How the Post Office could foster financial inclusion it-online.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from it-online.co.za Daily Mail and Mail on Sunday newspapers.
Calls for Postbank to be reoriented into a state bank for the poor iol.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from iol.co.za Daily Mail and Mail on Sunday newspapers.
Minister in the Presidency Mondli Gungubele told reporters on Thursday morning that Cabinet had approved two bills two bring the SA Post Office (SAPO) up to speed with new technological developments and to bring the now separate Postbank a step closer to becoming a fully fledged bank. Gungubele was briefing the media on the meeting Cabinet held on Wednesday. He said Cabinet's meeting approved the South African Post Office Amendment Bill and the South African Postbank Amendment Bill.
Ramaphosa and Mboweni push for new state bank in South Africa
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President Cyril Ramaphosa has expressed his support for a state bank, indicating that a number of other developing countries have these institutions in place.
Speaking to journalists as part of a SA National Editors Forum meeting on Friday (26 February), Ramaphosa said that the country’s banking sector is controlled by just a few banks and South Africans need more options in terms of accessing loans,
“I fully support the establishment of a state bank at an organisational and state level. There is space for a state bank. The Land Bank is a state bank. The IDC (Industrial Development Corporation), if you like, is a state bank. Many developing countries have a number of state banks.”