Postbank is ready to take up the role of a state bank, with plans to roll out 100 new branches across the country.
The Reserve Bank gave Postbank another chance to fix security breaches and address other outstanding issues if it is to retain its participation in the national payment system.that Postbank had met most of the requirements to retain its status in the national payment system.
“The outstanding requirement that relates to the swapping out of cards that were compromised and issued to their clients, including the SA Social Services Agency beneficiaries, was not fully met. “To achieve this final requirement by the Reserve Bank, Postbank must request all the affected cardholders to come to its offices to cancel the current cards and reissue them with new cards,” said Pandy.
The minister said government is working with Sassa and the social development department to sort out the issues of Sassa cards and the manipulation of the system.
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