Ntshavheni said the Post Bank had to separate from the SA Post Office because it was not financially equipped to own a banking service.
JOHANNESBURG - The Post Bank was ready to take on the role of a state bank, Communications and Digital Technologies Minister Khumbudzo Ntshavheni said.
She said the Post Office was not technologically suitable for the Post Bank to acquire a banking licence, and right now the bank was trying to meet the South African Reserve Bank's requirements for initiating a national banking system. "The bank is still regulated by the reserve bank, and is still conforming to the liquidity requirements and all sorts of requirements that are there for the bank," she said.
Nshavheni said they expected the technological upgrade Post Bank's banking system to be completed by April. "In terms of the technology upgrade that they want, in particular, to comply with the payment system, we are well on course."
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