The South African Postbank Amendment Bill has received more than 7,000 comments, according to the Department of Communications and Digital Technologies.
Nonkqubela Jordan-Dyani, the Department’s interim Director-General, informed Parliament’s Communications Committee on the Bill’s progress.
Cabinet gave its approval to the Bill modifications early this year.
According to Jordan-Dyani, the government feels the Postbank’s establishment is critical to ensuring equality for all South Africans.
She says the bank would create a bigger footprint when compared with that of the existing banking industry.
“This Bill is quite important in as far the amendments to the Postbank to make it a fully corporatised bank. I just want to indicate to the honourable members that the department received more than 7 000 comments from the public, which we have captured, analysed, [and] we have engaged extensively on it.”
“Therefore the Bill was then revised, incorporating these comments from the public where they are applicable. As government, we still feel strongly that the presence of the Postbank is very critical,” adds Jordan-Dyani.
In April 2022, a new report published by amaBhungane alleges that Postbank, a subsidiary of the South African Post Office, was a victim of cybercrime fraud that involves a large sum of social grant funds stolen from the entity.
According to the report, the security breach which took place between 16 and 28 October last year resulted in the theft of R89.46 million.
The incident is alleged to involve the Postbank’s own workers or contractors and the cash was fraudulently transferred to 279 South African State Security Agency (Sassa) accounts and withdrawn at ATMs using cards issued by staff.
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