The Ministry of Communications is happy to announce the approval of the South African Postbank Limited Bill on 14 September 2010.
The Bill will result in the corporatisation of the Postbank.
The new Post bank Bill will see the conversion of the Postbank that is currently a division of the South African Post Office into a fully-fledged bank with its own Board of Directors and governance structure that will encourage and attract savings amongst rural and lower income communities of South Africa.
The "new" bank will trade under the name, South African Post bank Limited.

It will be registered under the Banks Act and Companies Act as per legal requirements for a bank.

The bank will render its banking activities through the existing infrastructure of the Post Office.

One of its primary objectives is to expand the range of banking services to the unbanked and underserved communities.

We envisage that this bank will develop into a bank of first choice for communities that currently have limited or no access at all to banking services or facilities.

The rates and charges of the post bank will also take into consideration the needs of the people in the lower income market.

The rights and obligations, assets and liabilities of the former Postbank, including all deposits and investments held by the former Post bank will now be transferred to the new corporatized Postbank.

Speaking after the National Assembly approved the Bill, Minister of Communications General Siphiwe Nyanda said: "We are delighted to have been involved in the drafting and finalisation of the bill.

Our aim as the Ministry of Communications is to ensure that we inculcate a culture of saving among citizens and stimulate socio-economic development, particularly in the rural communities.

The new Post bank will ensure that financial services are within a proximity to our people," concludes Gen Nyanda.