18 March 2026

The ANC Study Group on Communications and Digital Technologies welcomes the successful registration of Postbank as a licensed Financial Services Provider (FSP) with the Financial Sector Conduct Authority (FSCA). This registration, granted under the Financial Advisory and Intermediary Services Act 37 of 2002, is a powerful signal of the progress being made in building a credible, capable and people-centred state bank.

We regard this as a transformative development for the millions of low-income and middle strata South Africans who remain inadequately served by mainstream financial services industry. This shift from transactional banking to holistic financial protection aligns with the ANC’s commitment to building an inclusive and transformed financial services sector that serves all South Africans.

This win represents a fundamental shift in Postbank’s role from a limited participation in the banking sector to actively guiding citizens in navigating their financial lives, particularly those marginalised, underbanked, and underserved by monopolistic commercial banks.

This milestone is an indication of Postbank’s strength as an institution, and it demonstrates its capacity to handle complex financial services. What Postbank achieved was not a simple task; to obtain and maintain an FSP licence, an institution must satisfy the FSCA’s stringent requirements on governance, risk management, regulatory compliance, operational capability and consumer protection. Postbank has met these standards, and this is evidence that the institution is on the right trajectory.

The Study Group salutes the leadership of Postbank for the dedication and resolve demonstrated in steering the institution to this milestone. We wish to specifically recognise the Chief Executive Officer of Postbank, Ms Nikki Mbengashe, for her pivotal role in driving Postbank’s transformation agenda with clarity of purpose and institutional discipline.  Under her leadership, Postbank has made measurable strides in stabilising governance, strengthening regulatory compliance, and building the credibility required to earn the confidence of the Financial Sector Conduct Authority.

We acknowledge that the granting of the FSP licence does not signal the conclusion of Postbank’s regulatory journey. We are aware that Postbank is currently operating under its fourth variation notice issued by the South African Reserve Bank’s Prudential Authority. We will actively work, through our oversight mandate and engagements with the Department of Communications and Digital Technologies, the Prudential Authority, and National Treasury, to advocate for the timely resolution of all outstanding conditions under the variation notice.

This milestone fulfils the ANC’s resolution to accelerate the establishment of a fully-fledged state bank as a strategic instrument of economic transformation. The FSP licence is the latest and one of the most significant of these steps in fully implementing this resolution.

The ANC Study Group reaffirms its unwavering support for the establishment of a viable and people-centred state bank as a strategic lever of a developmental state. The Study Group stands ready to support, oversee and hold to account those entrusted with building it.

Issued by the Whip of the ANC Study Group on Communications and Digital Technologies. Cde I Subrathie.

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Cde: Hlengiwe Hadebe

Media Liaison Officer – ANC Parliamentary Caucus