New 'cheap' bank for SA
COMMUNICATIONS Minister Dina Pule says the SA Postbank will probably get its banking licence, which will allow it to operate as a bank, next year.
Postbank would become a corporate enterprise when the licence is granted, enabling it to serve those who are not adequately accommodated by banks now in operation, she says.
The department applied for the licence last year under Pule's predecessor, the late Roy Padayachie.
In November Pule approached the national Treasury to set up policies around borrowing, lending and investment.
The bank would make use of the Post Office's infrastructure to bring simple financial services to the public, in accordance with the SA Postbank Limited Act, which came into effect in July last year. It would be a separate branch of the Post Office, having previously operated as an internal division. - Sapa