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The bank­ing sec­tor is go­ing to get more com­pet­i­tive if Mark Barnes, the CEO of the SA Post Of­fice, launches Post­bank in mid-2017 as pro­jected. A doc­u­ment handed out in Par­lia­ment at the end of last month showed that the SA Post Of­fice in­tends to reg­is­ter its fi­nan­cial ser­vices unit, Post­bank, as a bank by July 3.

Loan providers should also be wor­ried.

Barnes said: “We want to be able to lend money and want to ap­ply for a fully fledged bank­ing li­cence. We want to help fund small and medium en­ter­prises, and the un­banked [peo­ple] in ru­ral ar­eas.

“We have more branches and clients in the ru­ral sec­tor than the other banks, and Post­bank has R1.4 bil­lion in ex­cess cap­i­tal.”

The restruc­tur­ing of Post­bank, if done cor­rectly, could give the ail­ing SA Post Of­fice the boost it needs. Barnes con­firmed that the SA Post Of­fice would most likely also be­come a dis­tri­bu­tion hub for SA Se­cu­rity Agency grants.

“We still have a long way to climb. Mail is a de­clin­ing busi­ness, so we need to find other av­enues for growth,” added Barnes.


The Fi­nan­cial Ser­vices Board (FSB) is warn­ing mem­bers of the pub­lic not to deal with AHFS Risk Man­age­ment Ser­vices Lim­ited be­cause it claims to be an au­tho­rised fi­nan­cial ser­vices provider when it is not.

It quotes Fi­nan­cial Ser­vice Provider (FSP) num­ber 1623, which is in fact al­lo­cated to Sure­link Short Term In­sur­ance Bro­kers.

Mean­while, Sure­link Short-Term In­sur­ance Bro­kers told the FSB that it did not have any re­la­tions with AHFS Risk Man­age­ment Ser­vices Lim­ited, and had not au­tho­rised the com­pany to use its FSP num­ber.

If you have any con­cerns over the le­git­i­macy of a busi­ness or the au­then­tic­ity of its FSP num­ber, con­tact the FSB for free on 080 011 0443 or via the web­site fsb.co.za to find out whether or not an in­sti­tu­tion or per­son is au­tho­rised to ren­der fi­nan­cial ser­vices.

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