The SA Post Office and the government have ambitions to launch a fully fledged bank that will offer financial services such as loans to the poor and unbanked population – individuals and small business owners who are not catered for by established commercial banks.
It’s a big plan that has been in the works since 2015. But the plan has been hobbled by the financial and operational crisis at the Post Office, the state-owned entity that has recorded a 14-year money-losing streak and is financially insolvent.
For more than five years, the government has been working to hive off Postbank from the Post Office’s operations – a crucial step for a fully fledged bank to be launched. A separation, which is still ongoing, would help set up an independent bank that is not haunted by the Post Office’s troubles.
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