The ANC gears up to launch a State-owned bank – internet reacts

by Bongiwe Mati

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.”

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.

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