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South African Postbank Limited Bill Dept of Communications 15 September 2010 Select Committee on Labour Public Enter

Making South Africa a Global Leaderin Harnessing ICTs for Socio-economic Development. DOC Team . Dr. Harold Wesso: Acting DGNorman Munzhelele: Acting DDGWillie Vukela: DirectorAlf Wiltz: DirectorDimakatso Mojela: Deputy Director. 2. Making South Africa a Global Leaderin Harnessing

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South African Postbank Limited Bill Dept of Communications 15 September 2010 Select Committee on Labour Public Enter

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    1. Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development South African Postbank Limited Bill Dept of Communications 15 September 2010 Select Committee on Labour & Public Enterprise 1

    2. Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development DOC Team Dr. Harold Wesso : Acting DG Norman Munzhelele : Acting DDG Willie Vukela : Director Alf Wiltz : Director Dimakatso Mojela : Deputy Director 2

    3. Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development NORMAN MUNZHELELE 3

    4. Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development Background Postbank is a financial services division of the Post Offices around the world It aims to give mostly isolated and rural communities access to vital financial and related services SAPO has been offering financial services, since its incorporation, which included money order and postal order services Postbank established in terms of the Post Office Act, 1958 (Act No. 44 of 1958) as a division of Post Office and under the control and management of SAPO 4

    5. Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development Background.. Currently, regulated under the Postal Services Act 124 of 1998 and has special exemption from the application of the Banks Act, which imposes high entry barriers in terms of capital, liquidity and reserves requirements This would have impeded the government intentions of providing financial services to the rural and unbanked population using the Post Office infrastructure 5

    6. Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development Background.. Currently operates as a deposit taking and saving division of the South African Post Office and utilizes the shared Post Office infrastructure to provide its services 6

    7. Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development Introduction The 1996 White Paper on Postal Policy provided a framework for the restructuring of the Postbank and the corporatisation of the Postbank as a subsidiary wholly owned by SAPO or Government, with an ultimate aim of becoming a fully-fledged bank In implementing the policy, a memorandum of Understanding (MoU) was entered into between the Ministers of Communications and Finance on the restructuring and corporatisation process in 2005 7

    8. Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development Introduction The policy and MoU spelt out the governing principles and the process to be followed in the restructuring and corporatisation of the Postbank 8

    9. Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development Introduction Working and Steering committees comprising of representative from the Department of Communications (DoC), South African Post Office (SAPO), Postbank, National Treasury and Reserve Bank were established to work on finalising the process The DoC tasked with the developing legislative framework that will enable the corporatisation process and creation of bank 9

    10. Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development Introduction National Treasury, SAPO and Reserve Bank also working on other prudential requirements to ensure proper implementation of the process, which included conducting due diligence on the state of readiness and work on the gaps identified 10

    11. Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development Strategic focus of the Bill To create a legislative framework that will facilitate the incorporation the Postbank division of the Post Office as a public company wholly owned by Post Office and for the company to be registered and operate as a bank Provide for the establishment of financial institution for mass mobilization of savings and investment from a broad community, particularly to communities that have little or no access to commercial banking services and facilities 11

    12. Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development Strategic focus To provide an improved and expanded role of the Postbank and to strengthen the Postbank to provide financial services to wide segments, particularly of the rural community 12

    13. Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development WILLIE VUKELA 13

    14. Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development Summary The Bill is divided into 6 Chapters, namely Chapter I-Interpretation & Objects of the Act Chapter II-Incorporation and Transfer of Enterprise Chapter III-Ownership & Powers of the Company Chapter IV-Control & Management of the Company Chapter V-Funds and Financial Account of the Company Chapter VI- General & Miscellaneous 14

    15. Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development Chapter I Clause 1: Interpretation of the Bill Definitions It provides for the definitions of words as they will be used in the legislation for better understanding and interpretation 15

    16. Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development Chapter I Clause 2: Objects of the Bill The object of this Act is to provide for the incorporation of the Postbank Division of the Post Office as a legal person with the aim of:- Conducting the business of a bank that will encourage and attract savings amongst the people of the Republic Rendering transactional services and lending facilities through, amongst others, existing infrastructure of the Post Office 16

    17. Making South Africa a Global Leader in Harnessing ICTs for Socio-economic Development Chapter I Expanding the range of banking services and developing into a bank of first choice, in particular to the rural and lower income markets as well as communities that have little or no access to commercial banking services or facilities Promoting universal and affordable access to banking services Ensuring lending to rural and lower income markets Ensuring that the rates and charges of the Company take into consideration the needs of the people in the lower income market 17

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