Raid on Post Office to establish Postbank must be stopped
11 November 2022
Last night, members of the Standing Committee on Finance received an urgent letter, dated 9 November 2022, addressed to the Committee Chairperson, from the Chairperson of the Portfolio Committee on Communications and Digital Technologies, Boyce Maneli.
In his letter, Mr Maneli requests an urgent intervention for a “financial injection” into the South African Post Office (SAPO). He requests this bailout to “assist in finalizing the Postbank Amendment Bill, which is likely to have a negative impact on the financial sustainability of SAPO”. Essentially, the ANC government wants to quietly separate the existing Postbank from the SAPO for it to become the State Bank as the party’s policy conference resolved to establish.
As the ANC heads to its elective conference in December this can be seen as a last-ditch effort by current party leaders to be seen addressing ill thought out yet unresolved resolutions from its previous conference. To achieve this objective, the current limited operation of the Postbank must be expanded for it to provide a full range of services, including loans. The proposed bill attempts to create a fully-fledged bank that operates outside of the prudential regulations that are applicable to other banks.
A letter from the Portfolio Committee on Communications and Digital Technologies dated the 4th of November requests the Finance Committee to “peruse the Bill for the concurrence”. This letter was not circulated to the committee. The committee has therefore not considered the Bill and it would be illegal for the process in the PC committee on Communications to proceed.