Five of the eight directors of the Post Bank board have resigned, chairperson Thabile Wonci confirmed to News24 on Thursday morning. Wonci is among those who quit.
The directors cited ongoing "severe and hostile treatment" and "hostile and oppressive attitude" from the Minister of Communications and Digital Technologies Mondi Gungunbele for their decision.
"We cannot, in good conscience, continue to be associated with an institution whose Board continues to be undermined and disrespected," Wonci and two other board members said in a letter addressed to Gungunbele.
"This decision to resign from the organisation for which we have worked so hard to ensure it delivers its mandate was not reach lightly. We understand and accept the implications of this decision," it continued.
Wonci confirmed that two other directors have sent separate letters to the Gungunbele to tender their resignations.
Wonci has been Post Bank chairperson for less than a year. The term of the board was expected to end in 2025, with some members supposed to end their term in 2027.
The board's resignation comes as thousands of South Africans have not received their social grants due to a system error at Postbank. Many pensioners and disability grant recipients still have not received their grants for more than a week.