Latest news with #Postbank
IOL News
6 days ago
- Business
- IOL News
Postbank asks Parliament to push for R1. 7bn funding
Postbank has only been separated from the Post Office operations and systems which are legacy systems not for banking. Image: Supplied Postbank CEO Nikki Mbengashe on Wednesday revealed the urgent need for R1.7 billion to maintain capital adequacy, following a challenging 18 months in which the bank has already expended more than R500 million of its own revenue to sustain operations. Mbengashe underscored the bank's necessity for R600m for direct operations, with the remainder serving as a guarantee in alignment with the South African Reserve Bank's (Sarb) regulatory requirements. "With the money we have made, we have spent more than R500m in the last 18 months to two years. We've been able to establish a new call centre, we've got visibility, we are partnering with retailers, we have built in new systems," she said. "We need a little bit more to build on that. The R1.7bn fulfills the sub-regulatory requirements to ensure that we keep that amount to qualify for capital adequacy." 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Next Stay Close ✕ Discussing the broader role of Postbank, Mbengashe highlighted the continued exclusion within South Africa's banking system, with more than 7 million individuals still unbanked. Mbengashe noted the importance of upgrading legacy systems inherited from Post Office operations to ensure compliance and enhance banking capabilities. "We must not underestimate the impact of having a State bank and commercial banks. It's never one or the other, mandates are different. If we can collaborate on the closed Post Office infrastructure, absolutely we can. We are still to an extent using the Post Offices, but they do need to upgrade because we are regulated and need to be compliant, and therefore, there needs to certain compliance matters," she said. "Postbank has only been separated from the Post Office operations and systems which are legacy systems not for banking. We are on a journey to build proper banking systems. We have already invested R500m. That is why we are here asking for more money so that we can digitise and get better at what we are doing." Addressing the issue of housing loans, Mbengashe pointed out a critical gap in the current system—while banks may offer home loans, they often do not meet all applicants' needs. "Banks can currently give you a home loan but they never qualify or close the 100% gap. What do we do with the people who only qualify but still need a certain amount? The house they are targeting needs to close a gap of the 10% or 20%, someone needs to close that 20% gap, we absolutely agreed that should be serviced by the Postbank," she said. "The Postbank has the service, the capability, the compliance and the auditability to do that. That's why we recognised that Sassa should come to us. A customer has an option in terms of where you bank. Therefore, we are not mandating and forcing anyone. We offer something that differentiates us from the private sector." Postbank Administrator, Khaya Ngema, expressed strong optimism about the bank's potential impact on economic growth and inclusion, saying it was fundamentally viable with serious growth potential and with smart investments. "A successful Postbank is bursting to make an impact on economic growth and inclusion as it will unlock the currently poorly-served micro-businesses and unlock communities and sectors that are marginalised," Ngema said. "A successful Postbank will have a good impact on government delivery systems, particularly in supporting modernisation and efficiency of government payment systems. This is not taking from commercial banks." BUSINESS REPORT
The South African
10-07-2025
- Business
- The South African
SASSA beneficiaries just 80 days' away from NEW nightmare
Who can forget the Postbank debacle that left millions of SASSA beneficiaries floundering earlier this year? For no clear reason, SASSA beneficiaries using the Postbank Gold card were told to upgrade to the Black card with only a few weeks' warning. However, not even Postbank staff were able to handle the number of affected SASSA beneficiaries. And even after several deadline extensions, with millions still unassisted countrywide, the department pulled the plug on the Postbank card-swap debacle. POSTBANK SASSA BENEFICIARIES HAVE 80 DAYS Changing your SASSA grant provider is relatively easy, if you haven't done so already. Image: File Nevertheless, while the card swap is no longer necessary for SASSA beneficiaries, there's a new payment nightmare looming on the horizon. Now the Public Protector has flagged serious failures by the South African Social Security Agency and Postbank. Unending delays and irregular staff appointments, there is now no payment alternative in place when SASSA's arrangement with the government entity ends on Tuesday 30 September 2025. As such, the Democratic Alliance's (DA's) Alexandra Abrahams is urging any SASSA beneficiaries still with Postbank to switch to another reputable bank as soon as possible. Postbank's master agreement with SASSA runs out at the end of September. Image: File If the Public Protector's warning rings true, as many as two-million SASSA beneficiaries may not be paid from October 2025 onwards. Investigations into Postbank include allegations of mismanagement of social grants and ineffective implementation of the grant payment systems. Likewise, it is looking into the irregular appointment of former SASSA CEO, Busisiwe Memela-Khambula. In its report, the Public Prosecutor mentioned something that all SASSA beneficiaries still with Postbank should note. 'The Master Service Agreement with Postbank is expiring at the end of September 2025. And an extension of the contract seems implausible, in light of the fundamental compliance issues experienced between SASSA and Postbank. Therefore, affected SASSA beneficiaries should find a new credible service provider,' says the report. Soon the SASSA/Postbank Gold card really will be a thing of the past. Image: File Furthermore, the DA's Alexandra Abrahams has requested that SASSA, Postbank, and the South African Reserve Bank be held to account in Parliament as a matter of urgency. 'SASSA's inability to appoint a credible grant payment service provider has jeopardised the SASSA grant payments of 2 169 371 beneficiaries, including those of Child, Disability and Older Person grants. SASSA beneficiaries require urgent clarity on how their grants will be paid from October 2025 onwards,' concludes Abrahams. ARE YOU WITH POSTBANK AND HAVE YOU CHANGED PROVIDERS YET? Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
The Citizen
01-07-2025
- Business
- The Citizen
Sassa grants: Here are the July payment dates and amounts
Payments are expected to be made in phases over three days to avoid overcrowding at pay points and ATMs. With half the year over, the South African Social Security Agency (Sassa) has announced its July payment schedule, which will be welcomed by beneficiaries. Payments are expected to be made in phases over three days to avoid overcrowding at pay points and ATMs. Grants More than 18 million people rely on grants from Sassa, as many households navigate a constrained budget and a tough economic climate in their battle to make ends meet. Sassa revealed the official payment dates for social grants for July 2025, on Monday, along with updated monthly amounts for beneficiaries. Older persons' grants will be paid first, on 2 July Disability grants will be paid on 3 July Children's grants will be paid on 4 July Any other grants linked to these accounts will be paid on the same day as the primary grant. ALSO READ: Ten of 11 accused in Sassa R260 million fraud case granted bail Patience Sassa has also taken the initiative to improve the safety and experience of grant recipients, encouraging beneficiaries to be patient. 'There is no need to rush to withdraw cash on the first day. Once the money is in the account, it will remain there until it is needed,' Sassa said. This approach aims to reduce long queues and ensure smoother distribution processes across all collection points throughout the country. Amounts These are the grant amounts: Old Age Grant – R2 315 War Veterans Grant – R2 335 Disability Grant – R2 315 Care Dependency Grant – R2 315 Foster Child Grant – R1 250 Child Support Grant – R560 Grant-in-Aid – R560 Precautions With the proliferation of online scams and cybercrime on the rise, Sassa urged recipients to remain vigilant against scams and fraud. Beneficiaries have been advised to keep their Sassa cards and PINs secure and never share personal information with anyone. Sassa distributes grants through bank deposits, Sassa/Postbank cards and at selected retail outlets, including Pick n Pay, Boxer, Shoprite and Checkers. ALSO READ: Sassa millions 'heist' in Rosebank underground car park
The Citizen
29-06-2025
- General
- The Citizen
SASSA grant payment dates for July 2025: What beneficiaries need to know
SASSA grant payment dates for July 2025: What beneficiaries need to know The South African Social Security Agency (SASSA) has confirmed the grant payment dates for July. Beneficiaries can expect to receive their grants according to this schedule: • Older Persons Grant: July 2. For South Africans aged 60 and older Disability Grant: July 3. For individuals living with disabilities Children's grants: July 4. Includes child support, foster care and care dependency grants for children under 18 (Note: The Child Support Grant might be paid on July 7, but is currently scheduled for July 4.) ALSO READ: SASSA freezes grants for 210 000 beneficiaries SASSA distributes grants through bank deposits, SASSA/Postbank cards and at selected retail outlets, including Pick n Pay, Boxer, Shoprite and Checkers. Beneficiaries are encouraged to stay up to date on the schedule and payment options to ensure a smooth collection process. For more information, contact SASSA on 0800 60 1011 or grantenquiries@ At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
The Citizen
28-06-2025
- General
- The Citizen
SASSA reveals July 2025 grant payment dates for beneficiaries
The South African Social Security Agency (SASSA) has confirmed the grant payment dates for July. Beneficiaries can expect to receive their grants according to this schedule: • Older Persons Grant: July 2. For South Africans aged 60 and older Disability Grant: July 3. For individuals living with disabilities Children's grants: July 4. Includes child support, foster care and care dependency grants for children under 18 (Note: The Child Support Grant might be paid on July 7, but is currently scheduled for July 4.) ALSO READ: June grants delayed amid SASSA investigation SASSA distributes grants through bank deposits, SASSA/Postbank cards and at selected retail outlets, including Pick n Pay, Boxer, Shoprite and Checkers. Beneficiaries are encouraged to stay up to date on the schedule and payment options to ensure a smooth collection process. For more information, contact SASSA on 0800 60 1011 or grantenquiries@ At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
