Minister Malatsi Says Postbank Card Migration On Track

Communications and Digital Technologies Minister Solly Malatsi says the process of converting Postbank cards from gold to black is on track.

This follows Postbanks plan to reissue all its South African Social Security Agency SASSA branded cards to the SARB and the Department of Communications and Digital Technologies. This is part of the banking compliance to position itself as a full-fledged bank.

The institution is upgrading the financial switch to align with Europay, Mastercard, and Visa practices and Payment Card Industry Data Security Standard, and the core banking system.

The African National Congress has been pushing for a state-owned bank for a couple of years now.

In September 2023, President Cyril Ramaphosa signed the Postbank Amendment Bill into law. This allowed the formal transfer of the Postbanks shareholding from the embattled South African Post Office to the government.