COSATU welcomes the National Assembly’s passage of the South African Postbank Amendment Bill
2 March 2023
Special Note: Happy 37th Anniversary to COSATU. Formed December 1985
The Congress of South African Trade Unions (COSATU) welcomes the National Assembly’s passage of the South African Postbank Amendment Bill. This lays the foundation for a state bank geared towards ordinary consumers, in particular the poor and marginalised. It will also provide a sustainable way forward for the embattled Post Office.
Many workers, the poor, the elderly, persons living with disabilities, those living in informal and rural areas and other vulnerable persons have long been redlined by the mainstream commercial banks leaving them unable or struggling to access banking and financial services. Our banking and financial sector is rife with anti-competitive and monopolistic behaviour, a tendency to milk consumers with excessive bank charges, exploit banking workers with slave wages, and an ambivalence towards supporting job creation and local investments and procurement.
The South African Postbank Amendment Bill lays the foundation for the full operationalisation of the Post Bank. This is critical if it is to be allowed to enter the banking and financial services sectors. This will help inject competition into sectors needing a shake up. It will help workers and the marginalised access banking and financial services. The Postbank with its symbiotic relationship with the Post Office, will help to repivot, stabilise and grow the Post Office and ensure disadvantaged communities can once again access and rely upon its services. The Bill is a welcome step forward in building a state bank aimed at consumers and SMMEs.