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POSTBANK GETS MORE TIME TO COMPLY WITH SARB REQUIREMENTS
- 14 December 2023
- Communications & Digital Technologies
- SA Legal Academy
The South African Reserve Bank (SARB) has gazetted a third variation on conditions in its November 2020 notice declaring the South African Postbank SOC Ltd a designated clearing system participant.
According to the latest variation notice, the Postbank has ‘co-operated’ and ‘demonstrated commitment’ to remedying non-compliance issues identified during this process. In that regard, the variation notice refers expressly to the commencement of South African Social Security Agency card distribution ‘from 1 April 2024’.
In the SARB’s view, a further extension would be in the best interests of the national payment system’s ‘safety, integrity, effectiveness, and efficiency … as well as (in the) public interest’.
- variation notice
- November 2020 designation notice
Published by SA Legal Academy Policy Watch