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South African Post Bank's License Nears Approval Amid Reforms

9/28/2025

28 4 Full Breakdown

Summary

Story summary

The South African Post Bank's banking license is nearing completion after delays since June 2017; most steps are fulfilled.
Communications Minister Solly Malatsi says the application is outdated but being updated.
President Cyril Ramaphosa urged improved governance and financial stability at the bank.
The Postbank Amendment Act, signed February 2024, created a Bank Controlling Company—making the government the main owner.

History

Historical Context

The collapse of VBS Mutual Bank in 2017 exposed significant governance issues within South Africa's banking sector. In response, the Postbank Amendment Act was enacted in February 2024, establishing a Bank Controlling Company and positioning the government as the primary owner. This reflects President Cyril Ramaphosa's efforts to enhance financial stability and restore public confidence in the banking system.

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Story summary

The South African Post Bank's banking license is nearing completion after delays since June 2017; most steps are fulfilled.
Communications Minister Solly Malatsi says the application is outdated but being updated.
President Cyril Ramaphosa urged improved governance and financial stability at the bank.
The Postbank Amendment Act, signed February 2024, created a Bank Controlling Company—making the government the main owner.

1 / 2