Government has expressed the desire to open their own State Owned Entity (SEO) bank.
This has been on the cards for some time. Currently the closest to that dream is Post Bank, which has long been part of the SA Post Office.
Recently Minister of Communications Khumbudzo Ntshavheni said that Postbank is ready to take up the role of a “state bank in South Africa”.
While this is not 100% the same thing, and we may still one day see an SEO bank in operation, plans are in place to try rescue Post Bank from the sinking ship that is the post office.
Government has even created new legislation so that the bank can operate independent of the post office and say that once the SARB issues the right paperwork they plan to open another 100 Post Bank branches across SA.