PRESIDENT Cyril Ramaphosa says that the licensing of the Postbank will lay the groundwork for a state bank.
Speaking in his State of the Nation Address on Thursday, the president said that a state bank in the country would provide financial services to SMMEs, particularly the youth- and women-owned businesses and “other underserved communities.”
Ramaphosa said that while the National Assembly considers the Postbank amendment bill, the Postbank is reviewing its service offerings.
The bank aims to provide a viable and affordable alternative to commercial banks.
Ramaphosa said that government often receives complaints from citizens who are rejected by commercial banks – for reasons such as a lack of collateral.
While details and exact timelines for the state bank remain scarce, the president’s address reiterated and doubled down on ANC policy surrounding the establishment of the bank.
Last month, Minister of Communications Khumbudzo Ntshavheni said that plans were underway for
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