Postbank customers will no longer be able to conduct cash deposits, withdrawals or related banking transactions at South African Post Office (SAPO) branches from 1 May, as the service level agreement between the two entities comes to an end.
The change marks the final step in a long-running process to separate Postbank from the Post Office, driven primarily by the need for Postbank to obtain a full banking licence from the South African Reserve Bank.
Under banking regulations, SAPO’s deteriorating financial position – the organisation has recorded losses for more than a decade and has been in business rescue since July 2023 – prevented it from qualifying as a Bank Controlling Company, a requirement for Postbank’s licensing application.
Postbank was officially established as a standalone state-owned company, Postbank SOC Limited, on 27 September 2023. The legal framework for the separation dates back to the South African Postbank Limited Act of 2010, though the process took many years to complete.
Social grant beneficiaries are not affected by the change. Grant payments through retail partners and Standard Bank ATMs continue as before.
Customers requiring assistance are advised to contact Postbank directly on its toll-free line at 0800 53 54 55, via WhatsApp on 083 280 4169, or by email at customersupport@postbank.co.za.
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