With obstructive regulatory issues resolved, the post office-based bank is now just inches away from becoming the country's first state-owned bank
Regulatory issues that were holding back the post office-based bank from offering routine banking services are now finalised, says CEO Mark BarnesPost Office SA CEO Mark Barnes says regulatory issues that held up the launch of Postbank have now been finalised.
“The restructuring of Postbank is now going ahead and it’s only a matter of time before we start solving a lot of the issues we want to solve,” said Barnes. “We’d rather have a very specific enabled state bank mandate that has a proper risk-adjusted solution to address economic inequality.” Barnes said through these methods, the bank could be able to lend to township businesses and other SMEs by looking at their cash flow instead of looking at whether they have surety or not.
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