Postbank wants money lending
The South African Post Office Post bank wants its business position as a fully fledged bank. By next year the group will have a wider range of products can offer the “ongebankte” and “ondergebankte” population. Me. Motshoanetsi Lefoka chief executive confirmed that Post bank next year in the Post-group on its own legs to stand for financial services. Post bank is currently not a registered commercial bank and does its business according to laws that limit themselves to only deposit-taking. Post bank cannot services like loans, mortgages and insurance offers. The group is engaged in a process of Post bank to comply with legislation and he is a full-fledged banking and financial services provider can be. “Privatization is not on the table. The government wills still 100% owned, “said Lefoka yesterday in Midrand said.
Post bank is already one of the largest service points for Manse account holders with about 2 million Manse accounts – 50% of the market. The Post Bank conversion is one of the major programs that the Post approach to new revenue streams to create. The group has in the past financial year to March for the first time in seven years, a decrease (5.8%) in its posvolume experience. The post office delivers every day for about six million items to almost 10 million addresses. Altogether 85% of mail is business mail. Lefoka attributes the decline in posvolume to the economic downturn. “The first and second quarter of last year is among the best ever in the history of the Post Office. But the downturn in the economy has overtaken us, “she said.
The postal department of the group still represents 61% of its income. Post bank and courier services among the group are other income sources. Outside lower posvolume the group also experienced higher input costs, particularly fuel and salaries, approximately 80% of the group’s cost represents. The group believes, however, his results were positive, highlighting the change that he was in the past five years have made. The Post Office in 2004, its first profit shown. The group has in the past year 45 new post offices are completed and a further 75 offices spiced – the highest number ever in a single year. And for 1.7 million new households created addresses. During the financial year the group, but an increase in incidents of posmisdaad, robberies and hijackings of post offices posvoertuie experience. There was a decrease in the number of fraud cases reported.