Gauteng Community Safety MEC Sizakele Nkosi-Malobane on Tuessday reassured the public that student l.
Postbank has more Mzansi account holders than any other bank in South Africa. Currently, Postbank has 4,6 million accounts in place, enjoying an increase of more than 772 330 new accounts in the last financial year.
This is attributed to the fact that the Mzansi product is simple, affordable and convenient. A recent poll shows that more than 80 percent of South Africa's adults have in the past been denied access by the formal banking sector and conventional credit facilities.
Postbank offers an accessible bank account for these people.
Postbank managing director Totsie Memela-Khambule emphasised that the aim is to promote Postbank as the bank of choice for unbanked income groups and so far, they have managed to achieve this.
Opening an Mzansi account costs only R10 and the minimum balance allowed in the account is zero. Hence the facilities are accessible to all South Africans, including a child collecting "Spiderman-branded stamps or a teenager applying for an Mzansi card, to the pensioner who has his or her own bank account for the first time".
All Postbank's Visa branded cards can be swiped at all till points with the Visa sign. This means the owner of a Postbank card no longer needs to carry cash for every purchase.
They can use their cards, and no longer run the risk of theft which you run when you carry a wallet full of money.
"The Mzansi bank account is not just a bank account, it is part of a bigger plan to allow the people to do financial transactions in the modern world. It instils a culture of savings in people who can now prepare and plan for a financial future," said Memela-Khambule.
Giving an outline of the banking charges, Memela-Khambule said all cheque deposits are free, unless the customer needs special clearance of the cheque.
Cash deposits of up to R500 are free for Flexi Card, pension Flexi Card and Smart Save.
Cash deposits of up to R2000 are free for Mzansi accounts.