Without prejudice

    We all need to fight the ugly bigotry that’s made news recently, says Mandi Smallhorne.

  • Inside Labour

    The Davos extravaganza is slick PR and no UN-style institution, says Terry Bell.

  • 2015 Gadget preview

    Arthur Goldstuck presents gadgets to connect 2015 to the past and future.

See More

Parliament passes Postbank law

Sep 14 2010 17:32 Sapa

Related Articles

Parliament: End Transnet strike

Parliament nod for new Sarb bill

Zuma dismisses ZEE slur

Parliament slams Eskom board

Turmoil over parliament move

'SA parliament like Haiti'

Cape Town - Legislation providing for the Postbank division of the SA Post Office to become a registered commercial bank was approved in the National Assembly on Tuesday.

The South African Postbank Limited Bill provides, among other things, for the incorporation of the Postbank division as a legal person, with the aim of:

 - conducting the business of a bank that will encourage and attract savings;
 -  rendering transactional services and lending facilities through, among others, the existing infrastructure of the SA Post Office;
 -  developing into a bank of first choice, particularly in the rural and lower income markets, as well as in communities with little or no access to commercial banking services and facilities; and
 - providing affordable banking services.

In terms of the bill, the SA Post Office will be the sole member and shareholder of the company.

The company will be registered as a bank after it has satisfied the requirements of the Banks Act.

Introducing the bill, Communications Minister Siphiwe Nyanda said the Postbank as a company would be managed by its own board with all the necessary corporate governance requirements and mechanisms that would ensure accountability.

"Importantly, the Postbank will be brought within the ambit of the financial and banking regulatory environment as regulated by the Registrar of Banks."

The Postbank would become a key player in promoting universal and affordable access to banking services.

"It will ensure that the rates and the charges of the Postbank take into consideration the needs of the people in the lower income groups," Nyanda said.

The Democratic Alliance's Niekie van der Berg opposed the bill, saying it was not the state's role to provide banking services to the public.

The record of state-owned enterprises was generally poor and the Postbank was unlikely to be an exception, he said.





Latest Articles

15 Investment Tips for 2015
Tax-free saving accounts are coming
Which generator is right for you?
5 top tips to help you save on your next grocery bill Read More...

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Add your comment
Comment 0 characters remaining

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...