In less than a week the new South African Postbank Amendment Act will become active as the state takes ownership of the embattled Post Bank.
This is set to happen on the 19th of February after President Cyril Ramaphosa officiated the Postbank Amendment Bill in September 2023, handing over Postbank’s shareholding from Post Office to the government.
Even though the state-owned bank will operate as a new banking entity, it will retain the Postbank name.
Taking to X, formerly known as Twitter, ANC secretary general Fikile Mbalula excitedly shared the Proclamation Notice of 152 of 2024, which was signed by the president in Cape Town on the 13th of February and reads:
“In terms of section 20 of the South African Post Bank Limited Amendment Act: I hereby determine 19 February 2024 as the date on which the said Act comes into operations.”
Fikile shared the copy with words written:
“ANC is now delivering a State-owned bank, ANC victory.”
— ANC SECRETARY GENERAL | Fikile Mbalula (@MbalulaFikile) February 15, 2024
Many internet users were not impressed with the news, commenting that this was not a win for the ANC as they took over a bank that has been around for many years.
Yeah neh only if corruption wasn’t a thing, this would mean something big for Mzansi
— Siya Ndlumbini ? (@Siya_Ndlumbini) February 15, 2024
Why on earth do we need this? Several of our local banks frequently win global awards for being some of the best banks in the world and you can’t run a railway?
— AB (@Concerned_CT) February 15, 2024
All ministers must deposit all their funds in this bank!
— costa (@costakonti1) February 16, 2024
Post Bank has been around since forever, and I wouldn’t classify putting any money within your reach as a “win”.
— Douglas Wayne (@Bound2Liberty) February 15, 2024
ANC comrades waiting for grannies to deposit their pensions. pic.twitter.com/BAsYZ4lLYE
— Skye (@SkyeZedA) February 15, 2024
Also see: Zikhona Sodlaka confirms Gqeberha: The Empire exit leaving internet users begging for her return
