{"id":854197,"date":"2026-03-17T16:00:00","date_gmt":"2026-03-17T14:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=854197"},"modified":"2026-03-17T15:53:32","modified_gmt":"2026-03-17T13:53:32","slug":"big-win-for-south-africas-state-owned-bank","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/854197\/big-win-for-south-africas-state-owned-bank\/","title":{"rendered":"Big win for South Africa’s state-owned bank"},"content":{"rendered":"\n

Postbank has been registered as a licensed financial services provider with the Financial Sector Conduct Authority (FSCA). <\/p>\n\n\n\n

The Deputy Minister of the Department of Communications and Digital Technologies, Mondli Gungubele, announced the regulatory landmark for the state-owned bank. <\/p>\n\n\n\n

Gungubele said that the license, issued under the Financial Advisory and Intermediary Services Act (FAIS Act), authorises Postbank to provide financial advice and intermediary services related to financial products. <\/p>\n\n\n\n

To obtain and maintain an FSP license, institutions must meet strict regulatory requirements covering governance, compliance, risk management, operational capability, and consumer protection.<\/p>\n\n\n\n

Gungubele said the milestone reflects progress in rebuilding Postbank into a sustainable and well-governed state-owned retail bank.<\/p>\n\n\n\n

The bank plans to serve the unbanked and partner with government financial services for citizens.<\/p>\n\n\n\n

“The granting of this license is an important regulatory milestone for Postbank and a strong signal of the progress being made to stabilise and strengthen the institution,” said the Deputy Minister. <\/p>\n\n\n\n

“It demonstrates that Postbank is meeting the regulatory standards required to operate responsibly within South Africa’s financial sector.” <\/p>\n\n\n\n

The achievement forms part of the bank’s five-year transformation strategy, built around three pillars: Stabilise, Build and Differentiate. <\/p>\n\n\n\n

Obtaining the FSP licence represents a key step in the Build phase of the strategy, allowing it to expand the financial services it offers. <\/p>\n\n\n\n

The license provides additional assurance that services are delivered under a regulatory regime regarding customers and social grant beneficiaries who already rely on Postbank. <\/p>\n\n\n\n

Not all the way there <\/h2>\n\n\n
\n
\"\"<\/a>
Deputy Minister Mondli Gungubele<\/figcaption><\/figure><\/div>\n\n\n

While the bank has celebrated the receipt of the FSP licence, it has not yet acquired a full commercial banking licence from the South African Reserve Bank via the Prudential Authority.<\/p>\n\n\n\n

“The development signals continued progress in building a capable state-owned banking institution that advances financial inclusion and expands access to affordable financial services,” said Gungubele. <\/p>\n\n\n\n

“This achievement represents another important step in Postbank’s long-term journey towards becoming a fully-fledged commercial bank that serves the needs of South Africans while contributing to the strength and stability of the country’s financial system.”<\/p>\n\n\n\n

Receiving a banking licence will allow Postbank to expand access to financial services nationwide. <\/p>\n\n\n\n

When it was under the South African Post Office, Postbank offered some financial services, but it was strictly a savings subsidiary.<\/p>\n\n\n\n

After President Cyril Ramaphosa signed the Postbank Amendment Bill into law in September 2023, the Postbank underwent a major change. <\/p>\n\n\n\n

The new legislation formally transferred Postbank\u2019s shareholding from the embattled South African Post Office to the government.<\/p>\n\n\n\n

The shift enabled the creation of a bank-controlling company, Postbank SoC Limited, which will enable Postbank to become a fully-fledged bank in South Africa.<\/p>\n","protected":false},"excerpt":{"rendered":"

Postbank has secured a financial services provider licence, but is still working on obtaining its banking licence. <\/p>\n","protected":false},"author":95,"featured_media":823695,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[3784],"class_list":["post-854197","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-postbank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/854197","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=854197"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/854197\/revisions"}],"predecessor-version":[{"id":854204,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/854197\/revisions\/854204"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/823695"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=854197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=854197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=854197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}