DearSA urges public to enter debate on making the Postbank a state bank

Postbank - A member of the SA Post Office Group. Picture: Postbank/Facebook

Postbank - A member of the SA Post Office Group. Picture: Postbank/Facebook

Published Mar 7, 2023


Johannesburg - Online non-profit organisation (NPO) Dear South Africa has called on South Africans to participate by responding to the National Assembly’s Postbank Limited Amendment Bill.

The bill proposes to amend the South African Postbank Act to allow the bank's transfer and shareholding from the South African Post Office (Sapo) to fall under the purview of the government.

Thus far, this Bill has received objections from several political parties, including the DA, IFP, United Democratic Movement, Freedom Front Plus, African Christian Democratic Party, EFF, and the African Independent Congress.

Dear South Africa’s Gideon Joubert said that they encouraged all South Africans to help shape these draft amendments before they are signed into law.

"Your input is crucial in ensuring that the final outcome represents the needs and interests of all citizens. By having your say, you can make a real difference in shaping the country's financial future," he said.

According to the organisation, the bill will be sent to the National Council of Provinces (NCOP) for concurrence, where it will be reviewed and debated further. The main objective of the Bill is to create a fully-fledged state bank, with Postbank operating as a separate entity from Sapo.

"The government hopes that a state bank would provide a much-needed alternative to commercial banks in the country and earn interest off customer deposits, which could fund various projects," added the organisation's statement.

The National Assembly chairperson of the Portfolio Committee on Communications and Digital Technologies, Boyce Maneli, says that the Bill seeks to amend the South African Post Bank Limited Act 2010, to amend and insert certain definitions, to further amend the objects of the Act, to facilitate the transfer of shareholding from the South African Post Office SOC Limited to government and the creation of a bank controlling Company BCC, the Post Bank SOC Limited, in terms of the Banks Act of 1990, which would provide for the appointment of the Chief Executive Officer and the Chief Financial Officer and for matters connected to that.

At DearSA, they say that they believe that it's important for all South Africans to have their voices heard on this matter.

"We encourage everyone to participate in the public participation process to share their thoughts and opinions on the Postbank Limited Amendment Bill. With comments closing on April 30, 2023, we urge you to act quickly and make your voice heard. Dear South Africa is an organisation that focuses on legislative amendments," said the NPO.

The Star