n Annual Survey of South African Law - Financial institutions




The South African PostBank Limited Act 9 of 2010 ('the Act'), came into effect on 22 July 2011 (GN 607 34476 of 22 July 2011). The Act has corporatized the Postbank Division of the Post Office as a legal person ('the company') authorized to conduct the business of a bank. The company will be registered as a bank after it has satisfied the requirements of the Banks Act. (See further under 'The South African Reserve Bank' below, for a discussion of the provisions which allow for the PostBank to become a participant in the National Payment System.)


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