The Minister of Communications and Digital Technologies, Solly Malatsi, has invited nominations for the inaugural Board of the South African Postbank.<\/p>\n\n\n\n
The Postbank primarily aims to expand access to banking services across South Africa, with rural and lower-income communities prioritised. <\/p>\n\n\n\n
Although the Postbank has always offered minor banking services, it was strictly a savings subsidiary. <\/p>\n\n\n\n
However, following the signing of the Postbank Amendment Bill, it will now be allowed to offer transactional accounts, credit, and other banking services. <\/p>\n\n\n\n
President Cyril Ramaphosa signed the Postbank Amendment Bill in September 2023, which formally transferred Postbank\u2019s shareholding from the struggling South African Post Office to the government.<\/p>\n\n\n\n
This allows for the creation of a Bank Controlling Company, Postbank SoC Limited, opening the way for the Postbank to become a fully-fledged state-owned banking operation in the country. <\/p>\n\n\n\n
Although it maintains the Postbank name it held under the Post Office, it is becoming an entirely new banking entity. <\/p>\n\n\n\n
Malatsi has now invited nominations of suitably qualified individuals to serve as Non-Executive Directors of the inaugural board of Postbank SoC Limited.<\/p>\n\n\n\n
The controlling company will oversee the strategic direction and governance of the Postbank in terms of the Banks Act.<\/p>\n\n\n\n
The controlling company is thus crucial for the bank’s target of becoming the bank of first choice for underserved communities, enhancing financial inclusion and economic participation.<\/p>\n\n\n\n
As per a government gazette, candidates will have to bring a diverse range of skills, knowledge, and experience essential for overseeing a state-owned or private financial institution.<\/p>\n\n\n\n
Candidates will need knowledge, experience and skills in the following areas:<\/p>\n\n\n\n
Candidates will need a minimum of five years of board experience and at least eight years in an executive or senior management role in the banking or finance sector.<\/p>\n\n\n\n
A bachelor\u2019s degree will be required, while a postgraduate qualification is seen as an advantage. <\/p>\n\n\n\n
Experience within the public sector governance is also an advantage. <\/p>\n\n\n\n
Preference will also be given to candidates who enhance diversity in skills, gender, youth and disability representation. <\/p>\n\n\n\n
Shortlisted candidates will have to undergo a fit and proper assessment in line with Banks Act requirements, as well as security clearance and disclosure of business interests.<\/p>\n\n\n\n
The closing date for applications is 14 February 2025. <\/p>\n\n\n\n