SA Post Office moves to become a fully-fledged bank

The SA Post Office is in the process of converting the Post Bank into a fully-fledged banking institution.

The entity has over the years been marred by financial mismanagement, strikes and board resignations over allegations of corruption.

702's John Robbie spoke to SAPO CEO, Mark Barnes, for more details regarding the recent developments.

Listen to the conversation below:

What we do is that we have a historical rural footprint, so we are going to be taking banking to the people.

Mark Barnes, SA Post Office CEO

We are focusing on many small loans, mainly to SMMEs...The informal sector in South Africa is growing at 5-7%, while the formal sector is growing at less than 1%.

Mark Barnes, SA Post Office CEO

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