Communications Minister Dina Pule has said the SA Postbank will probably get its banking licence, which will allow it to operate as a retail bank, early next year, Business Report reported on Tuesday (7 August).
Postbank would become a corporate enterprise when the licence was granted, enabling it to serve those who were not adequately accommodated by banks now in operation.
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. It previously operated as an internal division.
Pule said she would have “loved” to get the banking licence by December.
A board meeting would be convened this week to start the process of recruiting a managing director for the venture.