COSATU is deeply concerned about the state of the Postbank

15 September 2023

The Congress of South African Trade Unions (COSATU) is deeply concerned about the state of the Postbank. The Federation is horrified by reports that thousands of social grant recipients are struggling to access their monies on time.

This is something that social grant recipients and other Postbank customers who are overwhelmingly the poor, the elderly, persons living with disabilities, those living in informal and rural areas and other vulnerable persons simply cannot afford. Government needs to show the necessary compassion, respect and dedication to serving our most vulnerable citizens. They cannot be treated like an afterthought whom the state attends to when there is a headline.

The mass resignation of the Postbank Board raises further red flags about the state of affairs in the bank and the impact this is having upon its customers and employees.

The Federation and its Affiliate, the Communications Workers’ Union, will be seeking an urgent meeting with the Minister for Communications and Digital Technologies, Mondli Gungubele, to raise our concerns and hear from government on what exactly is their plan to fix this crisis and place the Postbank on a sustainable path to recovery.

Government needs to take the rebuilding of the state much more seriously and show the necessary sense of urgency in actioning turnaround plans. Endless PowerPoint presentations will not put money in pensioners’ bank accounts. We should not be struggling to process electronic payments in the 21st century.

Issued by Matthew Parks, Acting National Spokesperson & Parliamentary Coordinator, 15 September 2023