In South Africa, the definition of a "bank" is primarily found in the Banks Act, 1990 (Act No. 94 of 1990). According to this legislation, a "bank" is defined as an institution that is registered as a bank in terms of the Banks Act and that accepts deposits from the public with the intention of using those funds for lending or investment. The Banks Act also outlines various requirements for banks, including capital adequacy and prudential standards.
Regarding Postbank, it is a division of the South African Post Office and has operated with a specific mandate to provide banking services, especially to underserved communities. Postbank has been involved in offering savings accounts and money transfer services. The status of Postbank in relation to the Banks Act has evolved, but it has traditionally operated under a special framework due to its public ownership and mandate.
As of 2023, Postbank was in the process of applying for a banking license to operate as a registered bank under the Banks Act. If granted, this would mean Postbank would fully meet the definition of a bank according to the aforementioned legislation.
To determine the current status and applicability of the definition of a bank to Postbank, one would need to review the latest updates on its licensing status and any amendments to the legislation.
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