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[LISTEN] 'Postbank won’t compete with commercial banks'

The South African Post Office (Sapo) has been granted authorisation from the Reserve Bank to establish its own bank. CEO Mark Barnes says this aims to take banking to the people.

JOHANNESBURG - CEO of South African Post Office Mark Barnes said that the aim of establishing the bank was not compete with commercial banks.

Barnes said this was part of the strategy which was crucial to the success to the Post Office's turnaround.

Postbank, he said, aimed to take banking to the people and hopes to make a difference in the banking sector.

Yesterday, the Telecommunications Department said the new Postbank would offer financial relief to small business traders and financially excluded groups.

In the soundcloud above, 702's John Robbie goes into details with Barnes about it.

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