Post Bank delays renewal of banking licence application

THE South African Post Bank has yet to reapply for the full banking licence almost eight years after lodging an application with the South African Reserve Bank (SARB).

- MAYIBONGWE MAQHINA

Replying to DA MP Tsolofelo Bodlani, Communications and Digital technologies Minister Solly Malatsi confirmed that a banking licence application for the South African Post Bank has not been submitted to the SARB.

Malatsi said an application was last lodged with the central bank in June 2017.

"Due to the lapse of time, most of the information in the application is outdated," he said.

However, Malatsi said the Post Bank has started a process to review the application file for the necessary updates to resubmit the banking licence application.

President Cyril Ramaphosa had told Parliament earlier this month that the immediate challenge was to strengthen the Post Bank's governance to ensure compliance with prudential standards and to stabilise its own finances.