Guiding consumers since 2009

SAPO to launch their bank this year

By Danielle van Wyk

Following a presentation that was made to Parliament on Tuesday, the South African Post Office (SAPO) announced its plans to register its financial services sector as a bank by 3 July 2017. This will place Postbank in direct competition with the big four banks, Absa, First National Bank (FNB), Standard Bank and Nedbank.

With many new businesses and stores entering the financial services space, the government in the aim of restructuring the state owned enterprise, has decided to enter the competitive banking space.

“The restructuring of Postbank is part of the government strategy to provide a wider range of accessible, relevant and affordable financial services products to those without bank accounts and low-income earners,” reported IOL.

According to SAPO management the service will be aimed at both low-income earners and those who are without a bank account currently. Postbank are hoping to leverage off of their existing 2500 branches, nationwide, as they aim to additionally get those in rural areas on the financial map.

Postbank has reportedly received R1.4 billion in surplus capital, in order to meet the regulatory requirements needed for a bank.

While SAPO remains at the mercy of a Treasury cash injection to the tune of R650 million last year, management remains positive that with the new bank launching and their bid to be the new distributor of welfare grants nationally, the embattled state owned enterprise is headed in the right direction.

Handy tip: It is always wise to compare your banking fees, to make sure that you have the best financial product suited to your needs. Compare bank accounts through Justmoney today.

Recent Articles

Featured Top 5 things to consider before taking on further credit

Nowadays, the process of attaining credit has become easier and faster. Although applying for, and receiving cash on the same day may excite potential lenders, it doesn’t come without serious repercussions if you’re not wise. 

These factors will fluctuate your car insurance excess

When you take out car insurance, your monthly premium is a given. However, you may also need to pay an excess amount if you claim from your policy. But which factors may increase your excess, and how can you bring it down?

Is income protection available to everyone?

If you’re involved in an accident and you’re unable to continue working, how will you ensure that your bills are paid? One way to prepare for this is to take out income protection cover. However, can you do this if you’re a freelancer?

Aligning your financial goals in a relationship

When two people enter into a partnership through dating, marriage, co-habiting, etc, usually theres an enormous amount of effort spent on finding commonalities. However, this process often neglects the financial status and long term goals of each member.

Deals

Bakwena Day Spa Black Friday Vouchers

Price: From R549
When: Until 27 November 2020
Where: Broederstroom, Centurion, Kuils River

One & Only Hotel Complimentary Nights

Price: Available on request
When: Until 17 December 2020
Where: Cape Town

Spur’s Unreal Breakfast Special

Price: R39.90
When: Daily
Where: Nationwide


Latest Guide

Guide to debt rehabilitation solutions