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Calls for Postbank to be reoriented into a state bank for the poor

Calls for Postbank to be reoriented into a state bank for the poor
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Cabinet approves bills to help modernise Post Office, establish Postbank

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.

Cabinet approves bills to help modernise Post Office, establish Postbank

Ramaphosa and Mboweni push for new state bank in South Africa

Ramaphosa and Mboweni push for new state bank in South Africa Subscribe 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.”

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