Postbank will lose clients if it doesn't get its house in order, warns Tolashe

CAPE TOWN - Minister of Social Development Sisisi Tolashe has again warned that the Postbank will lose its clients to other banks if doesn't get its house in order.

Tolashe said the South African Reserve Bank (SARB) had given an instruction to Postbank to ensure that the SASSA gold card remains active and that it must honour all transactions until they are replaced.

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Tolashe said she had to intervene and meet directly with the SARB to get the Postbank another reprieve, after only 1.3 million of the bank's 2.7 million clients had migrated by the last deadline.

"Should Postbank not be able to meet the requirement of the South African Reserve Bank to replace all the gold cards within the given time frames, their clients will be migrated to another bank or banks as per the Reserve Bank’s original condition."